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Fire Protection Systems for Industrial Cooking Market expected to reach US$ 4.8 Bn in 2022, likely to surge at a vigorous 5.9% CAGR during the forecast period
NEWARK, DELAWARE, UNITED STATES OF AMERICA, June 27, 2022 /EINPresswire.com/ — The rising number of commercial kitchens in China owing to the increasing popularity of Quick Service Restaurants (QSRs) among millennials and the growing disposable income of people is likely to bolster the demand for portable fire suppression systems. East Asia fire protection systems for industrial cooking market is expected to hold around 19.6% of the share in 2022, estimates FMI.
Sales in the global fire protection systems for industrial cooking market are slated to top US$ 4.8 Bn in 2022. Expanding at a healthy 5.9% CAGR, the market size is projected to total US$ 7.2 Bn by 2029.
Prominently driven by rapid increase in establishment of food manufacturing and processing units, adoption of fire protection systems for industrial cooking is further fueled by industrial safety regulatory framework. The market build-up has been solid over the past decade and is set for a healthy CAGR of 6% during the forecast period (2022 – 2029).
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A new Future Market Insights (FMI) study reveals that Asian markets are turning highly lucrative for manufacturers of fire protection systems catering to industrial cooking sector, as Asia Pacific has been witnessing strong growth in the commercial kitchen and foodservice industry.
Key Takeaways – Fire Protection Systems for Industrial Cooking Market Study
• Wireless, automatic, and compact designs in fire alarm systems that fit most industrial layouts, and are compliant with guidelines set by regulatory bodies such as NFPA, are projected to gain more relevance.
• High installation and maintenance costs of wired alarms will result in reduced preference for these systems in the future.
• Key players are focused on launching early suppression fast response fire sprinkler systems that are capable of releasing large volumes of water (100 gallons per min), and have improved response time.
• North America currently represents more than a fourth of the global market value and will continue to lead its way in fire protection systems for industrial cooking market.
• In the backdrop of a large number of fire incidents in the U.S., strategic collaborations between manufacturers and installers will complement the amplifying demand for fire protection systems in industrial cooking sector.
• Increasing demand for commercially-prepared food has paved the way for a growing number of food joints and restaurant chains. Robust growth in food ventures has been witnessed in recent years, which is expected to reduce cooking activities within industrial and manufacturing unit premises.
Fire protection systems for industrial cooking are designed and installed in accordance with standards, codes, and rules that are based on actual fire tests. Product customization, with proven advanced fire protection system installations, will play a key role in the value chain of the market.
Competitive Landscape Remains Fragmented
The market structure is considered to be fairly fragmented, with a large number of smaller companies offering identical products. Furthermore, growing number of players in the fire protection systems for industrial cooking market has been driving manufacturers to incorporate forward integration in terms of services, by offering installation, product consultancy, and aftersales support.
Key players such as Honeywell International Inc, Siemens AG, United Technologies Corporation, Emerson Electric Co., Johnson Controls International Plc, and Gentex Corporation hold a prominent share of market pie in terms of revenue, backed by long-term partnerships with consumers and well-established sales networks.
On the other hand, top manufacturers are strategically acquiring regional players, and retaining their brands to expand global presence. For instance, Johnson Controls International Plc provides safety services and solutions such as fire extinguishing systems under many brand names, including Ansul, Tyco Integrated Security, and Tyco SimplexGrinnell.
What Lies Ahead for Fire Protection Systems for Industrial Cooking Market?
Increased inclination towards performance efficiency will continue to be the prime driver for the development of technologically-advanced fire protection systems for use in various industries. Most customers are inclined towards purchasing fire protection systems with novel connectivity systems and reduced response times.
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Fire Protection Systems for Industrial Cooking Market: Summary
Future Market Insights (FMI), in its new global fire protection systems for industrial cooking report, brings to fore an even-handed analysis of the global fire protection systems for industrial cooking market, offering comprehensive information with historical demand data for 2014 – 2021, and forecast statistics for 2022 – 2029.
The research study offers insightful aspects of the global fire protection systems for industrial cooking market based on various categories such as product type, end use, and region. A detailed value chain analysis regarding procurement, aftermarket services, and pricing analysis has been presented in the report.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 9-years.
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