Growing Hospitality & Tourism Sector Along with Infrastructural Development Would Fuel the Growth of South America Fire Safety Systems and Equipment Market - 6Wresearch

Infrastructural development, upsurge in construction projects, rising population, and increasing demand for residential units are driving the growth of fire safety systems and equipment market in South America. Additionally, flourishing tourism sector and anticipated rise in hotel construction are likely to further propel the growth of fire safety systems and equipment market in the region.

According to 6Wresearch, South America Fire Safety Systems and Equipment market is projected to grow at a CAGR of nearly 7.3% during 2018-24. Fire sprinkler systems followed by fire extinguishers captured majority of the market revenue share in 2017. Among various sprinkler systems, wet pipe sprinkler segment attributed for major share owing to its low capital cost, high reliability, and low maintenance cost as compared to other systems. Furthermore, Brazil and Argentina remained key revenue contributors in the region in 2017.

According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "South America fire suppression systems market is majorly dominated by halocarbon agent, especially FM200. The segment is anticipated to grow further during the forecast period on account of its usage across datacenters, commercial buildings, and others."

"Moreover, South American countries such as Brazil and Argentina lacks stringent fire safety regulations and most of the nations have fire safety standards based on National Fire Protection Association (NFPA). The region is further working towards standard fire safety regulations which is expected to catalyze the growth of fire safety systems and equipment market over the coming years," Anuj concluded.

According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "In 2017, the hospitality segment emerged as the largest revenue contributor towards the overall fire safety systems and equipment market in South America. Growing hospitality industry attributed to tax incentives and investment by international hotel chains such as Marriott, Hyatt etc., the segment is projected to exhibit significant growth over the coming years as well."

"In addition, South America accounts for abundant natural resources making it the region favorable destination for investment in energy sector. The region is working on new policy framework to attract foreign investment in energy industry which would further affect the growth of fire safety systems and equipment market," Suman added.

"South America Fire Safety Systems and Equipment Market (2018-2024)" provides in-depth analysis of the market dynamics. The report estimates and forecast the overall South America Fire Safety Systems and Equipment market by types, verticals, and countries. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.