Fire Protection System Market Segmentation by Product (Fire Detection, Fire Suspension, Fire Analysis, Fire Response, and Others); by Technology (Active Fire Safety Systems and Passive Fire Safety Systems); by Application (Commercial, Industrial, and Residential) – Global Demand Analysis & Opportunity Outlook 2029
Buy Now Report ID: 50 | Published Date: Feb 14, 2023
Our in-depth analysis of the fire protection system market includes the following segments:
By Product
By Technology
By Application
Growth Drivers
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Rushikesh, Richa Gupta
Ans: The major factor driving market growth is rising governmental concerns to prevent fire hazards.
Ans: The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021-2029.
Ans: High installation and maintenance cost of fire protection systems is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for growth in the future on the back of rapid growth of construction sector.
Ans: The major players in the market are Honeywell International Inc., Johnson Controls, Inc., Gentex Corporation, Robert Bosch GmbH and others.
Ans: 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.
Ans: The market is segmented by product, technology, application and by region.
Ans: 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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