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According to a new study from Polaris Market Research, the global fire protection systems market is valued at $ 65.98 billion in 2020 and is expected to reach $ 95.22 billion by 2028 to grow at a CAGR of 6.3 % during the forecast period.
The Global fire protection systems market the size should reach 95.22 billion USD by 2028 according to a new study from Polaris Market Research. The report “Fire Protection Systems Market Share, Size, Trends, Industry Analysis Report, by Product, by Service, by Application (Commercial, Industrial, Residential), by Region;” Segment forecast, 2021-2028 “ Gives a detailed overview of current market dynamics and provides analysis of future market growth.
The major market drivers, such as the increasing penetration of smoke detectors integrated with the Internet of Objects (IoT) and big data, coupled with a growing number of government flame protection policies and standards, are driving demand. In addition, the increasing volume of human and material losses due to the blackout of the flames and the escalation of construction activities in various industries are fueling the growth of the industry.
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Industry participants such as Eaton, Carrier Global, Fike Corporation, GENTEX CORPORATION, Fire Suppression Ltd, Halma plc, HOCHIKI Corporation, Hitachi, Ltd., Honeywell International Inc., Johnson Controls, Iteris, Inc., Minimax Viking GmbH, Napco Security Technologies, Inc., MSA, Robert Bosch GmbH, Raytheon Technologies Corporation, Securiton AG, Schrack Seconet AG and Siemens are some of the major players operating in the global market.
Several industry players are upgrading and advancing their products to survive in the fierce competition of the market and offer modernized features which help in the growth of the market. For example, in April 2021, Siemens Smart Infrastructure presented the new and improved version of the company’s Cerberus FIT flame protection system for the small and medium-sized building industry. It is a simple and user-friendly solution that maximizes flame safety, offers better productivity and features superior functionality.
In addition, the launch of several solutions in the flame protection solution is also attributable to the growth of the industry. For example, in November 2020, Johnson Controls showcased the company’s intelligent fire sprinkler monitoring solution, which features 24/7 monitoring facility using the cloud, reduces damage to buildings, manages downtime. ‘operational shutdowns and prevents system failures.
App-based, the business applications segment held the largest share of revenue in global industry in 2020 due to the growing number of government standards to control and prevent fire-related disasters. Whereas, the industrial applications segment is expected to grow at a significant rate during the forecast period due to the increasing need to protect automated systems from flame accidents.
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Implementing flame protection solutions improves worker safety and reduces the risk of property damage. For example, in Europe, a minimum of 5,000 fire incidents occur every day; therefore, protection against flames in buildings is an important measure throughout the region.
The Polaris market research study segmented the Fire Protection Systems market report on the basis of product, service, application, and region:
Fire Protection System, Product Outlook (Revenue – USD Billion, 2016 – 2028)
- Fire detection
- Fire suppression
- Fire intervention
- Fire analysis
- Fire sprinkler system
Fire Protection System, Service Outlook (Revenue – USD Billion, 2016 – 2028)
- Managed service
- Installation and design service
- Maintenance service
- Other services
Fire Protection System Application Outlook (Revenue – USD Billion, 2016 – 2028)
Fire Protection System, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
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