A recent report published by Infinium Global Research on the fire protection systems market provides an in-depth analysis of segments and sub-segments in the global as well as regional fire protection systems market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional fire protection systems market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global fire protection systems market. According to the report, the global fire protection systems market was worth more than USD 90 billion in 2020 reaching over USD 130 Billion by 2026, growing with a CAGR of 6.3% over the forecast period of 2020-2026.
Fire Safety is an important part of any modern society, industry, business. In an instant, a fire can start and inflict heavy losses. These losses include both human life and property. The benefits of investing in an efficient fire protection system is realized when it performs as expected. Nowadays having a full-proof fire protection system is the prerequisite. A fire protection system that is correctly built, mounted, controlled, and maintained helps to mitigate the damage caused by an accidental fire in any structure. These systems detect fire and take required measures to avoid damage to occupants and equipment. For example, in a hospital, if a fire breaks out. The installed fire protection system would immediately take measures and assist the staff of the hospital to safety exits. In the long run, a fire protection system saves money. There are different types of fire protection systems. Though a smoke detector and a sprinkler is a most common type of fire protection system and can be easily found anywhere. Fire protection systems are used across different areas such as commercial, residential, government, and others. In sectors such as oil and gas, a fire protection system can be a difference between life and death.
According to a 2020 report by the International Association of Fire and Rescue Services, there were 4-6 million fires in 46 countries and 30.8 thousand civilian fire deaths were reported by fire agencies in these countries in 2018. The numbers reflect the increasing danger posed by fire accidents. This increase in loss of both human life and property due to sudden fire outbreaks is causing huge demand for fire protection systems. A fire protection system can effectively control the fire and mitigate the losses. Strict government regulations such as the Federal Fire Prevention and Control Act of 1974 in the USA and The Regulatory Reform (Fire Safety) Order 2005 in England & Wales are also responsible for increased demand in the market. The growth in the industrial sector across the world has led to increased adoption of fire protection systems. Various sectors such as automotive, oil and gas, energy, construction have a tremendous rise. The rapidly growing population coupled with the increased affordability of houses has boosted the construction sector. Stringent government regulations for fire safety in residential areas have further boosted the demand in the market. The oil and gas sector is also witnessing a tremendous rise and the fire protection system plays a critical role. These things are primarily driving the market. The only restraint the market faces is the high cost of installation of these systems. The cost of maintenance of these systems in the long term is also high. The integration of the fire protection system with emerging technologies such as big data and the internet of things will give it an unprecedented edge in combating fires. The integration of these technologies is expected to increase the efficiency, accuracy, and reliability of fire protection systems. This provides new opportunities to the market.
North America is expected to be the dominant region in the market and is projected to generate the highest revenue. Europe is expected to be the second-largest revenue-generating region in the market. Asia-Pacific is expected to experience significant growth. The North American region has stringent regulations regarding fire safety for both residential and industrial sectors. With the presence of an advanced industrial base and high awareness regarding fire safety. The oil and gas sector is also strong in this region. These are key factors for the dominance of the North American region. Europe also has stringent regulations and high awareness regarding fire safety. Asia-Pacific houses emerging economies such as India, China, Vietnam and advanced countries like Japan and South Korea. China has one of the biggest manufacturing bases in the world and also the industrial base is quite high in Japan and South Korea. Therefore, the adoption of fire protection systems is expected to remain high. Countries such as India are also spending high on infrastructure. These things will be instrumental in the rapid growth of Asia-Pacific in the market.
The report on the global fire protection systems market covers segments such as product, service, and vertical. On the basis of product, the sub-markets include fire detection systems, fire extinguishers, fire suppression systems, and fire response systems. On the basis of service, the sub-markets include installation and design, engineering services, managed services, and others. On the basis of vertical, the sub-markets include healthcare, manufacturing, hospitality, it and telecommunication, transportation and logistics, and others.
The report provides profiles of the companies in the market such as Gentex Corporation, ABB Group, Robert Bosch GmbH, Siemens AG, Honeywell International Inc., United Technologies Corporation, Johnsons Controls International PLC, VFP Fire Systems, Minimax Viking GmbH, and Others.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the fire protection systems market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.