The global Automatic Fire Suppression System (AFSS) Market is expected to exceed US$ 17 billion by 2022. Rising concerns about the safety of workers in the industrial and commercial sectors are expected to drive sales up at a 5% CAGR during the assessment period.
Because of its light weight, the system is simple to integrate into vehicles. Vehicles also use automatic fire suppression systems to control and extinguish fires. The system is specially designed for vehicles to withstand vibrations, and it does not require any power supply to be used anywhere and at any time.
To protect assets and lives from fire, the automatic fire suppression system includes infrared optical detection, fire suppressing storage cylinders, an alarm unit, and other components.
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Global Automatic Fire Suppression System Market: Drivers and Challenges
The demand for automatic fire suppression is growing with the expansion of various industries globally, especially in the Asia Pacific, Western Europe and North America. The automatic fire suppression system is already being implemented in various industries such as manufacturing, mining, automotive, oil & gas. Implementation of stringent government regulations to create a safe environment by encouraging the installation of automatic fire suppression system market is fueling the growth for the global automatic fire suppression system market. Growing demand for safety features in vehicles in developing countries and above factors are propelling the growth for global automatic fire suppression system market.
Though, the demand for automatic fire suppression system is increasing in the developing countries, the system has low awareness in underdeveloped countries. The automatic fire suppression systems requires higher capital investment, this is inhibiting the growth of the Global Automatic Fire Suppression System market.
Global Automatic Fire Suppression System Market: Overview
The Global Automatic Fire Suppression System market by value is expected to expand at a CAGR of around 7-9% during the forecast period (2015-2025), due to stringent government safety regulations, growing demand from various industries, etc.
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Global Automatic Fire Suppression System Market: Region-wise Outlook
The global automatic fire suppression system market is expectedto register a single-digit CAGR for the forecast period. Depending on geographic regions, the global automatic fire suppression system market is segmentedinto seven key regions: North America, South America, Eastern Europe, Western Europe, Asia-Pacific, Japan, and Middle East & Africa. In terms of market volume and revenue, Asia Pacific automatic fire suppression market is projectedto register a significant CAGR during the forecast period.
Growing demand for the system from industries such as Mining and Oil & Gas, especially in the economies like India and China, is fueling the growth of the global automatic fire suppression system market in Asia Pacific. Western Europe is also forecast to register a significant growth in the global automatic fire suppression system market, due to stringent government regulations to increase the safety.
Global Automatic Fire Suppression System Market: Key Players
Some of the key market participants in global automatic fire suppression system market are Siemens AG, Tyco, Robert Bosch GmbH, Johnson Controls, Honeywell International Inc., Halma PLC, etc.
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