Dublin, Nov. 09, 2022 (GLOBE NEWSWIRE) -- The "Global Fire Protection System Market by Product (Fire Suppression, Fire Detection, Fire Sprinkler, Fire Analysis, Fire Response), Services (Engineering, Installation and Design, Managed, Maintenance) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global fire protection system market size is estimated to grow from USD 66.8 billion in 2022 to USD 92.1 billion by 2027, at a CAGR of 6.6%. The use of wireless fire detection systems is increasing with evolving wireless technologies. The emergence of fully automated building control systems is a crucial development in this line. New smart buildings have a single control interface for applications, such as HVAC, lighting control, security, and fire safety. The predominant factor contributing to the growth of the wireless fire detection system market is the increase in the construction of small- and large-scale residential and commercial buildings worldwide. Because of these advances, wireless fire detection systems are steadily gaining acceptance.
Fire analysis segment is projected to grow at the highest CAGR during the forecast period
The fire analysis segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention. This growth is driven by increased fire protection-related expenditure of various enterprises, increased fire-related deaths, and governmental norms. A fire protection system can work effectively if a proper analysis of events is done. Fire analysis is an important part of fire protection, which facilitates informed decisions that lead to maximum efficiency. Fire analysis uses various types of software and technology solutions, such as fire mapping and analysis software and fire modeling and simulation software. Along with this, cloud-based solutions, remote management solutions, and IoT & AI-based software solutions for fire management are also included in the scope of this section.
By product, the fire suppression segment is expected to lead the market for fire protection systems during the forecast period. The growth of this market is propelled by technological advancements and innovations in the construction industry; a rise in the number of policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts. A fire suppression system starts operating once it receives fire alerts from sensors and detectors. The fire suppression system includes fire sprinklers, nozzles, caps, and control heads; fire suppressor materials; and fire detectors and control panels. The section covers various types of fire extinguishers that use water, foam, carbon dioxide (CO2), and other fire-resistant materials to control the fire.
Market Dynamics
Drivers
- Increasing Urbanization and Infrastructure Development
- Rising Number of Fire Incidents
- Strict Government Regulations Pertaining to Fire Safety
- Growing Adoption of Wireless Technology in Fire Detection Systems
Restraints
- High Installation and Maintenance Costs
- Issues of False Alarms and Detection Failures
- High Cost of Smart Detectors
Opportunities
- Growing Adoption of Water Mist Systems
- Development of IoT-Integrated Smoke Detectors
- Periodic Revision of Regulatory Compliances to Increase Fire Safety
Challenges
- Lack of Integration and Configuration in Fire Protection Solutions
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Fire Protection System Market, by Type
7 Fire Protection System Market, by Product
8 Fire Protection System Market, by Service
9 Fire Protection System Market, by Vertical
10 Fire Protection System Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent & Related Markets
14 Appendix
Companies Mentioned
- Gexcon
- Robert Bosch GmbH
- Gentex Corporation
- Encore Fire Protection
- Fire & Gas Detection Technologies, Inc.
- Dnv as Group Communications
- Eaton Corporation plc
- Honeywell International Inc.
- Msa Safety Incorporated
- Argus Fire Protection Company Ltd.
- Iamtech
- Hochiki Co., Ltd.
- Bakerrisk
- Schrack Seconet Ag
- Johnson Controls
- Fireline Corporation
- Teledyne Technologies Incorporated
- Firetrol Protection Systems, Inc.
- Fike Corporation
- Orr Protection
- Api Group
- Halma plc
- Carrier Global Corporation
- S&S Sprinkler Co. LLC
- Siemens
- Napco Security Technologies, Inc.
- Insight Numerics, LLC
- Securiton Ag
- Ciqurix
- Minimax Viking GmbH
For more information about this report visit https://www.researchandmarkets.com/r/6b8o2p
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