As per Future Market Insights, the fire rated ducts market is anticipated to attain a value pool of US$ 2.5 billion by 2023-end. Global demand for fire rated ducts is expected to rise at a CAGR of 4.8% to US$ 4 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Fire Rated Ducts in 2023 | US$ 2.5 billion |
| Projected Market Value Fire Rated Ducts in 2033 | US$ 4 billion |
| Growth Rate (2023 to 2033) | 4.8% CAGR |
Demand for Fire Rated Ducts will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Rise in demand for fire safety in factories, residences and commercial buildings to avoid fires will drive the demand for the market.
Fire safety solutions are important to avoid any hazardous property or life loss. Many commercial and industrial buildings have mandatory fire rated ventilation ducts installed for safety. It is important for architects or engineers to install fire safety solutions in factories or any commercial buildings to avoid any fire- related accidents which is an important factor driving the demand for the market.
Over the forecast period, the market is likely to grow because of implementation of regulations imposed by the government about installation of fire safety ducts in all industrial buildings. Growing demand for heating, ventilation and air conditioning (HVAC) systems in the industrial sector and the rapid growth in construction industry are also the major factors uplifting the fire ducts market.
In addition to industrial applications, fire safety ducts are largely used in residential and public facilities. These ventilation ducts are constructed in effective zones to limit the spread of smoke and fire throughout the building, making them very effective and useful in case of fire.
COVID-19 has had a substantial impact on the global fire rated ducts market in the initial phases of its outbreak. However, with the gradual increase in industrial activities and construction industry, Fire Ducts manufacturers are likely to witness sustained opportunities in the future.
Fire rated ventilation ducts are installed in buildings for fire protection. With growing industrialization, there will be growth in construction activities of new commercial as well industrial centers in many countries in coming years which is a developing factor for the market.
The USA market will increase in the coming years because of exponential growth in infrastructure and material innovations by manufacturers. Due to pandemic the demand of fire rated ducts is likely to remain muted for the next couple of years, as construction industry slowly regains mobility in the market.
Demand for Fire Ducts in USA and Canada will be led by growth in industrial sector as well as commercial facilities such as data centers and institutional buildings. Rising investments in construction industry in USA is also accelerating the market growth as it will increase installation of the fire ventilation ducts in buildings.
Many manufacturers are trying to develop energy efficient HVAC ducting for buildings which will increase the production of fire rated ducts in USA.
The healthcare sector is expected to be major benefactor from the installation fire rated ducts to ensure apex safety standards. European fire standards have made it mandatory for buildings for installations of complete ductwork that offers fire resistance by compartment wall or floor to stop the fire from spreading.
Many countries in Europe have their own fire regulations, but increase in safety standards for buildings has accelerated the demand for fire duct in European market.
For Fire Ducts manufacturers and suppliers, it is essential for them to get a third- party product certificate and independent quality- assurance certificate on their fire ducts as it is important that the ducts are to be of the permitted size and should not leak.
Some of the leading manufacturers and suppliers of Fire Rated Ducts include
Many leading manufacturers provide ducts for ventilation and smoke extraction that come in different sizes, operating pressures and configurations. Steel and Aluminum materials are widely used by manufacturers for making fire ducts.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Fire Rated Ducts Market
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