Global automatic fire suppression system market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Automatic fire suppression systems extinguish and control fires without human intervention.
The factors that are playing a major role in the growth of automatic fire suppression system market are the expansion of industries across the globe, the rising awareness among industries regarding fire protection and minimizing human loss, and the increasing awareness among consumers regarding fire safety coupled with mandatory building safety codes. However, the high investment and lack of awareness among underdeveloped countries may restrain the overall market growth in the years to come. The market is segmented based on type, product type, end-user, and region.
Pre-engineered and engineered automatic fire suppression systems are the types that could be explored in automatic fire suppression systems in the forecast period. Condensed aerosol fire suppression, fire sprinkler system, gaseous fire suppression, and other product types could be explored in automatic fire suppression systems market in the forecast period.
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The market may be categorized based on end-users like automotive, oil and gas, manufacturing industries, mining, and others could be explored in the forecast period. Manufacturing industries sector accounted for the significant share of the market and is estimated to lead the overall market in the years to come. The reason could be the high demand from industries like cement, automotive, and steel to control loss and damage of equipment. Also, the oil and gas sector is estimated to grow at the fastest pace in the years to come.
Globally, Asia Pacific accounted for the significant share of automatic fire suppression systems industry and is estimated to lead the overall market in the years to come. In addition, the region is estimated to grow at the highest CAGR in the years to come. The reason behind the overall market growth could be the rising demand from end-users. The developing countries like India and China are the major consumers of automatic fire suppression systems in this region.
Western Europe and North America are also estimated to have a positive influence on future growth. Western Europe is the second largest region with significant market share. The reason could be the strict government policy regarding safety measures. However, North America is estimated to grow at the highest CAGR in the forecast period.
The key players of automatic fire suppression systems market are Halma PLC, Siemens AG, Honeywell International Inc., Tyco, Robert Bosch GmbH, and Johnson Controls. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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