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"The Global Fire Protection System Market Was Valued At US$ 55.49 Billion In 2019 And It Is Expected To Reach More Than US$ 104.61 Billion By 2028, Likely To Grow At CAGR Of 7.3 % During The Forecast Period."
Unattended breakout of fire damages assets and danger human lives. In industries or manufacturing plants, damaged machinery/assets are expensive to repair or replace. Most of the time damages due to fire, the businesses cannot continue with the operations, and the business downtime causes financial and goodwill loss.
Fire Protection systems market is expected to witness substantial growth with rising demand for fire and prevention protection systems in fire risk-prone industries including manufacturing, oil and gas exploration, energy & power and the Stringent government regulations and mandates.
Fire Protection systems are developed to reduce the undesirable impact of flame and its hazards damages. The arrangement of fire indicators, alarms, and programmed fire sprinklers are the pieces of flame assurance framework.
Fire protection systems are certified products which are designed according to the standards specified by the government regulatory bodies. These products are used for detecting and extinguishing the fire. Such Fire protection systems consist of flame detectors, fire alarms, fire control devices. Sprinkler systems and alarm valves are some of the widely used fire protection systems. The emergence of fire protection systems has helped in responding quickly and accurately to fire. Furthermore, the fire sensors and detectors are installed in commercial buildings to provide the best affordable safety measure.
Increased Rate of Fire Accidents and Rise in Deaths and Loss of Property Due To Fire Breakouts Factor in Driving the Market Growth
According to the National Fire Protection association on average a fire department responded to a fire every 24 seconds and there were 499,000 structure fires in the United States in 2018.
These fires in structures not related to wildfires caused USD11.1 billion in property damage in 2018. This is a major concern and the need for the installation of the fire protection systems in the public and the commercial infrastructures.
Strict Government Regulations Regarding Fire Protection Are Driving the Growth of the Market
With the rising urbanization and infrastructure, there is a high demand for housing and commercial places. While the local, sub-national, or national governments have strengthened the regulations regarding fire protection. The governments made strict Fire safety policies and building codes apply at the construction of a building and throughout its operating life. The business enterprises increased their expenditure on providing safe working space and also started training initiatives to educate employees about fire safety at the workplace. This constant effort made by business enterprises along with government regulations and obligatory building codes consistently drives the fire protection systems market and creates greater opportunities for the fire protection systems worldwide.
However, the high installation and maintenance costs of fire protection systems will restrain the market growth to some extent.
Fire Sprinkler System Segment Has the Largest Market Share in Product Type
Fire sprinkler system the most widely used fire protection system mostly in large scale use in factories, large commercial buildings, hotels, schools, and hospitals.
This system has comparatively low setup cost in addition, the use of gaseous fire suppression and condensed aerosol fire suppression have improved fire extinguishing capabilities.
Manufacturing and Oil and gas industries will dominate the fire protection system market in application segment
Manufacturing industries including automotive, steel and cement use fire protection systems on a large scale to help control the damage and loss of electrical equipment, boiler buildings, transformers, and fuel storage, and handling. The oil and gas industry contributed to a significant market share. They use onshore and offshore fire protection, gas plants, refineries, chemical, and petrochemical plants fire protection on a large scale.
North America and Europe Accounted For the Largest Market Share for Fire Protection System
Stringent fire safety norms in Norway and the UK have also pushed offshore oil and gas operators in the region to increase their investment to improve fire safety arrangements.
While increasing infrastructural development activities in the US and Canada. For instance, in 2017, the government in the US offered a tax incentive to install sprinklers, therefore SME’s were able to retrofit fire sprinklers at cost of ~USD 1 million each year.
Furthermore, the Asia Pacific market is expected to grow at the highest rate, with the increasing building infrastructure development activities and the rising industrialization in emerging economies like India and China expected to witness a high demand for fire protection systems and equipment in this region.
Victaulic VortexTM is a fire suppression system launched by Victaulic (US), a global provider of mechanical pipe joints, fire protection systems, and innovative engineering and construction solutions. This is a new hybrid fire suppression system that involves a combination of water and nitrogen extinguishers that efficiently suppresses the fire.
Some noticeable players of the global fire protection system market are Johnson Controls (Ireland), United Technologies (UTC, US), London Security PLC(UK), Honeywell (US), Siemens (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Minimax Viking (Germany), Tyco International Limited(Ireland), Gentex (US), and Securiton AG (Switzerland). Other players operating in the market are Encore Fire Protection (US), Sterling Safety Systems (UK), Fire Suppression Limited (UK), Schrack Seconet AG (Austria), Napco security technologies (US), VT MAK(US) and VFP Fire Systems (US).
Fire protection system Market key Segments:
Fire Protection System Market, By Product:
- Fire Detection
- Fire Suppression
- Fire Sprinkler
- Fire Analysis
- Fire Response
Fire Protection System Market, By Service:
- Installation And Design
Fire Protection System Market, By Vertical:
- Energy & Power
- Oil, Gas, and Mining
- Transportation & Logistics
- Health care
Fire Protection System Market, By Technology
Fire Protection System Market, Application
- Active Protection
- Passive Protection
Fire Protection System Market, By Region
- North America
- Middle East and Africa
- Latin America