Fire Protection System Market worth $97.2 billion by 2029 - Exclusive Report by MarketsandMarkets(TM)
Saturday, March 9, 2024
CHICAGO, March 1, 2024 /PRNewswire/ -- The global fire protection system market size is projected to grow from USD 71.6 billion in 2024 to USD 97.2 billion by 2029 at CAGR of 6.3% during the forecast period according to a new report by MarketsandMarkets(TM). Fire protection systems help prevent fire accidents and damage. These systems reduce the impact of uncontrolled fires, saving lives and property. Fire alarms and detection systems, fire sprinkler systems, and fire suppression systems are among the popular options. Their demand has grown in the last decade, as most countries are committed to safety regulations. These systems are used in many sectors, such as residential, commercial, manufacturing, oil and gas, and energy and power.
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Browse in-depth TOC on "Fire Protection System Market"
194 - Tables
72 - Figures
284 - Pages
Fire Protection System Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$
71.6 billion
Estimated Value by
2029
$
97.2 billion
Growth Rate Poised to grow at a CAGR of 6.3%
Market Size Available
for
2020-2029
Forecast Period
2024-2029
Forecast Units
Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Fire Suppression, Smoke Detector, Heat Detector, Sprinkler, Service,
Vertical and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Addressing ever-evolving regulatory requirements
Key Market
Opportunities
Increasing government initiatives to upgrade building codes
Key Market Drivers
Surge in residential and commercial infrastructure development
The market for fire detection is expected to grow at a significant CAGR during the forecast period.
Fire detection is a critical part of any building design. They are available for residential, commercial, and industrial use. Fire detectors and control panels (including smoke, heat, and flame detectors) are essential in fire safety. They are specially used in homes for fire detection. Such systems are permanently installed to detect fires at an early stage and quickly inform the relevant emergency service. Fire detection products, such as flame detectors, smoke detectors, and heat detectors, alert the occupants through alarms and trigger automatic fire extinguishers, such as sprinklers. Successful fire prevention and protection depends on the performance of fire detection products. Thus, they are expected to offer accurate and early fire detection. A rise in new construction projects is generating demand for fire detectors due to various mandates pertaining to the compulsory installation of fire protection systems in new buildings.
The manufacturing segment is expected to gain a substantial market share during the forecast period.
Fires in manufacturing plants can be catastrophic due to the presence of large and critical structures. The manufacturing industry faces numerous fire hazards due to flammable materials, electrical equipment, dust accumulation, confined spaces, and chemical reactions. Fire protection systems are crucial in safeguarding lives, preventing property damage, mitigating environmental impact, and ensuring regulatory compliance. These systems are vital in protecting workers, reducing financial losses, and minimizing the risk of environmental pollution associated with fire incidents. The installation of fire protection systems in manufacturing plants is crucial. These products, such as fire suppressors and fire sprinklers, can extinguish fires and minimize risk, damage, and production downtime.
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European region is expected to hold a substantial share of the global fire protection market during the forecast period.
The European market consists of countries, such as Germany, the UK, France, and the Rest of Europe. The European fire protection system industry is well developed due to government regulations to safeguard building occupants from fire accidents by installing fire safety systems. Governments have collectively or independently developed fire prevention and protection guidelines. Fire accidents have reiterated that the need to set up fire protection systems has increased, fueling market growth. European countries are home to wireless fire detection system manufacturers. Moreover, the evolution of wireless technologies has driven the fire protection system market in this region. Stringent government mandates for installing smoke detectors and alarms in households have also been introduced in the UK, France, and Germany.
Key Players
The key players in the fire protection system companies include Carrier (US), Honeywell International Inc. (US), Johnson Controls (Ireland), Robert Bosch GmbH (Germany), Siemens (Germany), and others.
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