Industrial Cooking Fire Protection System Market to Reach $71.9 billion, Globally, by 2031 at 8.3% CAGR: Allied Market Research
Increase in demand for water mist suppression systems and the need to offer protection against fire risks to industrial kitchens across the world drive the growth of the global industrial cooking fire protection system market
PORTLAND, Ore., Feb. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Cooking Fire Protection System Market Product Type (Fire Alarm Type, and Detector Type), Connectivity (Wired, and Wireless) and End Use (Restaurants and Hotels, Food and Beverage, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global industrial cooking fire protection system market was valued at $34.3 billion in 2021, and is projected to reach $71.9 billion by 2031, registering a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities
The global industrial cooking fire protection system market is expected to witness notable growth during the forecast period, owing to increase in demand for water mist suppression systems and the need to offer protection against fire risks to industrial kitchens. Moreover, development of wireless and remote function cooking fire protection system is expected to propel the industrial cooking fire protection system market growth during the forecast period. However, cost is often the primary factor while choosing a new cooking fire protection system and hence it is the prime factors that restrain the global industrial cooking fire protection system market growth.
The outbreak of the pandemic gave way to a decline in demand for industrial cooking fire protection system from the various industries, which impacted the global market negatively.
However, rise in demand for portable fire suppression systems solutions across prime sectors is one of the major factors that propel the market growth during the COVID-19 pandemic.
Furthermore, the surge in demand for commercial, industrial, and other sectors is expected to strengthen the industrial cooking fire protection system market opportunity post-COVID-19.
The Fire Alarm Type Segment to Maintain its Dominance during the Forecast Period
By product type, the fire alarm type segment garnered the highest share during the forecast period. Growth of the fire-alarm type segment is mainly driven by rise in awareness about fire protection systems. In addition, surge in number of facility managers and owners are adopting fire-alarm type solutions as the most effective way to improve overall protection through its integration with other building systems, such as mass notification systems and security systems Moreover, the market is significantly fueled by stringent government regulations related to fire protection. Various factors industry and in human and property loss due to fire breakouts, growth in the construction industry, and rise in adoption of wireless technology in fire detection boost the growth of the market.
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The Wired Segment to Maintain its Dominance during the Forecast Period
By connectivity, the wired segment accounted for highest market revenue in 2021, and is projected to retain the lion's share by 2031. Wired industrial cooking fire protection system uses wires and cabling to transmit signals between the number of devices and the system control panel. The fact that wired fire alarm systems are less expensive than wireless ones is a major factor in this market's growth. Additionally, wired systems are thought to be a more dependable choice. They are powered by the mains and have a battery backup in case the system fails. Additionally, since this type of system is not concerned with radio frequencies, the possibility of signal interference is zero, which increases end users' demand for wired industrial cooking fire protection systems.
Restaurants and Hotels Segment to Maintain its Dominance during the Forecast Period
By end use Restaurants and hotels segment accounted for highest market revenue in 2021 and is projected to retain the lion's share by 2031. Hotels and restaurants are included in the hospitality sector. It encompasses a variety of industries that fall under this broad category, including restaurants, theme parks, hotels, motels, resorts, and others. Restaurants and hotels is the fastest-growing segment in this market with a CAGR of 9.05% owing to increasing footfall after lockdown restrictions were lifted and increase in different forms of eateries, and government legislation mandating installation of such systems in public places. In addition to this, the rise in urbanization as well as development of new commercial complexes such as malls, offices, retail shops, showrooms, near restaurants drives the growth of this segment.
North America Garnered the Major Share in 2021
By region, North America contributed to the highest share in 2021. The number of fire incidents has increased, which has resulted in an increase in casualties, property loss, and human deaths. Fire-related losses in North America were about USD 27.6 billion just in 2020. The need for improved fire protection systems has grown in recent years as a result of the rising number of injuries and asset losses caused by such dangers. The demand for technology employed in alarms, detection, monitoring, and sensing during fire threats is escalating alongside this demand for fire protection systems. Major infrastructure improvements in industrial cooking have been taking place in North America, which has increased demand for fire protection systems in this region. The market for fire protection systems may be hampered by increased use of predictive maintenance and price fluctuations for raw materials.
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Leading Market Players-
Carrier Global Corporation
Eaton Corporation Plc
Honeywell International Inc
Johnson Controls International Plc
Napco Security Technologies Inc
Nittan Company Limited
Robert Bosch GmbH
The report analyzes these key players of the global industrial cooking fire protection system market. These players have adopted various strategies such as product launch, acquisition, innovation, partnership, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Key Benefits For Stakeholders:
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial cooking fire protection system market analysis and industrial cooking fire protection system market outlook from 2021 to 2031 to identify the prevailing industrial cooking fire protection system market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the industrial cooking fire protection system market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global industrial cooking fire protection system market trends, key players, market segments, application areas, and market growth strategies.
Industrial Cooking Fire Protection System Market Key Segments:
Fire Alarm Type
Restaurants and Hotels
Food and Beverage
North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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