Global fire suppression equipment industry garnered $24.9 billion in 2019, and is estimated to reach $32.9 billion by 2027, manifesting a CAGR of 4.7% from 2020 to 2027. Growth in demand for fire protection systems across various industry domains, development of automation in residential and commercial buildings, and increase in the number of fire-related incidents in the oil & gas industry drive the global fire suppression equipment market.
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• The market has been impacted during the outbreak of covid-19, owing to productions halt and decreased R&D investments all across the world.
• The demand for fire suppression equipment has been decreased during the lockdown.
• However, various regions are undergoing relaxations on the current regulations, which would aid the market to resume with the manufacturing and other processes.