ROCKVILLE, Md., Feb. 10, 2022 (GLOBE NEWSWIRE) -- Fact.MR predicts the sales of the fire protection systems to exceed US$ 138 Bn by registering a positive CAGR of 6.3% in the forecast period 2022-2032. Increasing urbanization and changing designs of commercial infrastructure have given a rise to fire instances. Thus, to avoid the same, demand for fire protection systems has increased.
Historically, from 2015 to 2021, the global sales of Managed Fire Protection Service surged at a CAGR of 6%, surpassing US$ 70 Bn by the end of the aforementioned period. The onset of the COVID-19 pandemic affected the supply and demand chain across the globe. As most of the commercial sectors were shut, the demand for Managed fire protection systems dipped in the initial quarter of the pandemic. As most commercial sectors are fully functioning, the sales of fire protection systems are expected to upsurge.
Furthermore, governments across the globe have made it mandatory to install fire protection systems to safeguard human life and property. Owing to this, commercial sectors have installed the same on a large scale. In addition, instances of forests catching fires has increased over the past few years. Thus, government authorities are installing detection systems that help to alarm early in case of danger.
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Importance of Precautionary Measures Surging Demand for Managed Fire Protection Service?
Fire protection system is one of the most important systems required to be installed in any building or establishment. It is used to detect, control, and safeguard inhabitants in a building or an establishment from fire hazards. These systems help extinguish smoke or fire and alarm the building occupants. This, in turn, reduces the chances of loss of property and life.
In addition, fire protection systems include equipment consisting of fire detectors, fire analysis software, fire suppression systems, fire response systems and fire sprinkler systems. These fire protection systems are installed in various infrastructure that includes residential buildings, industrial buildings, and commercial buildings. This helps to save lives and infrastructure as people are alerted at the correct time.
Key Takeaways from the Market Study
- By product, Managed Fire Protection Service expected to gain more than 50% market share for fire protection system market.
- By application, commercial sectors expected to hold more than 45% market share for fire protection system market.
- Fire protection system industry expected to possess nearly 33% market share throughout North America.
- Fire protection system industry expected to possess nearly 40% market share throughout Asia Pacific.
Key Segments Covered in the Fire Protection Industry Report
By Product
- Fire Analysis
- Fire Detection
- Fire Suppression
- Fire Sprinkler System
- Fire Response
By Service
- Managed Fire Protection Service
- Fire Protection Systems Maintenance Service
- Fire Protection System Installation and Design Service
- Other Fire Protection System Services
By Application
- Fire Protection Systems for Commercial Applications
- Fire Protection Systems for Industrial Applications
- Fire Protection Systems for Residential Applications
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Competitive Landscape
Prominent fire protection system manufacturers are reliant on a plethora of expansion strategies aimed at enhancing their global footprint. Acquisitions, mergers, collaborations and new product launches are some of these approaches. Some notable developments are as follows:
- In November 2021, Robert Bosch GmbH acquired Protec Fire and security group. The company is focusing on strengthening its presence in the European region.
- Likewise, that same month, Johnson Controls launched the Smart Fire Sprinkler Monitoring solution. This solution offered 24/7 monitoring capabilities via cloud, supported operational downtime, reduced building damage, and prevented system failure.
- Furthermore, in October 2020, Honeywell launched a new cloud platform for fire safety systems. This platform enabled technicians to minimize the disruption, aid in compliance, and reduced the time required to design, install, commission, and maintain the safety of systems.
Key Companies Profiled: Eaton Corporation, Johnson Controls, Halma Plc., HOCHIKI Corporation, Hitachi Ltd., Honeywell International Inc., Iteris Inc., Raytheon Technologies Corporation, GENTEX Corporation, Siemens AG
Stringent Government Rules Increasing Adoption of Fire Protection Systems?
The commercial application for fire protection systems consists of government, BFSI, healthcare, retail, telecom, IT and educational institutions. This, in turn, is increasing the demand for fire protection systems in commercial applications. In addition, stringent government rules for fire prevention and control for safety purposes has across the globe is propelling the demand for fire protection systems in the commercial sector.
Furthermore, companies are focusing on increasing investments in fire protection systems to reduce the loss of life and property to safeguard the infrastructure. This, in turn, is expected to increase the demand for fire protection systems. Thus, the commercial application segment is expected to dominate the by possessing more than 45% market share for fire protection systems.
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