“Fire protection system market to exhibit significant growth during 2020–2025.”
The global fire protection system market size is estimated to reach USD 95.4 billion by 2025 from USD 67.7 billion in 2020, growing at a CAGR of 7.1%. The growth of this market is attributed to the growth in the construction industry, increasing human and property loss due to fire breakouts, stringent regulations, and rising adoption of wireless technology in fire detection. However, factors such as high initial costs, concerns related to false alarms and detection failure, and high cost of upgrading traditional fire detectors to smart detectors are restraining the market growth.
“Fire analysis segment to grow at highest CAGR during the forecast period in the fire protection system market. “
A fire protection system can work effectively if a proper analysis of events is done. Fire analysis is an essential part of fire protection, which facilitates informed decisions that lead to maximum efficiency. Fire analysis uses fire mapping and analysis software, and fire modeling and simulation software. The growth of this market can be attributed to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention.
“Maintenance services to grow at the highest CAGR in the fire protection system market during the forecast period. “
Maintenance services include timely servicing and auditing of fire protection systems to ensure that fire protection systems meet all required fire safety standards and function appropriately during an emergency. Maintenance services include inspection, testing, servicing, and repair of components, and monitoring of fire protection systems and their components. The services comprise equipment supply, system testing and commissioning, and regular preventative maintenance.
“North America to be the largest market for fire protection system during the forecast period.”
North America is expected to lead the global fire protection system industry from 2020 to 2025. The US and Canada dominate the North American fire protection system market. These countries have witnessed significant infrastructural developments owing to the high population growth rate, due to which the demand for fire protection systems is also increasing. Increased awareness about fire safety systems and fire safety regulations laid by governments is among the significant factors that drive the market in North America.
Profile break-up of primary participants for the report is given below:
- By Company Type – Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 25%
- By Designation – C-Level = 48%, Director Level = 33%, and Manager Level = 19%
- By Region – North America = 35%, Europe = 18%, APAC = 40%, and RoW = 7%
Key players in the market include Johnson Controls (Ireland), United Technologies (US), Honeywell (US), Siemens (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Gentex (US), Minimax Viking (Germany), and Securiton (Switzerland).
The global fire protection system market is segmented into product, service, vertical, and geography. The market based on product is segmented into fire suppression, fire response, fire sprinkler system, and fire detection. Based on service, the fire protection system industry has been split into maintenance services, managed services, engineering services, installation and design services, and other services (tenancy and refurbishment upgrade services). Verticals that are included in the study of the fire protection system include commercial, oil, gas, and mining, manufacturing, transportation & logistics, energy & power, residential, government, others (telecom and it, public utilities, and media and entertainment). The fire protection system market is segmented into four regions?North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast for markets based on product, service, vertical, and region have been conducted to give an overall view of the fire protection system market.
- The value chain analysis has been performed to provide an in-depth insight into the fire protection system.
- Major drivers, restraints, opportunities, and challenges pertaining to the fire protection system market have been detailed in this report.
- The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.