Global Fire Suppression Systems market size to be valued over US$ 18 Bn in 2019
Posted by Hannah Brown on June 20th, 2019
One major factor driving the demand is emergence of housing societies. In developing regions, majority of houses are managed independent. This structure is changing with rise in population, higher urbanization rate, leading to emergence of apartment based societies. As per the estimates, there are over 51 million apartment in North America. China has the highest apartment in world. In 2017, around 7.1 million new apartments were sold. This is expected to continue its momentum throughout the forecast period. Another key destination – India – is expected to witness high sales of apartment in another ten years. This is largely attributed to urbanization and government initiatives towards providing housing for below poverty line population. Several such initiatives can be seen worldwide. This will largely boost the fire suppression systems market worldwide.
Regulatory measures also plays a key role in overall sales of fire suppression systems. For instance, in 2018, EU mandated the installation of fire suppression systems in engine compartment of new Class III buses and coaches. Technological advancement is another key factor boosting fire suppression systems sale. Emergence of smart cities, interconnected sensors has created favorable ecosystem for product sales.
Global Fire Suppression Systems Market Size and Forecast: Regional Analysis
Globally, Western Europe dominated the global share in 2018. The region is expected to account for 37% of global share in 2019. Germany, UK and France are key countries accounting for majority of the share in Western Europe. Stringent regulations has played a key role in overall implementation of these systems. Asia Pacific is rated as the fastest growing market worldwide. The region is expected to register a CAGR of 6.5% during the forecast period. Growth in Asia Pacific is attributed to rising construction activities.
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Global Fire Suppression Systems Market Size and Forecast: Competition Landscape
Industry players are emphasizing on product innovation to stay agile and generate high ROI.
Key Fire Suppression Systems players are:
By Product Type:
By End-use Industry:
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About the AuthorHannah Brown
Joined: June 12th, 2019
Articles Posted: 28
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