Global and Latin America water-based fire suppression systems market is foreseen to keep pace with increasing demand particularly from risk-prone industries like manufacturing, energy and power and gas exploration. The market is expected to witness tremendous growth due to the increasing necessity of safeguarding the structure and reducing human loss. Various organizations across the globe and in Latin America are coming forward on a large scale to adopt fire suppression systems with growing awareness regarding their benefits in several industry verticals.
Considering the increasing significance of the market across the globe and particularly in Latin America, QY Research has come up with a new report titled, “Global and Latin America Water-based Fire Suppression System Market Report 2019,” for the projected period of 7- years, i.e. between 2018 and 2025. According to this report, global and Latin America market for water-based fire suppression system was valued US$ 8070.1 Mn in the year 2018 and is expected to reach US$ 10.8 Bn by the end of 2025, exhibiting a moderate CAGR of 4.32 % during the forecasted period.
Global and Latin America Water-based Fire Suppression System Market- Drivers
Rising constructional activities in industrial, commercial as well as in residential sectors have contributed remarkably in the record break installations of water-based fire suppression systems. Increasing infrastructure activities are all set to encourage the future adoption of the water-based fire suppression systems which is ultimately expected to create a positive impact on the market. Stringent government policies and regulations are likely to increase the adoption of water-based fire suppression systems. For instance, lately announced federal tax reform by the US will encourage small business on the annual basis and large business for at least the next five years to retrofit sprinkler systems. Such reforms are expected to increase the adoption of water-based fire suppression systems across the globe.
Global and Latin America Water-based Fire Suppression System Market: Competitive Analysis
The adoption of advanced water-based fire suppression systems is likely to increase after manufacturers operating in the market have started to line up their product launch to the changing infrastructures of buildings and developing regulatory reforms. Some of the key manufacturers functioning in the market are as follow-
Guangdong Pingan Fire Industry, Tyco International (Johnson Controls), Nanjing Fire Fighting, Honeywell, CFE, United Technologies Corporation, Shanghai Jindun, Siemens, Fujian Tianguang Fire Fighting, Robert Bosch, Protec Fire Detection, Viking Group, Nohmi Bosai, and Halma
Global and Latin America Water-based Fire Suppression System Market: Regional Analysis
Globally, North America is likely to lead the market throughout the forecasted period. The US and Canada are the dominating countries in terms of maximum installation of water-based fire suppression systems market. These two countries have seen major development in infrastructure due to increasing population rate. Rising oil & gas projects in Brazil along with pre-planned projects offshore started by the government is likely to fuel the growth of the market.
Global and Latin America Water-based Fire Suppression System Market: Segmental Analysis
In terms of component, the market is segmented into Fitting, Fire Detection, Pipes, Control System, Fire Suppression Device, and Fire Sprinklers, while application segment is segmented into Oil & Gas, Commercial, Mining, Residential, Automotive, and Industrial. Increasing infrastructural activities across the globe particularly in developing countries is contributing to the growth of commercial and residential segments of the market.