Pune, Sept. 27, 2023 (GLOBE NEWSWIRE) -- As per the report published by Maximize Market Research, the global Fire Protection Systems Market was USD 66.14 Bn in 2022 and is expected to become USD 102.79 Bn with a CAGR of 6.5 percent by 2029. A global Electronics business-consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “Fire Protection Systems Market”.
| Market Size in 2022 | USD 66.14 Bn. |
| Market Size in 2029 | USD 102.79 Bn. |
| CAGR | 6.5 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 302 |
| No. of Tables | 123 |
| No. of Charts and Figures | 118 |
| Segment Covered | Service, Product Type and End User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Fire Protection Systems Market Report Scope and Research Methodology
The report covers Fire Protection Systems Market segmentation, development trend, application, industry overview and competitive landscape with the demand for the product by region production numbers and factors that affect the market. Detailed information about the important Fire Protection Systems key players with their strategies to increase their presence in the market has been provided in the report. An in-depth analysis of business performance, product portfolio, revenue of market players and innovations by market participants.
The bottom-up approach was used to estimate the global and regional Fire Protection Systems Market size. The secondary sources used for data collection include official databases of various organizations and government sites, annual or financial reports, industry journals, and releases of product manufacturers and suppliers in the Fire Protection Systems industry along with free and paid databases. The primary sources are manufacturers, distributors, technology developers, service providers, experts from core and related industries and organizations related to all segments related to the Fire Protection Systems industry’s supply chain. SWOT analysis was used to provide the strengths and weaknesses of the Fire Protection Systems manufacturers while PESTLE was employed to understand the potential impact of the macro-economic and micro-economic factors affecting the Fire Protection Systems Market.
Fire Protection Systems Market Overview
Fire Protection Systems (FPS) encompass a vital array of firefighting systems meticulously deployed in response to fires of diverse origins. Within the global FPS market, an array of components is encapsulated, including fire detection systems, fire extinguishers, fire suppression systems, fire response systems, and their respective sub-categories. These meticulously engineered systems are purposefully designed to detect, manage, and quell fires with precision, thereby ensuring the preservation of lives and valuable property during fire emergencies. Central to the efficacy of FPS are critical elements such as flame detectors and smoke control equipment, both of which assume pivotal roles in the realms of fire prevention and mitigation. Among the most prevalent fire safety systems globally, alarm valves and sprinkler systems stand as stalwart guardians, wielding the capacity to manage and extinguish fires across a spectrum of environments. Furthermore, the seamless integration of fire sensors and detectors within commercial edifices emerges as a judicious and cost-efficient safety measure. This proactive measure substantially augments fire safety standards and bolsters the efficiency of emergency response protocols. By rendering effective solutions for the realms of fire prevention and control, the FPS market undertakes a pivotal role in safeguarding communities and critical infrastructure.
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Fire Protection Systems Market Dynamics
The Fire Protection Systems (FPS) market stands on the cusp of substantial growth, driven by a convergence of influential factors and promising prospects. Firstly, there is a growing consciousness regarding fire safety and an imperative to safeguard lives and assets, constituting primary drivers. Stringent regulatory mandates, particularly within the commercial and industrial sectors, are compelling organizations to invest in advanced FPS solutions to align with compliance requirements. The rapid urbanization and expansion of infrastructure, encompassing commercial complexes, residential buildings, and industrial facilities, are generating significant demand for FPS. The proliferation of smart cities and the integration of fire safety systems into contemporary architectural designs provide fertile ground for the expansion of the FPS market.
Technological advancements are reshaping the FPS landscape. The infusion of IoT (Internet of Things) and AI (Artificial Intelligence) into fire detection and suppression systems elevates their precision and responsiveness. This technological leap not only enhances fire prevention capabilities but also enables real-time monitoring and remote management. The escalating emphasis on sustainability and environmentally responsible practices presents opportunities for inventive, eco-friendly fire suppression agents and systems. Waterless fire suppression systems, for instance, are gaining traction due to their minimal environmental impact and versatility across diverse applications. The Fire Protection Systems market is witnessing a surge in demand for specialized systems tailored to specific industries. Sectors such as data centers, characterized by the critical nature of their operations, necessitate highly efficient fire protection solutions. This burgeoning demand opens avenues for FPS providers to craft industry-specific solutions.
Fire Protection Systems Market Regional Insights
The North American Fire Protection Systems Market dominated the global market by accounting for more than 35 percent of sales in 2022. This is attributed to the increasing demand for intelligent houses and smart buildings. The region has a strong presence of Fire Protection Systems manufacturers such as GENTEX CORPORATION and Honeywell International Inc who are actively involved in spreading awareness about fire protection systems through marketing programs.
Asia Pacific Fire Protection Systems Market is expected to grow rapidly during the forecast period. The growing urbanization with the increasing construction activities is highly contributing to the regional market growth. In the region, China is the largest market for fire protection systems whereas India is the second largest market.
Fire Protection Systems Market Segmentation
By Service
- Managed Services
- Installation and Design Services
- Maintenance Services
- Others
In 2022, the Installation and Design Services segment emerged as the dominant player in the market, holding the largest market share. The significance of this segment lies in its pivotal role in guaranteeing effective fire protection. It entails the meticulous design and installation of fire protection systems, precisely tailored to the unique characteristics of each premises. Factors such as the age, type, size, occupancy, use, and daily footprint of a location are all taken into account during this process. Consequently, this segment assumes a critical role in elevating fire safety standards, establishing itself as a thriving and indispensable component within the Fire Protection Systems Market.
By Product Type
- Fire Detection
- Fire Response
- Fire Suppression
- Fire Analysis
In 2022, the Fire Detection segment asserted its dominance in the global market, commanding more than 40 percent of sales. This substantial market share underscores a heightened demand for advanced fire detection systems, which hold paramount importance in the early detection of fires and the facilitation of swift response measures. The fire suppression segment also exhibited a strong presence, securing the largest market share in 2022. This phenomenon signals a significant and escalating demand for fire suppression systems meticulously designed to effectively control and extinguish fires.
By End User
- Commercial
- Industrial
- Governmental
- Institutional
- Others
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Fire Protection Systems Key Competitors include:
- Consilium AB
- DESAUTEL SAS
- HALMA PLC
- Hochiki Corporation
- Johnson Controls International Plc
- United Technologies Corporation
- Yamato Protec Corporation
- Robert Bosch GmbH
- Siemens AG
- Honeywell International, Inc.
- Swastik Synergy Engineering Private Limited
- Gentex Corporation
- NAFFCO FZCO
- Solas Fire Safety Equipment (P) Ltd.
- Gunnebo AB
Key questions answered in the Fire Protection Systems Market are:
- What is Fire Protection Systems?
- What are the global trends in the Fire Protection Systems Market?
- What are the upcoming industry applications and trends for the Fire Protection Systems Market?
- What are the factors contributing to the final price of Fire Protection Systems?
- What major challenges could the Fire Protection Systems Market face in the future?
- What recent industry trends can be implemented to generate additional revenue streams for Fire Protection Systems Market?
- How the intervention from regulatory authority is is shaping the Fire Protection Systems Market?
- What growth strategies are the players considering to increase their presence in Fire Protection Systems Market?
- Who are the leading manufacturers in the Fire Protection Systems Market?
- Who held the largest market share in the Fire Protection Systems Market?
- Which regional Fire Protection Systems Market is expected to grow at a high rate during the forecast period?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Service, Product Type, and End User
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Electronics research firm, has also published the following reports:
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Fire Safety Equipment Market - The market size is expected to reach USD 70.90 Billion by 2029 at a CAGR of 5.9 percent during the forecast period. The use of sophisticated sensors and detectors, as well as their communication with remote users via WAN/LAN networks, has increased the demand for fire safety and protection systems around the world.
Firearm Lubricant Market - The market size is expected to reach USD 352.25 Mn by 2029 at a CAGR of 2.33 percent during the forecast period. The introduction of innovative firearm lubricants, such as bio-lubricants with enhanced features, is expected to give the market a lift over the forecast period.
Firearm Sight Market - The market size is expected to reach USD 2.26 Billion by 2029 at a CAGR of 5.2 percent during the forecast period. Increased use of a firearm has been observed by military law enforcement, and commercial applications and firearm manufacturers are developing and launching different types of firearms to attract more customers and generate new revenue products.
Motion Controlled Remote Market - The market size is expected to reach USD 23.6 Billion by 2029 at a CAGR of 6 percent during the forecast period. The gaming sector has played a vital role in the acceptance of motion-activated controllers market.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
