North America 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 North America Fire Suppression System Market would witness market growth of 5.3% CAGR during the forecast period (2021-2027).
In North America, advanced technologies like building automation, human-machine interface solutions, nanotechnology, wireless sensory networks, Internet of Things (IoT), and smart building are being launched in the fire suppression systems market. Sensors & detectors communication through control units and intelligent sensors with networking capabilities leads to an increase in the efficiency of the fire suppression system. In addition, infrastructural and robust government regulations are some factors that are surging the demand for fire suppression systems, thereby the growth of the regional fire suppression system market is anticipated to augment in the upcoming period.
Moreover, this region is witnessing an increase in the construction of multistory, high-rise buildings and therefore, demanding the installation of fire suppression systems to reduce the risk and loss that would be caused by fire outbreaks. Further, Canada and the US are the countries in this region that are witnessing major infrastructural developments due to the growing number of population and thus, are propelling the demand for the adoption of fire suppression systems. Furthermore, the demand for fire suppression systems has been increased in several sectors, especially industrial. The high risk of fire hazard has been identified in the industrial sector, owing to the presence of several flammables like oil & gas and operations like mining, fuel, manufacturing, and others. This increase in fire incidents and government mandates for workplace safety are bolstering the regional market of the fire suppression system.
Robust rules and regulations circulated by several governments around the world are making it mandatory for the owners to install fire suppression systems within their property of infrastructure. In addition, the codes and standards set by the National Fire Protection Association (NFPA), state that installation of such preventive systems will help at the time of any emergency. Additionally, the American Petroleum Institute provides various resources to assist officials of the oil & gas industry, which helps in detecting fire threats and offers solutions to avoid any kind of accident.
The US in the North America Fire Suppression System Fire Sprinkler Market by Country would achieve a market value of $3,012.4 million by 2027. The Canada market is experiencing a CAGR of 8.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 7.1% 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 U.S., Mexico, Canada, and Rest of North America.
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
- Rest of North America
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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