On these grounds, fire suppression systems are being increasingly installed by
companies, in order to avoid grave damage to their employees and organizational
assets, which will considerably influence fire suppression industry share over
the years ahead.
OSHA’s selection of Amerex Corp ‘Voluntary
Protection Program Star site’ reiterates the company’s contribution toward fire
suppression market. The Trussville-based company has officially been recognized
by the Occupational Safety and Health Administration for its commitment toward
safety and health standards – the Star site, as is known, is reserved for
parties who achieve excellence in the control and prevention of occupational
safety and health hazards. As per the estimates, in 2016, fire suppression
market collected a revenue of USD 13 billion.
In a bid to
provide occupational health and safety to consumers and employees, various end
use sectors such as hospitality, healthcare, educational, transportation, and
offices are giving preference for fire suppression systems. Initially, most of
the food service operators had not exactly depicted a willingness to implement
fire suppression systems, however, to promote the usage of this safety feature,
insurance companies have mandated the product deployment at commercial food
service centers, which will considerably impact fire suppression market share.
A report compiled by the National Fire Protection Association claims that in
the U.S., a damage of USD 356 million was incurred due to fire accidents in
hotels and other hospitality avenues, and in more than 50% of cases, fires
sourced from cooking appliances were evidenced to be the primary reason behind
property damage. The increasing awareness regarding the negative impact of
incidences such as the aforementioned will fuel the demand for fire safety
systems, thereby augmenting the revenue graph of fire suppression industry. As
per estimates, U.S. fire suppression market size will surpass an installation
of 150 million units by the end of 2024.
Various regional governments have deployed
strict norms to mandate the use of fire suppression systems incorporated with
fire detection sensors to prevent the accidents. In order to comply with the
standardized preventive measures, many vehicle manufacturers are installing
these systems on a large scale, which is slated to drive fire suppression
industry size noticeably. One of the leading manufacturers of fire suppressors
for vehicles, Dafo, has been continuously involved in R&D activities to
develop advanced systems for providing an elevated level of security to
customers.
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The prevalence
of rapid industrialization across the prominent regions of the globe have had a
favorable impact on fire suppression market trends, owing to increasing
awareness among various employers coupled with the implementation of strict
occupational safety norms. Regulatory organizations such as OSHA have been
striving to ensure a safe environment for working professionals, by encouraging
and assisting various industries in terms of training, research, education, and
information about occupational health and safety, which is likely to propel
fire suppression industry. Moreover, the Department of Defense (DOD), United
States, is looking forward to developing next generation fire suppression
technology, given that explosions and fires are vital threats for staff safety
and ship, military aircraft, and land combat vehicle survival. The escalating
involvement of defense research personnel from various countries in the
development of next generation fire suppression technology is likely to
influence fire suppression market trends over the years ahead.
Taking into account the surging adoption rate
of fire suppression systems, the renowned giants in fire suppression industry
have been partnering with vehicle manufacturers to provide vehicles equipped
with factory-installed fire suppression technology. Barely a few months ago,
Tyco Fire Protection Products signed an agreement with Caterpillar, one of the
leading manufacturers of engines, mining, and construction equipment, to launch
factory-made fire suppression technologies. This strategic collaboration is
likely to favor the growth of the regional fire suppression market, as both
companies possess skilled technical expertise and a strong customer base.
Speaking of which, some of the prominent players in fire suppression industry
are United Technologies Corporation, Bristol Fire Engineering, Amerex
Corporation, Master Fire Prevention Ltd., TYCO, Firetronics, National Fire
Equipment Ltd., Halma PLC., Lubrizol – International Fire Protection, Minimax
Limited, SFFECO, and naffco.
Pertaining to the benefits of fire suppression
systems, many end user companies are renovating their existing fire protection
systems, incorporating them with advanced technologies. Many manufacturers have
also been developing innovation centers to provide flexible and effective
services to consumers. Furthermore, it is prudent to mention that the emergence
of advanced technologies such as IoT and AR are slated to considerably
influence fire suppression market outlook over the coming years.
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