Fire Protection System Market Highlights 2020 – 2029
The fire protection system market is estimated to garner a significant revenue by growing at a noteworthy CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the intensifying progress in the construction sector and the rise in concerns associated with the damage caused by fire hazards. According to the U.S. Fire Administration, the total number of deaths due to fire in U.S.A increased by 24.1% during 2010 – 2019. Furthermore, growing adoption of wireless communication technologies for fire detection in several end-user industries is also projected to fuel the growth of the market. Apart from these, countries with low investment in infrastructural development are also anticipated to offer ample opportunities for market growth owing to the increasing number of incidences associated with neglect of fire safety measures. For instance, as per the data provided by Our World in Data organization, in 2017, countries in the African continent such as Namibia, Zimbabwe and Sudan have the highest death rates due to fire, heat and burns.
The market is segmented by product into fire detection, fire suspension, fire analysis, fire response, and others, out of which, the segment for fire analysis systems is anticipated to grow at the highest growth rate during the forecast period on account of the mapping and modelling technology used in these machines and the rising demand for sophisticated fire analysis with appropriate risk prevention. However, the fire detection segment is estimated to acquire the largest market share in 2021 on the back of extensive usage of these systems in both industrial and residential settings. On the basis of application, the commercial section is expected to garner significant share in the market owing to the increasing need of fire protection systems in facilities such as government offices, hospitals and educational institutes.
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Global Fire Protection System Market Regional Synopsis
Geographically, the fire protection system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific region is estimated to witness significant growth over the forecast period credited to the rising number of construction activities and the robust growth of urbanization in the region. Moreover, growing government expenditure for expanding manufacturing factories in countries such as China and India is also assessed to drive the growth of the market. As per our analysis, the industrial output in China rose up to more than 35% in 2021, growing up from approximately 8% since the end of 2020.
As of 2021, North America generates the highest revenue in the market accounting to the strong presence of major market players and growing demand for smart buildings by population. Ongoing technological advancements to develop efficient Bluetooth technologies for fire protection also play a key role in the progress of the market in this region.
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The fire protection system market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the fire protection system market includes the following segments:
By Product
- Fire Detection
- Fire Suspension
- Fire Analysis
- Fire Response
- Others
By Technology
- Active Fire Safety Systems
- Passive Fire Safety Systems
By Application
- Commercial
- Industrial
- Residential
Growth Drivers
- Rising Governmental Concerns to Prevent Fire Hazards
- Growing Number of Construction Activities
Challenges
- High Cost of Installation and Maintenance of Fire Protection Systems
Top Featured Companies Dominating the Market
- Honeywell International Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Johnson Controls, Inc.
- Siemens Aktiengesellschaft
- Gentex Corporation
- Raytheon Technologies Corporation
- Robert Bosch GmbH
- HOCHIKI Corporation
- Securiton AG
- Encore Fire Protection
- Halma plc
