Westford,USA, Dec. 04, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Fire Protection System Market size will attain the value of USD 107.91 Billion by 2031, with a CAGR of 6.5% during the forecast period (2024-2031). The use of fire protection systems is increasing in a variety of industries, including oil and gas, construction and mining, where fire protection and safety are important. These industries are the most concerned about safety. This industry can boost the business prospects of FPS (fire protection system) manufacturers in the global fire protection system market, as workers in the oil and gas industry suffer higher rates of accidents and injuries due to increased risks associated with upstream activities is therefore endangered.
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Browse in-depth TOC on "Fire Protection System Market"
- Pages – 157
- Tables - 93
- Figures – 76
Fire Protection System Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 65.20 Billion |
| Estimated Value by 2031 | USD 107.91 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, Service, Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising Demand for Lightweight Materials to Improve Fuel Efficiency |
| Key Market Opportunities | Growth in Electric and Autonomous Vehicles Boosting Demand for Advanced Interiors |
| Key Market Drivers | Advancements in Smart and Connected Vehicle Technologies |
Fire Protection System Segment to Dominate Due to Increased Demand for these Systems
Fire protection system segment to dominate due to increased demand for these systems. A fire protection system is made from several devices that work together to stumble on fires, stumble on carbon monoxide leaks, and notify people of other crises via video and audio systems. The set up of fireplace protection systems has been enforced via many organizations, along with the National Fire Protection Association inside the United States and the Building Code Australia, which has increased demand for these systems.
Maintenance Services Segment Growing Due to Increase in Consumption
The maintenance services segment is expected to record the highest CAGR, at 6.8%, during the fire protection market forecast. A fire protection system is essential to detect and alert people when there is smoke or fire, but any fault in the system can lead to accidents and property damage so regular maintenance is required to increase the chances of consumption reduce the failure rate and prolong system life. To ensure that fire protection systems follow all necessary fire safety requirements in the event of an emergency, the maintenance work includes timely audits and blasting equipment protection of the work.
North America to Growing Owing to Stringent Federal Fire Hazard Avoidance Regulations
North America is expected to account for the largest share in the fire protection industry. The increased entry of top people into the industry is expected to help the fire protection system market growth. Land in the United States can be obtained due to stringent federal fire hazard avoidance regulations. The National Fire Protection Association (NFPA) was formed in the United States to address fire accidents and hazards. The fire protection system market outlook for fire suppression is expected to increase as a result.
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Drivers
- Rising Demand for Lightweight Materials to Improve Fuel Efficiency
- Increasing Consumer Preference for Premium and Comfortable Interiors
- Advancements in Smart and Connected Vehicle Technologies
Restraints
- High Cost of Advanced Materials Impacting Affordability
- Stringent Environmental Regulations on Material Emissions
- Challenges in Recycling Composite and Multi-layered Materials
Prominent Players in Fire Protection System Market
The following are the Top Fire Protection System Market Companies
- AkzoNobel N.V.
- Sherwin-Williams Company
- PPG Industries, Inc.
- Jotun Group
- Hempel A/S
- Carboline Company
- Teknos Group
- Kansai Paint Co., Ltd.
- The Valspar Corporation
- BASF SE
- 3M Company
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Key Questions Answered in Fire Protection System Market Report
- What are the key drivers of the market?
- Which is the growing region in the market?
- What are the key restraints of the market?
- What are the key trends of the market?
This report provides the following insights:
- Analysis of key drivers (increasing consumer preference for premium and comfortable interiors, advancements in smart and connected vehicle technologies), restraints (high cost of advanced materials impacting affordability, stringent environmental regulations on material emissions), opportunities (growth in electric and autonomous vehicles boosting demand for advanced interiors, rising trend of sustainable and eco-friendly materials) influencing the growth of Fire Protection System Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Fire Protection System Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Fire Protection System Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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