Fire Protection System Market Trend, Application, Growth Rate, and Future Forecast till 2023
- ehteshampeerzade
- Nov 12, 2020
- 2 min read
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.
The increasing demand for fire protection systems due to the rapid rise in construction activity across the globe. The expansion of urban areas has resulted in large populations of people living and working in fairly close quarters. Due to this, there are a number of fire hazards that jeopardize the safety of residents and employees inside various buildings in the event of a fire. Expansion of urban areas, as well as industrialization, particularly in emerging economies, has resulted in the demand for fire protection systems.
Although there are laws surrounding deployment of fire protection systems across the globe, an increasing number of fire-related issues are expected to drive the global market. Manufacturers and government support for the development of intelligent systems will likely offer the market with plenty of room for growth.
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Major Key players
United Technologies Corporation (U.S.)
Gentex Corporation (U.S.)
Siemens AG (Germany)
Johnson Controls International Plc. (U.S.)
Robert Bosch GmbH (Germany)
Halma PLC (UK)
Tyco International PLC (Ireland)
Minimax Viking GmbH (Germany)
Hochiki Corporation (Japan)
Honeywell International Inc. (U.S.)
Regional Analysis:
Among the regions featured in the global analysis of the fire protection systems market size, 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.
Segmentation:
The MRFR analysis is segmented into five key dynamics for the convenience of understanding;
By Type: Active Fire Protection Systems and Passive Fire Protection Systems.
By Product: Fire Detection (RFID Systems, Sensors & Detectors, and others.), Fire Suppression (Fire Extinguishers, Foam Extinguisher, and others.), Fire Sprinklers (Wet-Pipe Fire Sprinklers, Dry-Pipe Fire Sprinklers, and others.), Fire Analysis (Fire Mapping & Analysis Software, Fire Modelling & Simulation Software and others.), Fire Response (Response Communication Systems, Emergency Lighting Systems, and others.)
By Services: Engineering Services, Managed Services, Maintenance Services, Installation & Design, and others.
By Verticals: Commercial, Residential, Energy & Power, Manufacturing, Transportation & Logistics, Oil & Gas, and Government among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
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