Fire Protection Systems Market worth $70 Bn by 2027
Fire Protection Systems Market size is set to be over USD 70 billion by 2027, according to a new research report by Global Market Insights, Inc.
SELBYVILLE, Del. - February 24, 2021 - (Newswire.com)
Global Market Insights, Inc. has recently added a new report on the fire protection systems market, which estimates the market valuation for fire protection systems will cross US $70 billion by 2027. The growing demand for wireless fire protection systems, owing to connected fire alarm systems that send alerts in real-time to smartphones and smartwatches, thereby reducing the damage to property, is driving the market growth. The rise in the development of smart buildings and homes is also propelling market growth as governments are implementing guidelines and regulations for installing fire protection systems.
The fast spread of the coronavirus across the globe has affected the market negatively with a reduction in sales. Governments across the globe have restricted trade and implemented lockdowns to reduce the effect of the virus, resulting in the gradual decline in market revenues. Several market players had to briefly suspend the production of fire protection systems and components during the initial quarters of 2020.
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The rise in population, increasing demand for home & building, and rising government support to enhance awareness by implementing regulations and guidelines are expected to boost the fire protection systems market. The residential segment is expected to witness growth over the forecast timeline. The rise in residential fire accidents, property damage, and loss of life is increasing the demand for fire protection systems.
The fire protection systems in the Asia Pacific are expected to grow with a high CAGR during 2021 to 2027, owing to growing industrialization and urbanization in the region. Countries, such as Japan, China, and India, are implementing several building codes and guidelines for the fire safety of the structures, which is positively impacting the market.
The fire protection systems market players are emphasizing on strategic acquisitions, product launches, and partnerships to fortify their position. For instance, in June 2018, Johnson Controls launched a fire protection system in the Middle East, Autocall. This system was introduced for its application in small as well as large projects in industries including chemical and oil & gas.
Some major findings in the fire protection systems market report include:
- Growing government regulations and standards to improve the safety of individuals and industrial, residential and commercial property during fire outbreak are increasing the installation of the fire protection systems across the sectors.
- Integration of AI and IoT into wireless fire detection systems to enhance the overall capability of the systems remotely is driving the market. IoT allows the connected fire alarm systems to send signals and alerts in real-time to smart devices, such as mobile phones and smartwatches, preventing fire injury and accidents, thereby increasing market growth.
- Increasing number of fire accidents due to lack of fire protection systems at heritage sites is propelling the demand for these fire protection systems. For instance, in 2019, National Cultural Heritage Administration (NCHA) reported around six fire accidents at heritage buildings and sites. To overcome similar issues, the Chinese government has started deploying fire protection systems as prevention measures which is positively impacting the industry growth.
- Some of the major players operating in the fire protection systems industry are Johnson Controls International PLC, Fire Suppression Limited, Napco Security Technologies, Schrack Seconet AG, Honeywell International Inc., Siemens AG, Robert Bosch GmbH, Halma PLC, Hochiki Corporation, Schneider Electric, and Viking Group Inc.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Fire protection systems industry 360° synopsis, 2016 - 2027
2.2. Business trends
2.3. Regional trends
2.4. Component trends
2.5. Type trends
2.6. End use trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 on fire protection systems industry landscape
3.2.1. Global outlook
3.2.2. Regional impact
126.96.36.199. North America
188.8.131.52. Asia Pacific
184.108.40.206. Latin America
3.2.3. Industry value chain
220.127.116.11. Research & development
3.2.4. Competitive landscape
18.104.22.168. Distribution network
22.214.171.124. Business growth
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Technology providers
3.3.4. End use landscape
3.3.5. Distribution channel analysis
3.3.6. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.3. Asia Pacific
3.5.4. Latin America
3.6. Industry impact forces
3.6.1. Growth drivers
126.96.36.199. Increasing adoption of wireless technology in fire detection across the globe
188.8.131.52. Growing awareness pertaining to fire safety in North America
184.108.40.206. Development of new infrastructure in Asia Pacific and MEA region
220.127.116.11. Introduction of advance fire protection systems across Europe
18.104.22.168. Rising commercial and industrial activities in the Latin America
3.6.2. Industry pitfalls & challenges
22.214.171.124. High cost of the fire protection system
126.96.36.199. Lack of awareness
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Original Source: Fire Protection System Market to Cross $70B by 2027, Global Market Insights, Inc.