New York, US, June 17, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Fire Protection System Market Analysis by Type (Active, Passive), By Product (Fire Detection, Fire Sprinklers, Fire Suppression, Fire Analysis, Fire Response), By Service (Managed, Maintenance, Installation & Design), By Vertical, By Region- Forecast till 2030” valuation is poised to reach USD 106.85 Billion by 2030, registering an 6.7% CAGR throughout the forecast period (2020–2030).
Fire Protection System Market Overview
Governments across the world have mandated some standards and specific codes for minimizing the effects and possibility of fire effects and other perils in facilities thus resulting in the promotion to adopt fire protection systems the world over that will offer robust opportunities for the market over the forecast period.
Fire Protection System Market Report Scope:
| Report Metric | Details |
| Market Size | USD 106.85 Billion |
| CAGR | 6.7% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Honeywell International Inc., Siemens AG, United Technologies Corporation, Johnson Controls PLC, Hochiki Corporation, Robert Bosch GmbH, Halma PLC, Gentex Corporation, Minimax Viking GmbH, Securiton AG, Encore Fire Protection, Fire Suppression Ltd, and Napco Security Technologies Inc. |
| Key Market Opportunities | Government Mandated Standards and Specific Codes to Minimize Fire Effects to offer Robust Opportunities |
| Key Market Drivers | Increasing Adoption in Different Infrastructures to Boost Fire Protection System Market Growth |
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Drivers
Increasing Adoption in Different Infrastructures to Boost Market Growth
The increasing adoption of fire protection systems in various infrastructures such as commercial buildings, residential buildings, and industrial buildings to protect people and also reduce the loss caused due to destruction arising from fire hazards will boost market growth over the forecast period.
Lack of Awareness to act as Market Restraint
The lack of awareness about fire protection systems and integration of a user interface with a fire protection solution may act as market restraints over the forecast period.
High Installation and Maintenance Costs to act as Market Challenge
The high installation and maintenance costs of fire protection solutions may act as a market challenge over the forecast period.
Fire Protection System Market Segments
The global fire protection system market is bifurcated based on vertical, product, service, and type.
By type, the active fire protection system will lead the market over the forecast period.
By service, installation and design service will dominate the market over the forecast period.
By product, the fire suppression will spearhead the market over the forecast period.
By vertical, the commercial segment will have the lions share in the market over the forecast period.
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Fire Protection System Market Regional Analysis
North America to Head Fire Protection System Market
The fire protection systems market is headed by North America, which is expected to grow at a phenomenal rate during the forecast period. Some of the key driving forces behind market growth are technological advancement & increased use of automation across residential & industrial construction projects. The expansion is primarily driven by increased demand and the availability of high-quality automated systems in the region. North America has dominated the market, owing to technological advancements and rising fire protection system adoption across industry verticals. The regional market's growth is aided by factors such as the presence of major industry players & firefighting units.
The region's fire protection system market share is bolstered by rising use of fire protective equipment as a result of increased public awareness regarding public safety and rising investments to improve technology. The rise in need for smart buildings and intelligent houses, which provide maximum safety, can also be attributed to the growth. Furthermore, fire protection system makers like GENTEX CORPORATION, Raytheon Technologies Corporation, and Honeywell International Inc. have a strong presence in North America. These businesses are involved actively in raising awareness about fire protection systems through marketing campaigns.
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Because of advancements in fire protection systems and increased infrastructure investments, the region is expected to dominate the market in the analysis period. The market is likely to grow due to the implementation of stringent fire safety regulations on the use of fire protection solutions across North America. Furthermore, the market is expected to grow due to an increase in commercial construction buildings. Furthermore, the growth of the market in the United States is expected to be fueled by an increase in concerns about fire safety and security.
APAC to Have Admirable Growth in Fire Protection System Market
The Asia Pacific fire protection system market is experiencing rapid growth, fueled by expanding markets in China, Japan, and India. In China and India, the widespread adoption of connected devices, as well as the presence of sensor manufacturing companies, is a major driving force behind market growth. The market value of fire protection systems is increasing rapidly in the Asia Pacific region. The accessibility of cost-competitive workforces as well as the raw material advantage are the major factors influencing the fire protection system market share. Furthermore, regional market growth is fueled by advancements in transmission technology & improved technical infrastructure. Furthermore, the widespread adoption of these systems by public safety agencies has a positive impact on market growth.
Over the forecast period, this region is expected to have the highest CAGR. APAC is a developing region, with countries like India, China, and Japan expected to drive regional demand. Additionally, rising urbanization and consumer awareness are expected to contribute to the market's growth in the region in the forecast period. Growing urbanization has resulted in an increase in construction activity, which is helping to drive the market forward. APAC is a developing region, and Japan, China, and South Korea are boosting the region's overall growth in the fire protection system sector. With technological and economic advancements, the need for such systems is expected to rise. Governments in the region have established fire safety standards, and the market for fire protection systems is expected to grow as these policies are implemented.
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COVID-19 Analysis
The COVID-19 epidemic in 2020 possessed a negative impact on the fire protection system market. Furthermore, a partial lockdown was observed in several countries due to an increase in COVID-19 cases as a result of the outbreak's second wave. As a result, the new fire protection systems production has decreased even more. Disruption in supply chains across countries & regions also had a negative impact on the market. The fire protection market, on the other hand, is expected to grow following the pandemic. The demand for fire protection systems is expected to rise in response to the increasing urban population & the need to protect lives and the environment from fire emergencies.
Fire Protection System Market Competitive Analysis
Dominant Key Players on Fire Protection System Market Covered are:
- Honeywell International Inc.
- Siemens AG
- United Technologies Corporation
- Johnson Controls PLC
- Hochiki Corporation
- Robert Bosch GmbH
- Halma PLC
- Gentex Corporation
- Minimax Viking GmbH
- Securiton AG
- Encore Fire Protection
- Fire Suppression Ltd
- Napco Security Technologies Inc.
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