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Fire Protection System Market Size To Reach USD 130.37 Billion By 2030, Due To Increasing Adoption Of Wireless Technology And Rising Implementation Of Building Safety Codes | Grand View Research, Inc.

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Fire Protection System Market Size To Reach USD 130.37 Billion By 2030, Due To Increasing Adoption Of Wireless Technology And Rising Implementation Of Building Safety Codes | Grand View Research, Inc.

May 05
01:13 2022
Fire Protection System Market Size To Reach USD 130.37 Billion By 2030, Due To Increasing Adoption Of Wireless Technology And Rising Implementation Of Building Safety Codes | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, The growing trend of integrating fire alarm and detection systems with building automation systems offers vast growth opportunities to the fire protection system market.

Fire Protection System Industry Overview

The global fire protection system market size was valued at USD 72.72 billion in 2021 and projected to reach USD 130.37 billion by 2030, at a compound annual growth rate (CAGR) of 6.7% from 2022 to 2030.

In 2020, the outbreak of the COVID-19 pandemic negatively impacted the market. Furthermore, owing to the rise in the number of COVID-19 cases due to the second wave of the outbreak, a partial lockdown in several countries was observed. This resulted in a further reduction in the production of new fire protection systems. The market was also negatively impacted by the supply chain disruption across countries and regions. However, post the pandemic, the fire protection market is expected to witness growth. The growing urban population and the need to safeguard life and the environment from fire emergencies are expected to boost the demand for fire protection systems.

Gather more insights about the market drivers, restrains and growth of the Global Fire Protection System Market

A fire protection system is one of the most crucial systems required to be installed in any building or establishment. A fire protection system is used to control, detect, and safeguard inhabitants in a building or an establishment from fire hazards. These systems help extinguish smoke or fire and alert the building occupants, reducing the loss of property and life. Fire protection systems include equipment such as fire detectors, fire response systems, fire analysis software, fire suppression systems, and fire sprinkler systems. These fire protection systems are installed in various infrastructures, including industrial buildings, residential buildings, and commercial buildings, to safeguard people and reduce the loss of destruction from fire hazards.

U.S. Fire Protection System Market Size, by product, 2020-2030 (USD Billion)

Initially, the adoption of fire protection systems in several developing countries was low compared to developed nations. This was mainly due to the lack of awareness among consumers regarding the product as well as reduced regulatory pressure. However, the efforts from various systems integrators, manufacturers, and dealers have created widespread awareness among users. The launch of fire safety programs and the use of targeted marketing explaining the benefits of a fire protection system have drawn the attention of large as well as small and medium enterprises. This has led to steady market growth over the past few years.

The construction of new properties, including residential and non-residential, is expected to offer new opportunities for installing fire alarm and detection systems. The commercial and industrial areas majorly use fire protection systems for employee safety. Furthermore, an increase in the number of property damage due to fire accidents drives the market. Moreover, the market for fire protection systems is driven by the regulations, standards, and codes imposed by different regulatory bodies. The growing standard has impelled organizations to install fire protection systems. These factors are expected to boost the growth of the market over the forecast period.

Fire Protection System Market Segmentation

Based on the Product Insights, the market is segmented into fire detection, fire suppression, fire response, fire analysis and fire sprinkler system.

  • The fire detection segment accounted for more than 50.0% share of the global revenue in 2021
  • The fire analysis segment is expected to register the highest CAGR of 13.6% from 2022 to 2030. The segment growth can be attributed to the increasing need for fire analysis, which helps make proper decisions during fire prevention.

Based on the Service Insights, the market is segmented into managed services, installation and design services, maintenance services and others.

  • The installation and design service segment accounted for more than 40.0% share of the global revenue in 2021.
  • The maintenance services segment is expected to register the highest CAGR of 6.8% from 2022 to 2030.

Based on Application Insights, the market is segmented into commercial, industrial and residential.

  • The commercial application segment dominated the market and accounted for more than 45.0% share of the global revenue in 2021. The commercial application segment comprises applications for retail, BFSI, government, healthcare, and telecom and IT educational institutions.
  • The industrial application segment is expected to register the highest CAGR of 7.8% from 2022 to 2030. The industrial application covers major sectors such as oil and gas, mining, energy and power, and manufacturing.

Based on the Fire Protection System Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • North America dominated the market for fire protection systems and accounted for over 35.0% share of the global revenue in 2021. This can be attributed to the rising demand for intelligent houses and smart buildings, which deliver optimum safety.
  • Asia Pacific is expected to register the highest CAGR over the forecast period. Asia Pacific is a developing region and countries such as India, China, and Japan are expected to drive the regional market.

Market Share Insights:

  • October 2020: Honeywell launched a new cloud platform for fire safety systems. This platform enabled technicians to minimize the disruption, aid in compliance, and reduced the time required to design, install, commission, and maintain the safety of systems.
  • November 2021: Johnson Controls launched the Smart Fire Sprinkler Monitoring solution. This solution offered 24/7 monitoring capabilities via cloud, supported operational downtime, reduced building damage, and prevented system failure.

Key Companies Profile:

Major players are adopting strategic initiatives and undertaking measures to gain benefits from the opportunities in the emerging market. The key companies in the market have launched new advanced products to meet the evolving customer needs.

Some prominent players in the global fire protection system market include

  • Honeywell International, Inc.
  • Johnson Controls
  • Raytheon Technologies Corporation
  • GENTEX CORPORATION
  • Siemens
  • Robert Bosch GmbH
  • Halma plc
  • Eaton

Order a free sample PDF of the Fire Protection SystemMarket Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
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Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
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State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/fire-protection-systems-market

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