Wilmington, Delaware, United States, April 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global powder fire suppression system market was valued at US$ 4.2 Bn in 2022 and is projected to grow at a CAGR of 4.7% from 2023 to 2031.
Rise in adoption of powder fire suppression system in commercial establishments is expected to bolster market development. Rapid increase in usage of reliable and quick-acting fire suppression systems for commercial and industrial units such as data centers, warehouses, and manufacturing plants is likely to accelerate the adoption of powder fire suppression systems.
Extensive adoption of powder fire suppression system in vehicles is expected to offer substantive business opportunities to companies. Of the various types of chemicals in the powder fire suppression system industry, sodium bicarbonate is widely used. The sodium bicarbonate chemical type segment is expected to expand at significant CAGR from 2023 to 2031.
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Key Findings of Study
- Rise in Adoption of Powder Fire Suppression System in Commercial Applications: Powder fire suppression systems are widely adopted in commercial applications. Extensive demand can be ascribed to rapid expansion of the commercial sector. Vendors are gaining steady revenues from maintenance and inspection activities after powder fire suppression system is installed in a commercial unit. Rise in usage of these systems in chemical storage units and industrial kitchens is expected to fuel the segment in the near future.
- Demand for Advanced Fire Suppression System to Increase Significantly in Industrial Sector: Usage of sophisticated powder fire suppression system in sectors, such as oil & gas, mining, chemical, and energy & power, is expected to propel the market. These sectors have high risk of fires and explosion. Significant increase in fire-related accidents in the oil & gas sector is anticipated to boost the demand for powder fire suppression systems.
Preference of powder fire suppression system over water-based systems can be ascribed to the suitability of former in applications where the latter is not accessible or suitable. Moisture from water-based fire suppression system could cause damage to assets, especially electronic equipment and machinery. Powder fire suppression system is also effective in suppressing fires caused by flammable liquids and gas, which spread fast.
Key Drivers
- Surge in awareness about fire hazards in commercial, industrial, and residential sectors is a key driver of the powder fire suppression system market. Companies and governments are spreading awareness about residential fire safety norms. This is likely to bolster the adoption of quick-action fire suppression systems.
- Rise in demand for fire suppression systems in the commercial sector is driven by the growth in adoption of fire safety measures. Rapid expansion of the commercial sector is expected to broaden the market outlook.
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Regional Growth Dynamics
North America is anticipated to account for leading market share from 2023 to 2031. It held major market share in 2022. Rise in implementation of government regulations pertaining to fire safety hazards across the region is expected to strengthen powder fire suppression system market development.
The U.S. is a lucrative market in the region. Commercialization of advanced fire suppression systems in the region can be ascribed to the rise in awareness about fire safety norms among end-use industries.
Asia Pacific is a lucrative market for powder fire suppression system. Rapid expansion of the construction sector is likely to bolster the adoption of powder fire suppression system. Surge in implementation of fire safety norms in residential and commercial buildings in developing countries is expected to offer lucrative opportunities to companies in the next few years.
Competition Landscape
Prominent companies in the powder fire suppression system market are
- Johnson Controls,
- Reliable Fire & Security,
- Gielle Group,
- Koorsen Fire & Security,
- Afex Fire Suppression Systems,
- American Fire Technologies,
- Fireaway Inc.,
- Ameerx Corporation, and Buckeye Fire Equipment.
Many key players are focusing on R&D activities and product innovation in order to increase their market share.
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Powder Fire Suppression System Market Segmentation
Chemical Type
- Sodium Bicarbonate
- Mono-ammonium Phosphate
- Potassium Bicarbonate
- Others
Method
- Automatic Fire Detection
- Manual Fire Detection
Application
- Manufacturing & Machining
- Wind Turbines
- Transportation and Logistics
- Electric Panels
- Vehicles
- Data Centers
- Military Protection
- Others
End-use
- Industrial
- Commercial
- Infrastructure
- Energy
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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