Fire Suppression market to amass a significant revenue by 2024: Global Market Insights, Inc.

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Fire Suppression Market Future Demand Emerging
Trends by 2024

• As reported by Global Market Insights, Inc., fire
  suppression market size will exceed a valuation
  of USD 16 billion by 2024, with the overall
  target annual installation to surpass 500 million
  units by 2024. Tremendous increase in the number
  of fire accidents and hazards over the last
  couple of years across the globe is stupendously
  driving fire suppression market size. Validating
  this crucial fact- International Rescue Services
  in one of the latest reports estimated that over
  60000 injuries and 20000 casualties were recorded
  in the year 2014, due to fire.
• Strong positive outlook toward building safety
  codes along with growing incidence of fire
  hazards is expected to stimulate the product
  penetration in this country. If experts
  estimations are to be relied on, U.S. fire
  suppression industry is anticipated to exceed an
  annual installation of 150 million units in the
  coming seven years.

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• Fire Suppression Market Scenario

• The percentage is increasing day by day, which
  proves to be a significant contributing factor
  contributing to the regional fire suppression
  market share. The British government in this
  regard, has taken substantial steps toward the
  development of workplace safety especially across
  residential and commercial sectors.
• For Instance, The BAFSA (British Automatic Fire
  Sprinkler Association) deals with building codes
  that standardize the installation, design, and
  sprinklers in residential complexes of U.K. The
  British government has also mandated that the
  premises with heavy electrical equipment should
  have installations of 5kg CO2 extinguisher. For
  fire suppression industry players, this is a
  vital factor to be taken into consideration.
• Europe is also claimed to be another lucrative
  ground for fire suppression market growth, with
  U.K at its foray. In fact, U.K fire suppression
  industry, is estimated to witness a y-o-y growth
  of 3 over 2017-2024. Spreading awareness among
  the Europeans with regards to increasing adoption
  of fire protection system has fostered the
  regional market proliferation. Additionally, the
  European Commission estimates that approximately
  over 70000 people get hospitalized every year
  from fire hazards with a subsequent damage of
  almost USD 148.6 billion.

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• Regional Analysis

• The U.S. government, for instance, has
  established NFPA (National Fire Protection
  Association) codes and protocols for the
  standardization of equipment and protection
  systems across the country. Undoubtedly, it has
  brought remarkable proceeds in the regional fire
  suppression market trends. U.S. is one of those
  fire-accident prone regions where the record is
  noticeably high. In fact, National Fire
  Protection Association, in its latest report,
  stated that in the year 2015, America accounted
  for almost 1,345,500 fire accidents.

• Competitive Analysis

• Global fire suppression market is characterized
  by the participation of some of the renowned
  biggies like TYCO, Amerex Corporation, United
  Technologies Corporation, National Fire Equipment
  Ltd., SFFECO, Minimax, and Master Fire
  Preventions Ltd. These giants are increasingly
  focusing on product innovations which are endowed
  with advanced technological affluences.

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