Fire Suppression Market: By Type (Fire Sprinkler Systems, Fire Extinguishers, Fire Suppression Chemicals, and Fire Suppression Systems), By End-Use Industry (Residential, Commercial, Industrial, Oil & Gas, Energy & Power, and Transportation), and Geography

Fire Suppression Market size was valued at USD 20.27 billion in 2022 and is poised to grow at a significant CAGR of 4.8% from 2023-2029. Fire suppression refers to the methods and systems used to control, suppress, or extinguish fires. It involves the use of various techniques, such as water-based systems, fire extinguishers, specialized chemicals, and automated systems to prevent the spread of fires and protect people. The global fire suppression market is witnessing significant growth due to the increasing demand for fire safety across various industries and the implementation of stringent government regulations. The growing awareness regarding fire safety and the increasing number of fire hazards are driving the adoption of fire suppression systems and equipment. The market is also driven by the technological advancement in fire suppression systems such as the development of environment-friendly fire suppression systems. Various end-use industries such as oil & gas, manufacturing, and healthcare are increasingly adopting fire suppression systems to avoid the loss of life and property due to fire hazards. However, the high cost of installation and maintenance of fire suppression systems may restrain market growth. The lack of proper training and awareness among the public regarding the use of fire suppression systems may also hinder market growth. In addition, the COVID-19 pandemic has also impacted market growth due to supply chain disruptions and the temporary suspension of manufacturing activities. Despite these challenges, the global fire suppression market is expected to grow significantly due to the increasing awareness among policymakers, end-users, and the public regarding the importance of fire safety, coupled with technological advancements in the industry that are expected to reduce the costs of fire suppression systems and increase their accessibility to a wider range of customers.

Fire Suppression Market Key Developments:

• In September 2021, the partnership between Tyco Fire Protection and Johnson Controls. Tyco Fire Protection, a leading provider of fire suppression systems, collaborated with Johnson Controls, a global leader in building technologies, to introduce the UL-approved Ansul Piranha Dual-Agent Restaurant Fire Suppression System. This innovative system combines the benefits of liquid and dry chemicals to quickly suppress fires in commercial kitchens, offering enhanced safety and protection.