Global fire protection system market to capture a CAGR of 9.43% during the forecast period (2019-2025) forecast Market Research Future (MRFR). The market is expected to surpass a valuation of USD 97,594.4 MN by 2025 up from USD 53,546.2 Mn in 2018. Fire protection system is becoming increasingly popular in modern building both commercial and residential. Technological advances have led to development of cutting-edge fire protection systems that are capable of detecting, controlling and extinguishing fire.
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.
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The segmental analysis of the market 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
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC) and the Rest of the World (RoW). Of these, North America has emerged as the most attractive market for fire protection. Further, the region is expected to maintain its dominance throughout the assessment period. Market growth in North America is driven the faster uptake of advanced fire protection systems along with a higher level of awareness among consumers. Moreover, presence of stricter fire safety policies is viewed as important market driver in North America. The North America fire protection system market stood at a valuation of USD 18,775.1 Mn in 2018 and is projected to post a CAGR of 12.10% during the assessment period.
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.
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