According to the new research report published by The Insight Partners, titled “Fire Protection System Market - Global Analysis and Forecast to 2025”, The global fire protection system market is expected to grow at a CAGR of 10.5% during the forecast period 2018 – 2025, to account to US$ 116.51 Bn by 2025.
The global fire protection system market is experiencing a steady growth in the current scenario and is anticipated to rise in the coming years. The market for fire protection system consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced technology to the customers. The aircraft manufacturers on the other hand, are procuring the advanced technologies from the aircraft component manufacturers to deliver passengers with additional value-added services and thus, empower the passenger with a superior travel experience. This factor is helping the market for fire protection system to surge over the period.
APAC is the fastest growing region in the fire protection system market. The major reason for this is the high reconstruction process in China and India. China is the most populated country in the world, and a country with a large number of companies established. As the population is increasing, the need for new constructions as well as reconstruction of older buildings for turning to high rise towers is increasing, leading to increasing demand for safe and secure fire protection systems integrated in the buildings, office spaces, national heritage sites, manufacturing industries and other building utilities spaces. Apart from this, the development of smart cities in India is leading to infrastructure development and renovation in many major cities of India, leading to increasing demand for integration of high technology based intelligent fire protection systems. These new installations and reconstructions are expected to continue during the forecast period, contributing to high growth of fire protection systems market in the region. Geographically, North America contributed the maximum market share in 2017 in the fire protection system market, owing to rapid technological developments, numerous high rise buildings, and commercial buildings in the region.
Key findings of the study:
- North America is anticipated to account the largest fire protection system market share.
- Based on type, the active fire protection systems segment is projected to dominate the fire protection system market.
- Fire alarm system segment held the largest position by product.
- Commercial segment dominated the market by end use industry.
A plethora of products are used for prevention detection, prevention and suppression of fire by different industry verticals and are again broadly divided into the following categories as fire detection systems, fire alarm systems, fire suppression systems and others. Furthermore, there are many types of fire detection systems used in the market by various industry verticals. These different fire detection systems form the basis of a further sub-segment for the fire detection system market. Smoke detectors, heat detectors, flame detectors and others constitute the segment of fire detection systems.
Key players in the market are taking measures to gain maximum benefit from on the opportunities in emerging markets. Some of the major players in the fire protection market include Honeywell International, Inc., Johnson Controls, Inc., Robert Bosch GmBH, Siemens AG, United Technologies, Hochiki Corporation, Minimax Viking GmbH, Gentex Corporation, VFP Fire Systems, Inc., Halma PLC.
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