LAMEA Fire Suppression System Market By Product (Fire Extinguisher and Fire Sprinkler), By Application (Industrial, Commercial and Residential), By Country, Growth Potential, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027
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Market Report Description
The Latin America, Middle East and Africa Fire Suppression System Market would witness market growth of 7.9% CAGR during the forecast period (2021-2027).
In LAMEA, there is rapid development in infrastructure and an increase in the construction industry in the emerging nations, which are witnessed to contribute to the growth of the fire suppression system market. This region is witnessing developments in technology, which is giving rise to the introduction of a wireless and addressable system that will improve the response time and reduce false alarm cases. In addition, the integration of advancements like hypoxic air technology, infrared/laser optical smoke detectors, wireless fire alarm systems, water mist technology, and voice evacuation announcements with fire protection system is giving new features to the fire suppression system due to which, the demand for the fire suppression system is surging in this region.
In contrast, some underdeveloped nations are still waiting to witness an increase in the demand for fire suppression systems, owing to the lack of stringent regulations and the high cost of installation. These are the major factors hampering the growth of the fire suppression system market in underdeveloped nations. Moreover, the rapid developments and growing economic conditions of nations like Brazil are anticipated to propel the demand in the upcoming years. In the developing nations of this region, the government is taking initiatives to spread awareness among the population regarding fire safety measures and systems, this is another factor contributing to the growth of the fire suppression system market in the region.
Various kinds of regulations are imposed by the government for the adoption of fire safety standards due to the growing number of fire accidents around the world which is also estimated to accelerate the implementation of fire suppression systems in residential and commercial sectors. In addition, insurance companies are also focusing on making it compulsory to check the installation of fire suppression systems before giving insurance to any building. Consequently, there is a large number of installations in residential apartments, hospitals, offices, restaurants, schools, hotels, and households.
The Industrial in the South Africa Fire Suppression System Market by Application would achieve a market value of $112.7 million by 2027. The Commercial market is estimated to grow at a CAGR of 8.8% during (2021 - 2027). The Residential market is expected to witness a CAGR of 9.8% during (2021 - 2027).
Based on Product, the market is segmented into Fire Extinguisher and Fire Sprinkler. Fire Extinguisher segment is further bifurcated across Dry Chemical Powder, Water, Gas, and Others. Based on Application, the market is segmented into Industrial, Commercial and Residential. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Honeywell International, Inc., Siemens AG, Carrier Corporation, Johnson Controls International PLC, Hochiki Corporation, Gentex Corporation, Halma PLC, Minimax Viking GmbH, and Fike Corporation.
Scope of the Study
Market Segments Covered in the Report:
- Fire Extinguisher
- Dry Chemical Powder
- Fire Sprinkler
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Robert Bosch GmbH
- Honeywell International, Inc.
- Siemens AG
- Carrier Corporation
- Johnson Controls International PLC
- Hochiki Corporation
- Gentex Corporation
- Halma PLC
- Minimax Viking GmbH
- Fike Corporation
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