PORTLAND, Ore., Feb. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fire suppression equipment industry garnered $24.9 billion in 2019, and is estimated to reach $32.9 billion by 2027, manifesting a CAGR of 4.7% from 2020 to 2027. The report offers an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Growth in demand for fire protection systems across various industry domains, development of automation in residential and commercial buildings, and increase in the number of fire-related incidents in the oil & gas industry drive the global fire suppression equipment market. However, higher installation and maintenance costs hinder the growth to some extent. Moreover, high-end technological advancements and innovations in networking are anticipated to usher a plethora of opportunities in the near future.
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COVID-19 impact-
• The market has been impacted during the outbreak of covid-19, owing to productions halt and decreased R&D investments all across the world.
• The demand for fire suppression equipment has been decreased during the lockdown.
• However, various regions are undergoing relaxations on the current regulations, which would aid the market to resume with the manufacturing and other processes.
The global market is segmented based on equipment type, fire type, application, and region. Based on fire type, the class A segment dominated the market with more than two-fifths of the global fire suppression equipment market share in 2019 and is estimated to rule the roost throughout 2027. On the other hand, the class B segment is expected to manifest the fastest CAGR of 5.0% from 2020 to 2027.
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Based on equipment type, the fire suppressors segment accounted for the highest market share with more than half of the global fire suppression equipment market revenue in 2019 and is expected to rule the roost by the end of 2027. However, the fire detectors segment is anticipated to manifest the fastest CAGR of 5.0% throughout the forecast period.
Based on region, the market is analyzed across various regions including Asia-Pacific, North America, LAMEA, and Europe. The market across North America contributed for the major share in 2019 with nearly half of the global fire suppression equipment market. At the same time, Asia-Pacific is expected to portray the fastest CAGR of 5.5% by 2027.
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The key players operating in the fire suppression equipment market are Honeywell International Inc., Johnson Controls, Robert Bosch Gmbh, Seimens AG, Carrier Global Corporation, Consilium AB, Gentex Corporation, Halma plc, Hochiki Corporation, and Semco Maritime A/S.
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