Global Fire Protection System Market Size Set to Touch USD 150 million by 2029.
Global fire protection system market is flourishing because of a growing focus on tackling an increasing number of fire incidents and deaths across the globe, fire safety programs, and stringent government regulations pertaining to fire safety.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global fire protection system market size at USD 109.43 million in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global fire protection system market size to grow at a steady CAGR of 4.61% reaching a value of USD 149.72 million by 2029.
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Major growth factors of global fire protection system market include growing usage of fire safety systems by business owners, rise in number of fire accidents and deaths across the globe, rapid growth in the building industry, and rising adoption of wireless technology in fire detection. Several emerging countries adopted fire prevention systems at a lower rate than developed countries. It was mostly due to a lack of public awareness of the product and reduced regulatory pressure. Yet, many systems integrators, manufacturers, and dealers have worked to enhance user knowledge. Fire safety initiatives, as well as the use of targeted marketing to highlight the benefits of a fire protection system, have sparked the interest of both large and small and medium-sized organizations. This has resulted in sustained market growth in the recent years. Both residential and non-residential property construction is projected to provide more opportunities for installing fire alarm and detection systems. Commercial and industrial buildings rely largely on fire protection systems to ensure employee safety. An increasing amount of property damage caused by fire occurrences is driving the market. Furthermore, the market for fire protection systems is influenced by the regulations, standards, and norms imposed by various regulatory agencies. Businesses have been forced to install fire suppression systems due to increased standards. These factors are projected to enhance market growth throughout the forecast period. However, issues of false alarms and detection failures is anticipated to restrain the overall market growth.
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Global Fire Protection System Market – Overview:
Fire protection systems are employed to detect, control, and extinguish a fire or smoke, as well as to warn tenants of a structure or foundation about the same, reducing the risk of damage and property loss. Fire protection frameworks incorporate equipment such as fire identifiers, fire dousers, fire hose reels, fire hydrant frameworks, and programmed sprinkler frameworks. Governments across the world have developed precise laws and guidelines to restrict the possibility and impact of fire and other hazards in the workplace. NFPA 3 standardizes the dispatching of fire assurance and life security frameworks, for example, and NFPA 4 standardizes coordinated fire insurance and life security framework testing. These initiatives help in increasing the acceptance of fire assurance frameworks globally. The global implementation of stringent rules mandating the installation of fire protection systems in residential and non-residential buildings is expected to drive market expansion. Fire protection practices are commonly used in the industrial and commercial sectors to ensure employee safety. An increase in the risk of property loss and public safety issues as a result of fire accidents supports global market growth.
Impact of COVID-19 on Global Fire Protection System Market
COVID-19 adversely affected fire protection system market. The breakout of the COVID-19 pandemic in 2020 had a major influence on the market. A partial lockdown was recorded in various nations as the number of COVID-19 cases increased due to the second wave. As a result, the production of new fire protection systems has been reduced even further. The market was also affected by the disruption of supply chains across countries and regions. However, the government and important market players introduced new safety measures in order to develop the practices. Technology developments increased the sales rate of hardware and software by targeting the correct audience. The rise in residential construction around the world is likely to fuel market development in the post-pandemic situation.
Global Fire Protection System Market – By Type:
By type, global fire protection system market is bifurcated into Active Fire Protection System and Passive Fire Protection System systems. The active fire protection system segment is expected to dominate the market. Active fire protection (AFP) is a mix of various fire protection technologies that sends an alert through the fire alarm systems and alerts anyone stuck within the building to leave. AFP may not always function properly or efficiently, for example, due to frozen or blocked pipes or an intermittent water supply. As a result, in many residential and commercial areas, both active and passive fire protection systems are combined.
Competitive Landscape:
Major players operating in global fire protection system market include: Johnson Controls, Honeywell International Inc., Gentex Corporation, Siemens, Bosch Security Systems GmbH, Halma Plc, Hochiki America Corporation, Viking Group Inc., Victaulic Company, Fike Corporation, and Securiton AG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Fire Protection System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Fire Protection System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global Fire Protection System Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Fire Protection System market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Fire Protection System Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Fire Protection System market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Fire Protection System market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Fire Protection System market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Fire Protection System market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Fire Protection System business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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