Fire Protection System Market Size, Share & Trend Analysis Report by Product (Fire Detection, Fire Suppression, Fire Response, Fire Analytics, Fire Sprinkler System) , by Service, by Application, by Region and Segment Forecast, 2022-2030
New York, 17 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Fire Protection System Market Size, Share & Trends Analysis Report By Product, By Service, By Application, By Region And Segment Forecasts, 2022 – 2030” – https://www.reportlinker.com/p06126804/?utm_source=GNW
Fire Protection Systems Market Growth and Trends
The global fire protection systems market size is expected to reach USD 130.37 billion by 2030, according to a study. It is expected to grow at a CAGR of 6.7% from 2022 to 2030. Increasing adoption of wireless technology in fire protection systems, human growth and property loss due to fires and stringent regulations in fire safety are expected to fuel the growth of the market.
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 development 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 stringent 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 due to 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
• Fire detection products segment dominated the market in 2021 and the trend is expected to continue during the forecast period
• By service, 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
• Commercial 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
Read the full report: https://www.reportlinker.com/p06126804/?utm_source=GNW
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