Fire Extinguishing System Market Scope
Increasing technological advancements across the globe and growing inclusion of sensor systems in highly sensitive applications such as fire extinguishing. Fire extinguishing systems enable users to automatically detect the fire caused areas as well as minimize human interference which ultimately assists in minimizing demographic losses. In addition to this, the inclusion of fire alarm systems and increasing government reimbursements will create numerous opportunities for business developments. However, unexpected failures of fire extinguishing systems will encourage further research and developments in system development.
The market study is being classified by Type (Automatic Fire Extinguishing System and Non-automatic Fire Extinguishing System), by Application (Construction, Vehicles and Others) and major geographies with country level break-up. According to AMA, the Global Fire Extinguishing System market is expected to see growth rate of 7.51% and may see market size of USD87.94 Million by 2024.
The Manufacturers having a strong hold in the market are Johnson Controls, United Technologies (UTC), Honeywell, Siemens, and Halma. Research Analyst at AMA predicts that European Manufacturers will contribute to the maximum growth of Global Fire Extinguishing System market throughout the predicted period.
Johnson Controls (Ireland), United Technologies (UTC) (United States), Honeywell (United States), Siemens (Germany), Halma (United Kingdom), Robert Bosch (Germany), Hochiki (Japan), Minimax Viking (Germany), Gentex (United States) and Securiton AG (Switzerland) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Encore Fire Protection (United States), Sterling Safety Systems (United Kingdom), Fire Suppression Limited (United Kingdom), Schrack Seconet AG (Austria), Napco security technologies (United States) and VFP Fire Systems (United States).
AdvanceMarketAnalytics has segmented the market of Global Fire Extinguishing System market by Type, Application and Region.
On the basis of geography, the market of Fire Extinguishing System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North Amercia region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Fire Detection, the sub-segment i.e. Flame will boost the Fire Extinguishing System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On October 02, 2018, Johnson Controls has acquired a leader in residential thermostats and smart home products, "Lux Products Corporation (LUX)". LUX markets several successful residential and commercial lines ranging from timers to smart home thermostats including Kono and Geo. The vice president, general manager of Johnson Controls, "Chris Eichmann" has said that this acquisition of LUX will strengthen the company portfolio in the consumer retail channel and offerings in thermostats.
- Continues Technological Advancements and Upsurging Modernisation in the Construction Industry
- Increasing Adoption of Wireless Technologies
- Increasing Government Reimbursements as well as Stringent Government Regulations
- Upsurging Instances of Property Losses and Human Deaths
- Continues Product Developments Leading to Rapid Development of Smoke Detectors
- Lack of Reliability of Fire Alarming Systems and Numerous Instances of Unexpected Failures
- Significant Initial Investment and Post Purchase Maintenance of Fire Extinguishing Systems
- System Integration Complexities in Replacing Traditional Systems with Smart Detectors
Key Target AudienceFire Extinguishing System Manufacturers, Fire Extinguishing System Distributors and Traders, Research and Development Institutes, Government Agencies, Non-Profit Organizations, Industry Associations and Others
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