Chicago, Aug. 04, 2022 (GLOBE NEWSWIRE) — The Fire Protection Systems Market size was valued at USD 62.1 Billion in 2021 and is projected to reach USD 84.6 Billion by 2026; it is expected to grow at a CAGR of 6.4% from 2021 to 2026, according to a new report from MarketsandMarkets™. Strict fire safety and urbanization regulations fueling the construction industry are major driving factors promoting the growth of the market. Smart city initiatives in developing countries offer lucrative growth opportunities for the fire protection systems market. The smart city model includes advanced technology platforms that ensure safety and security in different aspects. For example, smart building platforms can use artificial intelligence algorithms to analyze building systems, track fire inspections, and gather pre-incident data.
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Major players involved in the global fire protection systems market include
- Johnson Controls (Ireland),
- Carrier Global Corporation (USA),
- Honeywell International (USA),
- Siemens (Germany),
- Halma (UK),
- Robert Bosch (Germany),
- Hochiki (Japan),
- Gentex (USA),
- Minimax Viking (Germany), and
- Security (Switzerland).
“The fire suppression segment will hold the largest fire protection system market size from 2021 to 2026.”
A fire suppression system starts working once it receives fire alerts from different sensors and detectors. By product, the fire suppression market has been segmented into sprinklers, nozzles, caps and control heads; fire extinguishers; and fire detectors and control panels. Fire extinguishers are used to prevent the spread of fire and extinguish it. Fire extinguishers spray water, foam, carbon dioxide (CO2) and other fire resistant materials to control the fire. The growth of this market is propelled by technological advancements and innovations in the construction industry; increasing number of government policies, regulations and mandates; and increased damage to life and property from fires.
“Maintenance service is expected to grow at the highest CAGR over the forecast period”
Maintenance services include timely maintenance and verification of fire protection systems to ensure fire protection systems meet all required fire safety standards and function properly in the event of an emergency . Maintenance services include the inspection, testing, servicing and repair of components, as well as the monitoring of fire protection systems and their components. Services include equipment supply, system testing and commissioning, and regular preventive maintenance.
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“Oil, Gas and Mining Fire Protection Systems Market is Expected to Grow at the Highest CAGR Between 2021 and 2026”
The oil, gas and mining sector is highly prone to fires due to the involvement of highly flammable materials, such as petroleum, gasoline and other combustible substances. Highly effective fire detection and prevention systems are needed in this sector to prevent accidents. Clean agent fire suppression systems, dry chemical fire suppression systems, and water and foam sprinklers are primarily used in the mining industry. Gas-based suppression systems (CO2, FM200, Novec and Inert) and sprinkler systems are used in the oil and gas industry. Fire suppression system suppliers invest in developing new fire suppression systems and upgrading existing systems to protect personnel and the environment, and protect expensive machinery.
“The APAC fire protection market is expected to grow at a significant rate during the forecast period”
APAC is a developing region and countries like China, Japan, and South Korea are driving the overall growth of the fire protection system market in this region. China is among the top 3 rapidly developing countries in the world in the fire protection system market. Many companies are based in China, including multinational and local companies that offer a full range of products and services. The Chinese government should come up with strict laws and regulations that would make it mandatory to install fire protection systems in buildings. This in turn should boost the growth of the country. The Japanese government is focusing on raising public awareness of fire safety. Many initiatives related to fire safety have been undertaken in the country, for example, the deployment of significant human resources in firefighting and public awareness initiatives. The South Korean government is leading the promotion of the adoption of fire protection systems to other APAC governments. Consumers in this country are aware of the need for fire safety systems and their installation.
Industrial Security Market by Component (Presence Sensing Security Sensors, Security Controllers, Programmable Security Systems), Industry (Power & Electrical, Automotive, Oil & Gas), and Region (2022-2027)