The global market for automatic fire suppression systems (AFSS) is projected to exceed USD 17 billion in 2022, driven by heightened concerns regarding the safety of professionals in industrial and commercial sectors. The market is expected to grow at a compound annual growth rate (CAGR) of 5% throughout the assessment period.
The increasing demand for effective fire protection solutions from manufacturing industries, as well as sectors such as oil and gas, energy and power, automotive, and packaging, is anticipated to significantly boost the AFSS market.
Regulatory measures mandating the implementation of fire protection systems in response to the rising number of accidents worldwide are likely to enhance the adoption of these systems in residential and commercial settings. Additionally, insurance companies in various countries are requiring the installation of fire suppression systems as a prerequisite for insuring buildings.
As a result, there is a growing trend toward the installation of automatic fire suppression systems in apartments, homes, hospitals, restaurants, schools, hotels, and offices. The proliferation of such projects is expected to further increase sales in the AFSS market.
Rapid urbanization in countries like Japan, China, India, and the United Kingdom will continue to drive the demand for automatic fire suppression systems. Moreover, advancements in technology are making these systems more intelligent and sophisticated, contributing to market growth throughout the forecast period.
Key Takeaways:
- The global AFSS market is expected to surpass USD 17 billion in 2022, with a projected CAGR of 5% during the assessment period.
- Significant demand is arising from sectors such as manufacturing, oil and gas, energy and power, automotive, and packaging.
- Regulatory requirements and insurance mandates are driving the installation of fire suppression systems in various building types.
- Rapid urbanization in major countries is fueling the adoption of automatic fire suppression systems.
- Technological advancements are enhancing the intelligence and sophistication of fire suppression systems, further boosting market growth.
Prominent players covered in the global Automatic Fire Suppression System market contain
- Siemens AG
- Tyco
- Robert Bosch GmbH
- Johnson Controls
- Honeywell International Inc
- Halma PLC
Key Segments Profiled in the Automatic Fire Suppression System (AFSS) Industry Survey
Product Type:
- Engineered Automatic Fire Suppression Systems
- Pre-Engineered Automatic Fire Suppression Systems
End-Use Industry:
- Oil and Gas
- Mining
- Manufacturing
- Automotive
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
Report Preview: https://www.futuremarketinsights.com/reports/automatic-fire-suppression-system-afss-market
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