Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "Powder Fire Suppression Systems Market Size, Share & Trends Analysis Report By Application (Residential, Commercial, Industrial), By Region (North America, Asia Pacific), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global powder fire suppression systems market size is expected to reach USD 6.17 billion by 2030, expanding at a CAGR of 4.4% from 2023 to 2030.
The increasing population and rapidly growing residential sector are likely to augment the installation of new powder fire suppression systems in the residential segment during the forecast period.
Moreover, the number of high-rise building construction projects around the world is rising owing to the growing demand from the residential and commercial sectors. According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, about 1,392,300 housing units were completed in 2022, registering a growth of 3.8% compared to 2021.
Furthermore, rising industrial output and manufacturing activities across the world are contributing to the growth of the global industry. Industries, such as automotive, chemical, oil & gas, mining, textile, electronics, and power & electricity, are growing at a considerable pace.
These industries deal with flammable substances on a daily basis, which makes them more susceptible to fire hazards. In addition, various initiatives and regulations for fire safety are likely to have a positive impact on the market growth. In December 2022, IIT Gandhinagar, India, inaugurated a world-class laboratory for fire safety testing, which aims to support the "Make in India" effort in the fire safety industry. Such efforts and initiatives are likely to fuel the product demand over the forecast period.
Powder Fire Suppression Systems Market Report Highlights
- The industrial segment accounted for the largest revenue share in 2022 due to the established regulation and higher implementation of safety protocols for the industrial sector
- The residential segment is expected to grow at a lucrative CAGR over the forecast period owing to the increasing construction activities of high-rise buildings and supportive regulations
- North America accounted for the majority of the revenue share in 2022due to the implementation of stringent regulations and greater consumer awareness
- Asia Pacific is likely to witness the fastest CAGR from 2023 to 2030. The growing population, high industrial output, and development of strong regulations in the region will augment the product demand
- In October 2022, Pye-Barker Fire & Safety LLC, a Virginia-based company, announced the acquisition of New Jersey-based Survivor Fire & Safety Equipment Co., Inc. With this acquisition, the company is expanding its reach in the Northeast region of the U.S.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Powder Fire Suppression Systems Market Variables, Trends & Scope
Chapter 4. Powder Fire Suppression Systems Market: Application Estimates & Trend Analysis
4.1. Application Analysis & Market Share, 2022 & 2030
4.2. Residential
4.3. Commercial
4.4. Industrial
4.4.2. Automotive
4.4.3. Chemical
4.4.4. Oil & Gas
4.4.5. Power Generation
4.4.6. Aviation
4.4.7. Mining
4.4.8. Others
Chapter 5. Powder Fire Suppression Systems Market: Regional Estimates & Trend Analysis
Chapter 6. Powder Fire Suppression Systems Market - Competitive Analysis
Chapter 7. Company Profiles
Companies Mentioned
- Johnson Controls
- Carrier
- Reliable Fire & Security
- Koorsen Fire & Security
- Gielle Group
- Afex Fire Suppression Systems
- American Fire Technologies
- Fireaway Inc.
- Buckeye Fire
- Amerex Corporation
- AKRONEX International Fire Engineering Inc.
- SIEX
- Hochiki Corporation
- NAFFCO FZCO
- Halma plc
For more information about this report visit https://www.researchandmarkets.com/r/b94xu6
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