PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290802
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290802
Powder Fire Suppression Systems Market size was valued at USD 4,508.1 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
Any fire protection infrastructure must include a fire suppression system. The word "fire suppression" refers to any engineering set of components meant to put out a fire. This can be accomplished by using an extinguishing agent like as water, foam, or chemical substances.
In commercial settings, powder fire suppression systems are commonly used. The rapid rise of the business sector can be attributed to high demand. After a powder fire suppression system is installed in a commercial unit, vendors earn consistent revenue from maintenance and inspection activities. The increased use of these systems in chemical storage facilities and industrial kitchens is projected to drive the segment in the near future.
The application of complex powder fire suppression systems in industries such as oil and gas, mining, chemical, and energy and power is projected to drive the market. These industries are at high risk of fires and explosions. An surge in fire-related incidents in the oil and gas industry is expected to drive increasing demand for powder fire suppression systems. The preference for powder fire suppression systems over water-based systems can be attributed to the former's appropriateness in areas where the latter is inaccessible or inconvenient. Moisture from a water-based fire suppression system has the potential to damage assets, particularly electronic devices and machinery. Powder fire suppression systems are also excellent in putting out flames caused by flammable liquids and gases that spread quickly.
The Global Powder Fire Suppression Systems Market is segmented based on application, chemical type, method, and Region.
By application, the residential segment is expected to dominate the market over the forecast period. The demand for powder fire suppression systems is anticipated to increase significantly due to the growing population and housing market. As end users become more aware of fire safety standards intended for residential applications, product demand in residential structures is anticipated to increase. As an illustration, in November 2022, the European Fire Safety Alliance and the Federation of European Fire Officers (FEU) jointly started an awareness campaign across the entire EU. However, the industrial segment is expected to grow significantly during the forecast period. The industrial segment consists of systems for suppressing fires with powder that are used in factories, data centers, storage facilities, warehouses, etc. With yards, these locations are more prone to fire. Additionally, compared to the residential and commercial sectors, fire protection laws and regulations are more developed and heavily implemented. For instance, portable fire extinguishers in industrial units must be positioned at a travel distance of 75 feet in accordance with the Occupational Safety and Health Administration (OSHA) standard.
North America is expected to dominate the market during the forecast period. The information and communication technology, automotive, mining, textile, and chemical industries have seen rapid growth in the region. Product demand in the industrial sector is anticipated to increase due to rising investments across North America. The expansion of the regional market is also predicted to be fueled by the rising number of multi-family housing projects and expanding high-rise building construction. Over the forecast period, it is anticipated that the installation of portable fire safety products in high-rise buildings will reduce product demand.
The Asia Pacific is expected to grow at the highest CAGR over the forecast period. This is mostly related to the growth of industry and public knowledge of products. Over the forecast period, the segment is likely to grow as a result of increased construction activities, manufacturing output, commercial sector expansion, and a growing population that requires an expansion of the housing sector. In addition, expanding government programs and revisions to the legal framework governing the residential, commercial, and industrial sectors are projected to play a significant role in the market's expansion. For instance, the Civil Aviation Safety Authority (CASA) in Australia advises that the pilot have access to at least one fire extinguisher.
In October 2022, to expand its line of fire suppression products, Johnson Controls purchased Rescue Air Systems. The acquisition gives the business access to a developing vertical market for the design, distribution, and installation of firefighter air replenishment systems.
The scope of this report covers the market by its major segments, which include as follows: