Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
The fire protection system market is further classified on the basis of region as follows:
Our in-depth analysis of the fire protection system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factor driving market growth is rising governmental concerns to prevent fire hazards.
The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021-2029.
High installation and maintenance cost of fire protection systems is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for growth in the future on the back of rapid growth of construction sector.
The major players in the market are Honeywell International Inc., Johnson Controls, Inc., Gentex Corporation, Robert Bosch GmbH and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, technology, application and by region.
The commercial segment is anticipated to hold largest market size and is estimated grow at a remarkable CAGR over the forecast period and display significant growth opportunities.
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