Fire Protection System Market Growth, Analysis, Latest Trends and Forecast till 2026
Posted by edwardzmusso on October 4th, 2022
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 analysis market to exhibit high growth during the forecast period
The market for fire analysis is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention. This growth is driven by the increase in fire protection-related expenditure of various enterprises, rise in fire-related deaths, and governmental norms.
Market for maintenance services of fire protection system to dominate throughout the forecast period
Maintenance services include timely servicing and auditing of fire protection systems to ensure that fire protection systems meet all 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. Maintenance services comprise equipment supply, system testing and commissioning, and regular preventative maintenance. The types of maintenance services include reactive maintenance, preventive maintenance, informative maintenance, and real-time monitoring. These services are vital for oil, gas, and mining; energy & power; commercial; and transportation & logistics verticals.
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.
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.
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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).
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About the Authoredwardzmusso
Joined: February 8th, 2021
Articles Posted: 348
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