Commercial end-user has the largest market share in the North America fire protection system market. This is due to increasing constructions of commercial buildings such as shopping malls, multiplexes, supermarkets, hypermarkets, office buildings, real estates, and others. The commercial fire protection system market is mostly driven by the need to upgrade the existing building infrastructure in order to keep up with the competition to attract and keep tenants. Demand for green offices and eco-friendly buildings are increasing which in turn drive the market of fire protection systems. The fire protection systems market in North America for the commercial end-use sector is growing at CAGR of 10.8% and is expected to reach US$ 9.34 Bn in 2025 from 4.15 Bn in 2017.
One of the future trends that are prevailing in the market is the implementation of destination-based elevators, which are majorly used in the commercial buildings such as offices, malls, and others. Such type of elevators is helpful in avoiding the huddling over the elevator doors in the peak hours. Furthermore, implementation of IoT in the elevator system will help the product for collecting and analyzing the data of elevator with the operators and manufacturers and respond quickly in case of any problem in the elevator. These trends are further going to boost the demand for Fire Protection System market in the coming years.
In our study, we have segmented the fire protection system market by type, product, and end-user industry. The type segment of fire protection system market includes active fire protection systems and passive fire protection systems. Furthermore, the product segment has been divided into fire detection systems, fire alarm systems, fire suppression systems and others. The end-user of fire protection system includes transportation, mining, oil & gas, power & energy, manufacturing, residential, government, commercial, and others. On the basis of geography, the Fire Protection System market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). The global Fire Protection System market is estimated to grow at a CAGR of 10.5% during the forecast period 2018 – 2025 and accounts for US$ 116.51 Bn by the year 2025. The growth of the market for fire protection system is highly influenced by the increasing urbanization and the need for robust and safety systems inside these buildings to minimize property and human losses.
Geographically, North America accounted for the maximum market share in 2017 in the fire protection system market, owing to a high increase in the renovations in the region. The government of North America, Canada and Mexico are taking various initiatives in the reconstruction of the older buildings for high rise buildings due to safety factors and also to increase foreign tourism and companies in the countries. Reconstructions are also being taken due to government initiatives for a safer and green infrastructure and saving new construction costs. These factors are anticipated to further propel the demand for fire protection system in the North American region. Key players in the market are taking measures to gain maximum benefit from on the opportunities in emerging markets. Some of the major players in the fire protection market include Honeywell International, Inc., Johnson Controls, Inc., Robert Bosch GmBH, Siemens AG, United Technologies, Hochiki Corporation, Minimax Viking GmbH, Gentex Corporation, VFP Fire Systems, Inc., Halma PLC.