The prevalence of rapid industrialization across the prominent regions of the globe have had a favorable impact on Fire Suppression Market trends, owing to increasing awareness among various employers coupled with the implementation of strict occupational safety norms. Regulatory organizations such as OSHA have been striving to ensure a safe environment for working professionals, by encouraging and assisting various industries in terms of training, research, education, and information about occupational health and safety, which is likely to propel fire suppression industry.
Moreover, the Department of Defense (DOD), United States, is looking forward to developing next generation fire suppression technology, given that explosions and fires are vital threats for staff safety and ship, military aircraft, and land combat vehicle survival. The escalating involvement of defense research personnel from various countries in the development of next generation fire suppression technology is likely to influence fire suppression market trends over the years ahead. OSHA’s selection of Amerex Corp ‘Voluntary Protection Program Star site’ reiterates the company’s contribution toward fire suppression market. The Trussville-based company has officially been recognized by the Occupational Safety and Health Administration for its commitment toward safety and health standards – the Star site, as is known, is reserved for parties who achieve excellence in the control and prevention of occupational safety and health hazards.
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Given their potential ill-effects, national and international government bodies have been prompting companies to develop, implement, and enhance their health and safety management systems. On these grounds, fire suppression systems are being increasingly installed by companies, in order to avoid grave damage to their employees and organizational assets, which will considerably influence fire suppression industry share over the years ahead. As per the estimates, in 2016, fire suppression market collected a revenue of USD 13 billion.
In a bid to provide occupational health and safety to consumers and employees, various end use sectors such as hospitality, healthcare, educational, transportation, and offices are giving preference for fire suppression systems. Initially, most of the food service operators had not exactly depicted a willingness to implement fire suppression systems, however, to promote the usage of this safety feature, insurance companies have mandated the product deployment at commercial food service centers, which will considerably impact fire suppression market share.
A report compiled by the National Fire Protection Association claims that in the U.S., a damage of USD 356 million was incurred due to fire accidents in hotels and other hospitality avenues, and in more than 50% of cases, fires sourced from cooking appliances were evidenced to be the primary reason behind property damage. The increasing awareness regarding the negative impact of incidences such as the aforementioned will fuel the demand for fire safety systems, thereby augmenting the revenue graph of fire suppression industry. As per estimates, U.S. fire suppression market size will surpass an installation of 150 million units by the end of 2024.
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Various regional governments have deployed strict norms to mandate the use of fire suppression systems incorporated with fire detection sensors to prevent the accidents. In order to comply with the standardized preventive measures, many vehicle manufacturers are installing these systems on a large scale, which is slated to drive fire suppression industry size noticeably. One of the leading manufacturers of fire suppressors for vehicles, Dafo, has been continuously involved in R&D activities to develop advanced systems for providing an elevated level of security to customers.
Pertaining to the benefits of fire suppression systems, many end user companies are renovating their existing fire protection systems, incorporating them with advanced technologies. Many manufacturers have also been developing innovation centers to provide flexible and effective services to consumers. Furthermore, it is prudent to mention that the emergence of advanced technologies such as IoT and AR are slated to considerably influence fire suppression market outlook over the coming years.