Market Highlights
The global fire protection system market is forecasted to perceive the valuation of USD 95 billion by 2023 registering a CAGR of 8% during the forecast period (2017 – 2023). Technological advancements in the field of automation including smart and connected devices and the growing penetration of Internet of Things (IoT) are fostering the market growth.
Fire is an eminent danger, which enquires implementation of effective safety measures. Governments all over the world are introducing stern fire safety policies. Specific safety codes and standards have been introduced to effectively tackle fire emergencies. This has led to an increased installation of fire protection system. The system is a combination of equipment, which include fire extinguishers, fire hydrant systems, fire detectors, automatic sprinkler systems and fire hose reels. Due the system’s high efficacy, it is witnessing a fast uptake in various types of infrastructures such residential apartments, offices, stadiums, railway stations, airports etc.
Segmentation:
The segmental analysis of the fire protection system market share has been conducted on the basis of product, service, type, vertical and region.
On the basis of product, the market has been segmented into fire suppression, fire detection, fire analysis, fire response and fire sprinkler. The fire suppression segment currently accounts for the largest share of the market and this trend is expected to continue throughout the assessment period.
On the basis of service, key market segments include installation & design, managed, engineering and maintenance. The installation & design segment is expected to remain highly attractive during the assessment period. The segment is currently valued at more than USD 23,100 Mn.
On the basis of type, the market has been segmented into passive fire protection systems and active fire protection system. The active fire protection system segment represents the lion’s share of the market in terms of revenue. In addition, the segment is expected to exhibit the highest CAGR during the assessment period.
On the basis of vertical, the market has been segmented into residential, manufacturing, oil & gas, commercial, government, transportation & logistics, energy & power and others. the commercial segment currently commands the largest market share in terms of value. The segment is expected retain its dominant position throughout the assessment period. Meanwhile, the residential segment is likely to maintain its second spot over 2025.
Global Fire Protection System Market: Regional Analysis
Among the regions featured in the global analysis of the fire protection systems market, the North American region has captured the largest share of the market and is followed by the European and Asia Pacific markets. North America is largely made up of developed economies where there is a growing trend for automation and smart system in buildings, thus driving the demand for intelligent fire protection systems. Moreover, there is a strong presence of leading manufacturers in the region.
Global Fire Protection System Market: Competition Analysis
Honeywell International Inc. (US), Tyco International PLC (Ireland), United Technologies Corporation (US), Hochiki Corporation (Japan), Minimax Viking GmbH (Germany), Siemens AG (Germany), Gentex Corporation (US), Johnson Controls International PLC (US), Halma PLC (UK) and Robert Bosch GmbH (Germany) are among the leading companies operating the global market for fire protection system.