Powder Fire Suppression Systems Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2023 – 2030

NEW YORK, March 10, 2023 /PRNewswire/ —

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

Read the full report: https://www.reportlinker.com/p06428294/?utm_source=PRN

Powder Fire Suppression Systems Market Growth & Trends

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.

The COVID-19 pandemic had a negative impact on the growth of the market.The restricted trade, disrupted supply chain, and lack of labor affected various construction projects.

This also affected the demand for new installation of powder fire suppression systems and market growth.Key players in the market are actively investing in various strategies to gain a higher share of the market.

For instance, in November 2021, AI Fire acquired Dallas-based security system integrators, BCI Technologies, which also provides fire extinguisher systems. The company installs, repairs, and offers custom services for businesses, commercial facilities, and office spaces.

Powder Fire Suppression Systems MarketReport 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.

Read the full report: https://www.reportlinker.com/p06428294/?utm_source=PRN

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