According to a new report published by Allied Market Research, titled, “Fire Protection Systems Market by Product Type, Type, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global fire protection systems market size was valued at $96.5 billion in 2019, and is projected to reach $131.2 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.
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Fire protection system is a certified product, developed according to the standards specified by the government authorities and regulatory bodies to control fire outbreaks. This system is equipped with flame detectors and smoke control devices that aid during fire emergency. Alarm valves and sprinkler systems are some of the widely used fire protection systems.
These systems have been invented to detect and respond to fire, smoke, or flame. Introduction of fire protection systems has helped in responding quickly and accurately to fire, as compared to the traditional heat or smoke devices used in the past. Furthermore, fire sensors and detectors when installed in commercial buildings serve as ideal and affordable safety measure.
Implementation of stringent regulations to install fire protection systems in residential and nonresidential buildings globally is expected to fuel the growth of the market. The industrial and commercial areas majorly use fire protection systems for safety of employees. In addition, increase in risk of property damage and public safety concerns due to fire accidents drive growth of the global market.
For instance, from 2018 to 2019, the Canada Government spent more than $34 million annually on fire protection services. In Europe, at least 5,000 fire incidents occur each day, hence, fire safety in buildings is a major societal issue. Furthermore, surge in awareness toward fire safety is anticipated to supplement the growth of the market.
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However, high initial costs & predictive maintenance and fluctuation in raw material prices hinder the growth of the market. To suppress the impact of COVID 19, countries around the globe have imposed a lockdown, which led to the restricting the movement of people and reducing in production of new fire protection equipment and products. This factor has negatively affected the market. Moreover, many firms and suppliers in fire protection systems industry depend on other countries for their materials. The restrictions on movement by the government has halted all logistics operations across the globe, thus experiencing difficulties with their supply chain.
The global fire protection systems market is segmented into product type, type, end user, and region. By product type, the market is categorized into fire detection, fire response, fire suppression, and fire analysis. Depending on type, the market is segregated into active fire protection systems and passive fire protection systems. On the basis of end-user, the market is bifurcated into commercial, industrial, governmental, institutional, and others.
The key companies profiled in the report include Gentex Corporation, Halma Plc., Hochiki Corporation, Honeywell International Inc., Johnson Controls International Plc., Minimax Viking GmbH, Robert Bosch GmbH, Securiton AG, Siemens AG, and Raytheon Technologies.
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Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging fire protection systems market trends and dynamics.
- In-depth fire protection systems market analysis is conducted by constructing estimations for the key segments between 2019 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global fire protection systems market forecast analysis from 2020 to 2027 is included in the report.
- The key players operating in the fire protection systems market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the fire protection systems industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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