Rockville, MD, Nov. 19, 2024 (GLOBE NEWSWIRE) -- According to an updated published research report by Fact.MR, a market research and competitive intelligence provider, the global fire protection system market is analyzed to touch a value of US$ 70.48 billion in 2024 and is further projected to expand at an excellent CAGR of 9.1% between 2024 to 2034.
IoT, AI, and smart technology are widely combined by key players to make them more intelligent and responsive. Smart detectors identify fires before they get out of control by analyzing environmental data, and IoT-enabled devices allow for real-time system monitoring and communication. AI-driven fire analytics improves preventive efforts by evaluating potential fire risks using predictive algorithms.
It is becoming feasible to oversee fire safety at multiple locations remotely and easily due to wireless monitoring technologies. Combining these advancements improves the accuracy and speed of fire detection and prevention while lowering reaction times and damage, making them more desirable to a variety of sectors.
East Asia is leading in terms of market share due to the growing number of residential and commercial projects in China, Japan, and South Korea, as well as the expanding industrial sectors. The market in North America is showing bullish sentiments because of the implementation of stringent fire safety laws and regulations, especially in the United States.
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Key Takeaways from Market Study
- Turnover of the global market for fire protection systems is projected to touch US$ 168.4 billion by 2034-end.
- East Asia is estimated to hold 1% of the global market share in 2024.
- The market in North America is analyzed to reach a valuation of US$ 38.23 billion by 2034.
- The United States is projected to generate revenue worth US$ 12.78 billion in 2024.
- Based on application, the commercial segment is evaluated to account for 1% of the revenue share by 2034.
- The market in Japan is evaluated to expand at 4% CAGR from 2024 to 2034.
- Demand for fire detection systems is forecasted to reach a worth of US$ 71.23 billion by 2034.
“Leading companies offering fire protection systems are funding R&D initiatives to create advanced technologies such as smart systems that better utilize IoT and AI for detection and response,” says a Fact.MR analyst
Leading Players Driving Innovation in the Fire Protection System Market:
Key players in the fire protection system market are Eaton Corporation, Johnson Controls, Halma Plc., HOCHIKI Corporation, Hitachi Ltd., Honeywell International Inc., Iteris Inc., Raytheon Technologies Corporation, GENTEX Corporation, Siemens AG, Johnson Controls, Siemens, Robert Bosch GmbH, Comelit-PAC
Increasing Demand for Fire Detection Systems:
Fire detection systems play a critical role in early fire diagnosis and prevention and due to this; their demand is high relative to other product types. Detecting heat or smoke with the aid of fire detection systems minimizes damage and ensures safety by providing essential monitoring capabilities. In several countries, early detection technology is required in commercial and residential buildings due to legislation, which makes proactive safety measures increasingly crucial.
The most recent developments in smart devices that interface with IoT devices are used in fire detection systems. Because of these developments, fire detection systems are integrated commonly as they are becoming more dependable and efficient.
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Fire Protection System Industry News:
- The Pench Tiger Reserve in Maharashtra, India, introduced a new artificial intelligence (AI) technology in June 2024 to help identify forest fires early.
- Building on the success of the LogiFire system, Comelit-PAC launched a new wireless fire detection series in April 2024 as part of its wide range of alarm systems. For areas where a wired solution is impractical, Comelit-PAC's new line of wireless devices is ideal. A system can be expanded by adding transceivers, which are made to be easily installed.
- Protec Fire and Security Group was bought by Robert Bosch GmbH in November 2021. The company's primary goal is to increase its visibility in the European market.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the fire protection system market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product (analysis, detection, suppression, sprinkler systems, fire response), service (managed fire protection, fire protection systems maintenance, fire protection system installation & design), and application (commercial, industrial, residential), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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