The global Fire Protection System market size is expected to be worth around US$ 214.9 billion by 2030, according to a new report by Vision Research Reports.
The global Fire Protection System market size was valued at US$ 77.76 billion in 2020 and is anticipated to grow at a CAGR of 10.8% during forecast period 2021 to 2030.
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Fire Protection System Market (By Product: Fire Detection, Fire Suppression, Fire Response, Fire Analysis, Fire Sprinkler System; By Service: Managed Service, Installation and Design Service, Maintenance Service, Others; By Application: Commercial, Industrial, Residential) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Increasing adoption of wireless technology in the fire protection system, growing human and property loss owing to fire breakouts, and stringent fire safety regulations are projected to fuel the market. Increasing implementation of building safety codes and renovation projects is also anticipated to be a major factor influencing the market growth. The application and usage of fire protection systems are anticipated to increase continuously with the developments of commercial entities and corporations.
Furthermore, technology enhancements, such as extinguishing technology based on mist and products, such as laser optical/infrared smoke detectors, alarms with embedded voice evacuation announcements, hypoxic air fire suppression systems, and wireless fire alarm systems, are expected to gain traction in the market globally. Moreover, in 2020, the market was adversely affected due to the COVID-19 crisis, which has interrupted production, impacted demand, and caused supply chain disruption. The growing trend of integrating fire alarm and detection systems with building automation systems offers vast growth opportunities to the market.
The fire detection product segment accounted for more than 67% share of the global revenue in 2020. A fire detection system comprises various devices working collectively, which help detect and warn people through video and audio equipment during an incident involving smoke, carbon monoxide, fire, or other emergencies. Regulatory requirements by various organizations, such as the National Fire Protection Association by the United States and the Building Code Australia, have mandated the installation of fire detection systems, hence boosting the demand for these systems.
The fire analysis segment is expected to register the highest CAGR from 2021 to 2030. The segment growth can be attributed to the increasing need for fire analysis, which helps make proper decisions during fire prevention.
The installation and design service segment accounted for more than 43% share of the global revenue in 2020. Installation and design services refer to the practice of outsourcing the solution for design, development, upgrades documentation and installing processes of the fire protection system. Fire protection systems are being installed across buildings of all sizes as inhabitants increasingly understand the benefits they offer in small, mid-size, and large buildings. Furthermore, installation and design services are increasingly preferred due to the subject-matter expertise offered by vendors. This is driving the demand for installation and design services in the market.
The maintenance services segment is expected to register the highest CAGR from 2021 to 2030. Fire protection systems play a vital role in detecting and alerting people in the event of smoke or fire; however, any fault in the system may lead to accidents and asset losses.
The commercial application segment dominated the market and accounted for more than 48% share of the global revenue in 2020. The commercial application segment comprises applications for retail, BFSI, government, healthcare, and telecom & IT educational institutions. The product demand in commercial applications is increasing due to the formulation of stringent government rules for fire prevention and control across the globe.
Based on application, the fire protection system market is segmented into commercial, industrial, and residential. The industrial application segment is expected to register the highest CAGR of over 10.5% from 2021 to 2030. The industrial application covers major sectors, such as oil & gas, mining, energy & power, and manufacturing. The need to safeguard automated systems from fire accidents is expected to fuel the growth of the segment.
North America dominated the market with a revenue share of over 37% in 2020. This can be attributed to the high demand for intelligent houses and smart buildings, which deliver optimum safety. Furthermore, North America has a strong presence of key market players, such as Raytheon Technologies Corporation, GENTEX Corp., and Honeywell International, Inc. These companies are actively involved in spreading product awareness via marketing programs.
|Market Size||US$ 214.9 billion by 2030|
|Growth Rate||CAGR of 10.8% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Service,Application, Region|
|Companies Mentioned||GENTEX Corp., Siemens, Robert Bosch GmbH, Halma plc, Eaton|
- GENTEX Corp.
- Robert Bosch GmbH
- Halma plc
- Product Outlook
- Fire Detection
- Fire Suppression
- Fire Response
- Fire Analysis
- Fire Sprinkler System
- Service Outlook
- Managed Service
- Installation and Design Service
- Maintenance Service
- Application Outlook
- Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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