Fire protection systems Overview:
Fire protection systems assists in controlling and putting-off fire, preventing destruction of property and people. These systems work by reducing oxygen content of fire affected area and promote supply of nitrogen in that area to build a "fire safe" zone.
Market Size and Forecast
The global fire protection system market is anticipated to expand from USD 48.06 Billion in 2015 to USD 98.11 Billion by 2021, registering a compound annual growth (CAGR) of 10.09% over the period of 2015-2021. In recent years, North America led the market in global fire protection system and the market is further estimated to grow at a healthy rate owing to stringent government regulation and high demand from industrial sector in this region.
The European fire protection system market was valued at USD 9.12 Billion in the year 2015 and it will grow at 14.4% annually to reach USD 20.2 Billion by the end of the year 2021. The Europe fire protection system market accounted 28.52% of the global fire protection system market in the year 2015.
In 2015, the Asia-Pacific fire protection system market was valued at USD 8.93 Billion and is growing at 21.4% annually to reach USD 22.78 Billion by 2021.The Asia-Pacific fire protection system market contributes 22.21% of the global fire protection system market and it is projected that it will reach 32.15% by 2021.
On the basis of technology, Global fire protection system market is segment into:
On the basis of product, Global fire protection system market can be divided into:
Based on service, Global fire protection system market can be segregated as:
On the basis of application, Global fire protection system market is segment as follows:
On the basis of region, Global fire protection system market is segment as follows:
Growth Drivers and challenges
Augmentation in expenditure by enterprises for fire protection, stringent government policies and regulations, political pressure to condense the losses from fire and rise in fire threats are the major growth drivers for the global fire protection system market over the forecasted period i.e. 2015-2021. High maintenance cost of fire protection systems and special skills required to manage the fire protection system are some factors which restraints the growth of global fire protection system in the upcoming years.
The key players of the global fortified food market are as follows:
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