New Delhi, March 21, 2023 (GLOBE NEWSWIRE) -- Global fire protection system market is flourishing because of a growing focus on tackling an increasing number of fire incidents and deaths across the globe, fire safety programs, and stringent government regulations pertaining to fire safety.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global fire protection system market size at USD 109.43 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global fire protection system market size to grow at a steady CAGR of 4.61% reaching a value of USD 149.72 million by 2029. Major growth factors of global fire protection system market include growing usage of fire safety systems by business owners, rise in number of fire accidents and deaths across the globe, rapid growth in the building industry, and rising adoption of wireless technology in fire detection. Several emerging countries adopted fire prevention systems at a lower rate than developed countries. It was mostly due to a lack of public awareness of the product and reduced regulatory pressure. Yet, many systems integrators, manufacturers, and dealers have worked to enhance user knowledge. Fire safety initiatives, as well as the use of targeted marketing to highlight the benefits of a fire protection system, have sparked the interest of both large and small and medium-sized organizations. This has resulted in sustained market growth in the recent years. Both residential and non-residential property construction is projected to provide more opportunities for installing fire alarm and detection systems. Commercial and industrial buildings rely largely on fire protection systems to ensure employee safety. An increasing amount of property damage caused by fire occurrences is driving the market. Furthermore, the market for fire protection systems is influenced by the regulations, standards, and norms imposed by various regulatory agencies. Businesses have been forced to install fire suppression systems due to increased standards. These factors are projected to enhance market growth throughout the forecast period. However, issues of false alarms and detection failures is anticipated to restrain the overall market growth.
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Global Fire Protection System Market – Overview
Fire protection systems are employed to detect, control, and extinguish a fire or smoke, as well as to warn tenants of a structure or foundation about the same, reducing the risk of damage and property loss. Fire protection frameworks incorporate equipment such as fire identifiers, fire dousers, fire hose reels, fire hydrant frameworks, and programmed sprinkler frameworks. Governments across the world have developed precise laws and guidelines to restrict the possibility and impact of fire and other hazards in the workplace. NFPA 3 standardizes the dispatching of fire assurance and life security frameworks, for example, and NFPA 4 standardizes coordinated fire insurance and life security framework testing. These initiatives help in increasing the acceptance of fire assurance frameworks globally. The global implementation of stringent rules mandating the installation of fire protection systems in residential and non-residential buildings is expected to drive market expansion. Fire protection practices are commonly used in the industrial and commercial sectors to ensure employee safety. An increase in the risk of property loss and public safety issues as a result of fire accidents supports global market growth.
Impact of COVID-19 on Global Fire Protection System Market
COVID-19 adversely affected fire protection system market. The breakout of the COVID-19 pandemic in 2020 had a major influence on the market. A partial lockdown was recorded in various nations as the number of COVID-19 cases increased due to the second wave. As a result, the production of new fire protection systems has been reduced even further. The market was also affected by the disruption of supply chains across countries and regions. However, the government and important market players introduced new safety measures in order to develop the practices. Technology developments increased the sales rate of hardware and software by targeting the correct audience. The rise in residential construction around the world is likely to fuel market development in the post-pandemic situation.
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Global Fire Protection System Market – By Type
By type, global fire protection system market is bifurcated into Active Fire Protection System and Passive Fire Protection System systems. The active fire protection system segment is expected to dominate the market. Active fire protection (AFP) is a mix of various fire protection technologies that sends an alert through the fire alarm systems and alerts anyone stuck within the building to leave. AFP may not always function properly or efficiently, for example, due to frozen or blocked pipes or an intermittent water supply. As a result, in many residential and commercial areas, both active and passive fire protection systems are combined.
Competitive Landscape
Major players operating in global fire protection system market include Johnson Controls, Honeywell International Inc., Gentex Corporation, Siemens, Bosch Security Systems GmbH, Halma Plc, Hochiki America Corporation, Viking Group Inc., Victaulic Company, Fike Corporation, and Securiton AG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Fire Protection System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Fire Protection System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
- In August 2022 - Honeywell announced the launch of Morley MAx fire detection and alarm system, which contributes to better building and occupant safety. The Honeywell Morley MAx panel contributes to safer environments for inhabitants while also helping building owners to better adhere to statutory safety regulations. The product is designed to eliminate the requirement for time-consuming and technically difficult add-on component installation.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast Period – 2023–2029 | |
| Facts Covered | Revenue in USD Million |
| Market Coverage | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Product/ Service Segmentation | Type, Product, Services, Application, Region |
| Key Players | Johnson Controls, Honeywell International Inc., Gentex Corporation, Siemens, Bosch Security Systems GmbH, Halma Plc, Hochiki America Corporation, Viking Group Inc., Victaulic Company, Fike Corporation, Securiton AG |
By Type
- Active Fire Protection System
- Passive Fire Protection System
By Product
- Fire Detection
- Fire Suppression
- Fire Response
- Fire Analysis
- Fire Sprinkler System
By Services
- Managed Service
- Installation and Design Service
- Maintenance Service
By Application
- Residential
- Commercial
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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