DUBLIN, February 25, 2022–(BUSINESS WIRE)–The “Fire Protection Systems Market Size, Share and Trend Analysis Report by Product (Fire Detection, Fire Suppression, Fire Response, Fire Analysis, Fire Sprinkler System ), by Service, by Application, by Region and Segment Forecast, 2022-2030″ report has been added to from ResearchAndMarkets.com offer.
The global fire protection systems market size is expected to reach USD 130.37 billion by 2030. It is expected to grow at a CAGR of 6.7% from 2022 to 2030.
Honeywell International, Inc.
Raytheon Technologies Corporation
Robert Bosch GmbH
Growing adoption of wireless technology in fire protection systems, increasing human and material losses due to fires, and stringent fire safety regulations are expected to fuel the market growth.
Growing implementation of building safety codes and renovation projects are also expected to be a major factor influencing market growth. The application and use of fire protection systems is expected to continuously increase with the developments of business entities and corporations. In addition, technological improvements such as fog-based suppression technology and products such as laser optical/infrared smoke detectors, alarms with integrated evacuation voice announcements, hypoxic air and wireless fire alarm systems are expected to gain traction in the global market. Additionally, in 2020, the market will be hampered by the COVID-19 crisis, which has halted production, impacted demand, and caused supply chain disruption.
The growing trend of integrating fire detection and alarm systems with building automation systems offers vast growth opportunities to the market. Connectivity with building automation systems is increasingly becoming a major feature of fire protection systems in commercial, industrial and residential applications. This can be attributed to the fact that such integration enables the development of systems capable of sharing and collecting data, which can help alert individuals to fire safety issues within the premises. A notable increase in investment in intelligent building automation technologies in several regions is expected to open up new opportunities for building automation systems in the industrial and commercial sectors.
Consumers in developed regions such as Europe and North America have seen a steady increase in demand over the past few years, and the growth trend is also expected to continue over the next few years. However, the lack of strict regulations and the high cost of advanced fire protection systems have kept emerging country markets largely untapped. Nonetheless, improving economic conditions in countries including Brazil and India are expected to boost the demand for fire protection systems during the forecast period.
Infrastructure development activities in the Asia-Pacific region, owing to the growing demand for new transport and utility infrastructure, will drive demand. The high rate of urbanization puts increased pressure on weak and underinvested urban infrastructure. The consequent increase in focus on new residential and infrastructure development projects is expected to propel the demand for fire protection systems in this region; thus, these factors are fueling the growth of the market.
Highlights of the Fire Protection Systems Market Report
The fire detection product segment dominated the market in 2021 and the trend is expected to continue during the forecast period
By service, the maintenance services segment is expected to be the fastest growing segment during the forecast period. Demand for these services is often driven by new building construction activities, modernization activities and demand for system upgrades
The business application segment dominated the market in 2021 and the trend is expected to continue during the forecast period. Rising business investment in reducing loss of property and life and protecting infrastructure in several applications is expected to further drive the demand for fire protection systems in the commercial sector
North America held the largest revenue share of over 35.0% in 2021. Rising demand for smart buildings and smart homes, which provide optimal safety and security, is expected to drive the regional market
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive Summary
Chapter 3. Fire Protection System Market Variables, Trends and Scope
3.1. Mapping penetration and growth prospects
3.2. Global Fire Protection Systems Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Analysis of market constraints
3.3. Industry Value Chain Analysis
3.4. Mapping penetration and growth prospects
3.5. 2021 Fire Protection Systems Market Key Company Ranking Analysis
3.6. Market analysis tools
3.6.1. Fire Protection Systems Industry Analysis – Porter’s
3.6.2. Fire Protection Systems Industry Analysis – PEST Analysis
3.7. Impact of COVID-19 on the Fire Protection System market
Chapter 4. Fire Protection Systems Market: Product Outlook
Chapter 5. Fire Protection Systems Market: Service Outlook
Chapter 6. Fire Protection Systems Market: Application Outlook
Chapter 7. Fire Protection Systems Market: Regional Outlook
Chapter 8. Competitive Landscape
For more information on this report, visit https://www.researchandmarkets.com/r/ygyoee
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220225005220/en/
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