Fire Protection System Market Value to Cross US$ 127.3 Bn by 2030
The global fire protection system market is expected to grow at a CAGR of 7.1% from 2022 to 2030 to reach US$ 127.3 billion by 2030 from US$ 68.3 billion in 2021.
The fire protection system market is anticipated to garner notable gains, registering a CAGR of 7.1% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The fire protection system market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next ten years. The market is expected to grow to US$ 127.3 billion by 2030 from US$ 68.3 billion in 2021. The report contains 150+ pages of detailed analysis.
Fire protection systems are the most essential safety systems that need to be installed in the buildings. It is used to detect, control and protect the occupants of the building during a fire accident. It helps in extinguishing the smoke or fire in the building and also reduces the impact of the fire accident. Fire protection systems comprises of equipment’s such as fire response systems, fire detectors, fire analysis software, fire suppression systems, and fire sprinkler systems.
Crucial factors accountable for market growth are:
- The presence of fire protection systems in the building reduces the impact of fire accidents.
- Strict Government regulation for installation of fire protection systems fosters the market growth.
- Rapid technological development enables the integration of smart technologies with the fire protection systems.
- The rapid growth of the construction industry in the developing countries.
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Fire Protection System Market Scope
|Market Size||USD 127.3 Billion by 2030|
|Growth Rate||CAGR of 7.1% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
Fire Protection System Market Regional Snapshots
Europe is estimated to witness significant growth during the forecast period owing to the increased awareness regarding the fire safety systems and the presence of Governing agencies such as The Confederation of Fire Protection Associations Europe (CFPA-Europe) that strictly regulates the building safety features. For instance, Robert Bosch GmbH, a German multinational engineering and technology company announced the launch of Avenar panel 2000 and 8000 which is a new innovative fire alarm panel platform offering unparalleled connectivity and scalability from small to large-sized installations. The users of the control safety devices such as door controls, voice alarms and others can now be controlled using this panels display via eMatrix feature. This development in Europe is anticipated to drive the growth of the fire protection system market in Europe.
Fire Protection System Market Report Highlights
- Asia Pacific region is expected to grow at highest CAGR during the forecast period owing to the presence of flourishing economies with rapid urbanization.
- The stringent rules and regulation regarding the safety of the public will boost the market growth.
- The commercial application segment leads the market accounting for more than 48.5% revenue share in 2020 and is estimated to grow significantly in the upcoming years
- By Geography, North America dominates the market contributing a revenue share of more than 38% in 2020 owing to the surge in demand for smart houses and intelligent buildings.
Also Read: Anime Market Size to Touch US$ 48.3 Billion By 2030
Fire Protection System Market Dynamics
Driver – The installation of the fire protection systems in the buildings help in controlling and reducing the impact of fire accidents and this factor is anticipated to drive the growth of the fire protection system market. For instance, Honeywell International Inc, has developed Xtralis VESDA-E VEP aspirating smoke detector system that yields 1.5 times greater sensitivity and offers six times better dust rejection than the previous generation of products, significantly reducing the potential for nuisance alarms and reducing related customer costs. It can also be connected with Wi-fi that enables the remote monitoring of the real time status. This development is expected to drive the growth of the fire protection system market.
Restraint – The major restraining factor that will negatively impact the growth of the Fire Protection System Market includes the high cost involved in the installation and maintenance of the fire protection systems.
Opportunity – With the advancement of technologies, the fire protection systems can now be coupled with smart technologies such as IoT and big data. This integration of technologies with fire protection systems will enable the remote monitoring of the building and this development will find huge opportunities for market growth.
Challenges – The integration of fire protection system with the central control mechanism that will efficiently work in case of any emergencies is one of the major challenges encountered by the fire protection system market.
Fire Protection System Market Recent Developments
- On 30th September 2021, Johnson Controls, the global leader for smart, healthy and sustainable building announced that its industrial heat pump technology has supported Entra ASA, a Norwegian real estate company in securing top honors in the prestigious Heat Pump Award 2021.
- On 11th October 2021, Siemens Corporation announced its latest development Siemens FDA241 a smoke detector that utilizes two sensing wavelengths to differentiate between smoke and deceptive phenomena, facilitating increased detection reliability even in challenging environments.
- On 19th April 2021, Siemens Corporation announced about the launch of Cerberus FIT, a new version of the fire protection system focusing on the expansion of the small to medium-sized buildings market. Cerberus FIT increase the fire safety by improving functionality and enhanced productivity.
- On 9th August 2021, Halma, the global group of life-saving companies, has announced that it has acquired Three companies that will strengthen its purpose of growing a safer, cleaner, healthier future for everyone, every day. This acquisition forms a part its strategy of actively managing its portfolio of global businesses.
Fire Protection System Market Key Companies Profiled
The global fire protection system market is characterized by the presence of various small and big players. The major market players are Johnson Controls; Honeywell International Inc.; Raytheon Technologies Corporation; GENTEX Corp.; Siemens; Robert Bosch GmbH; Halma plc and Eaton. As the market is competitive in nature, the players are indulged in the rapid adoption of advanced technologies to improve safety measures and in raising their competitive share by means of strategic initiatives like mergers, new products, and acquisitions.
Fire Protection System Market Segments
- Fire Detection
- Fire Suppression
- Fire Response
- Fire Analysis
- Fire Sprinkler System
- Managed Service
- Installation and Design Service
- Maintenance Service
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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