Fire Protection System Market Size is growing at a 6.7% CAGR by 2030 | Rising Uses of Fire Protection Systems Boost the Market Value
Sep 28, 2022
The global Fire Protection System Market is witnessing steady growth over the past few years. The increasing rate of fire-related accidents in commercial and residential spaces turning fatal drives the fire protection systems market size. Thus, it becomes necessary for building contractors to install fire protection systems in structures to avoid losses. These systems are deployed in commercial structures and manufacturing units.
Market Research Future (MRFR) states that the global fire protection system market will garner USD 106.85 Billion by 2030, growing at a 6.7% CAGR during the assessment period (2021–2030). Fire protection systems comprise a number of efficient equipment that can help detect, control, and extinguish fire/smoke and alert the building occupants or establishments, thus, protecting lives and property from fire hazards.
Governments have mandated specific codes and standards to minimize the possibility and effects of fire and other risks in facilities. These initiatives promote the adoption of fire protection systems across the world. Rising implementations of comprehensive fire safety equipment in factories, public places, residential and commercial areas, and personal & public vehicles drive market growth.
Players leading the fire protection system market are –
- Siemens AG (Germany)
- Tyco International PLC (Ireland)
- Honeywell International Inc. (US)
- United Technologies Corporation (US)
- Robert Bosch GmbH (Germany)
- Johnson Controls International PLC (US)
- Halma PLC (UK)
- Gentex Corporation (US)
- Hochiki Corporation (Japan)
- Minimax Viking GmbH (Germany)
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Market Size in 2030
USD 106.85 Billion
CAGR of 6.7% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Manufacturers are increasingly focusing on developing new methods for approaching fire and gas-related threats. There have been significant developments in products that can connect consumers with rapidly changing lifestyle trends. Moreover, the growing adoption of artificial intelligence & connected systems and smart city initiatives favor the developments in fire protection systems.
At the same time, advances in objective detection, IoT in fire safety systems, and central alarm system technology are other market trends. Advances in wireless and machine learning (ML) technologies led by substantial R&D investments by key instrument providers and technology developers foster market shares. Furthermore, government initiatives and funding to promote these devices influence the market size.
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Fire Protection System Market Segments
The fire protection system market report is segmented into types, products, services, verticals, and regions. The type segment is sub-segmented into active and passive fire protection systems. The product segment is sub-segmented into fire suppression, fire detection, fire sprinkler, fire analysis, fire response, and others. The service segment is sub-segmented into engineering, management, maintenance, installation & design, and others.
The vertical segment is sub-segmented into energy & power, manufacturing, commercial, residential, oil & gas, transportation & logistics, government, and others. The region segment is bifurcated into the Americas, Asia Pacific, Europe, and rest-of-the-world. North America dominates the global digital business card market.
North America holds the largest share of the global fire protection system market due to large technological advances. Besides, the increasing uptake of fire protection systems across industry verticals, alongside the strong presence of leading market players and firefighting units in the region, boosts the market size. The rising use of fire protection equipment due to widespread awareness of public safety and increased R&D investments substantiates the region’s market shares.
Europe stands the second position in the global fire protection system market. Factors such as the growing adoption of fire protection systems and favorable government policies escalate the market value. The resurging economy is influencing the region’s current fire protection system market growth, increasing consumer purchasing power. Additionally, the rising demand for fire protection systems from the commercial and public security sectors escalates the market’s growth rate.
The Asia Pacific region is increasingly witnessing rising revenues in the fire protection system market. Major factors influencing market revenues are the ample availability of raw materials and cost-competitive workforces in the region. Besides, advances in transmitting technology and improved technical infrastructure accelerate market growth. The large uptake of fire protection systems in public safety forces in this region impacts the market growth positively.
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The highly competitive fire protection system market appears fragmented with the presence of many well-established players. Major industry players take strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product/technology launches. They make strategic investments to drive their research & development activities and expansion plans. Manufacturers strive to provide complete tool management solutions.
For instance, recently, on Sept. 02, 2022, Endeavor Fire Protection, a platform company of Building Industry Partners, a leading investment firm, announced the acquisition of Allegiant Fire Protection to improve its customer offering in Illinois and the Midwest. This is Endeavor’s second acquisition of the year, after the acquisition of Valley Fire Protection Systems in August 2022. The acquisition will enable Endeavor to expand its service capabilities into monitoring, testing, and inspection of fire suppression systems and the design & installation of fire alarm systems.
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