With 6.4% CAGR, Fire Protection System Market Growth to Surpass USD 84.6 billion

Posted by edwardzmusso on September 7th, 2022

The report "Fire Protection System Market with COVID-19 Impact by Product (Fire Suppression, Fire Analysis, Fire Response, Fire Detection), Service (Engineering, Installation and Design, Maintenance, Managed), Type, Vertical, and Region - Global Forecast to 2026" The fire protection system market was valued at USD 62.1 billion in 2021 and is expected to reach USD 84.6 billion by 2026; it is projected to grow at a CAGR of 6.4% from 2021 to 2026. The market growth is fueled by the development of the construction industry, an increase in the loss of human lives & property due to fire breakouts, stringent regulatory compliances, and a rise in the adoption of wireless technology in fire detection systems.

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Fire suppression segment to hold the largest size of the fire protection system market from 2021 to 2026.

A fire suppression system starts operating once it receives fire alerts from different sensors and detectors. By product, the fire suppression market has been segmented into fire sprinklers, nozzles, caps, and control heads; fire suppressors; and fire detectors and control panels. Fire suppressors are used to prevent the spread of fire and put it off. Fire extinguishers spray water, foam, carbon dioxide (CO2), and other fire-resistant materials to control fire. The growth of this market is propelled by technological advancements and innovations in the construction industry; rise in the number of policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts.

Maintenance service to grow at the highest CAGR during the forecast period

Maintenance services include timely servicing and auditing of fire protection systems to ensure that fire protection systems meet all the required fire safety standards and function appropriately during an emergency. Maintenance services include inspection, testing, servicing, and repair of components, and monitoring of fire protection systems and their components. The services comprise equipment supply, system testing and commissioning, and regular preventative maintenance.

The fire protection system market for oil, gas, & mining to grow at the highest CAGR from 2021 to 2026.

The market for oil, gas, and mining vertical is expected to grow at the highest CAGR during the forecast period. The oil, gas, and mining vertical involves materials such as petroleum, crude oil, flammable gases (such as butane), and coal. These materials are flammable; therefore, to avoid fire accidents, advanced fire protection systems are used in this vertical. Highly efficient fire detection and prevention systems are required in this sector to prevent accidents. Clean agent fire suppression systems, dry chemical fire suppression systems, and water and foam sprinklers are used in the mining sector. Gas-based suppression systems (CO2, FM200, Novec, and Inert) and sprinkler systems are used in the oil & gas sector.

APAC to be the fastest-growing fire protection system market during the forecast period.

APAC is expected to be the fastest-growing market for the fire protection system during 2021—2026. Growing urbanization has increased construction activities, which are contributing significantly to the growth of the market in this region. APAC is a developing region, and countries such as China, Japan, and South Korea are driving the overall growth of the fire protection system market in this region. The demand for fire protection systems is expected to increase with technological and economic advancements.

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Moreover, growing urbanization in this region has increased construction activities, contributing significantly to the growth of the fire protection system industry. Governments in this region have laid down fire safety norms, and the fire protection system sector is expected to grow with the execution of these policies.

Major players involved in the global fire protection system market include Johnson Controls (Ireland), Carrier Global Corporation (US), Honeywell International (US), Siemens (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Gentex (US), Minimax Viking (Germany), and Securiton (Switzerland).