Global Fire Protection Systems Market: Snapshot
The global fire protection systems market is projected to grow at a healthy pace in the coming few years. The strong growth of this market can be attributed to the rising trend of using water mist systems and the increasing use of the Internet of Things and Big Data.
As per the market study by Transparency Market Research, in 2014, the global market for fire protection system stood at US$5.08 bn and is projected to reach a value of US$8.93 bn by the end of 2023. The market is estimated to register a healthy 6.48% CAGR between 2015 and 2023.
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Rising Cases of Property Loss Due to Fire to Enhance Market Growth
The high rate of modernization and technological developments in the construction sector are the major factors that are anticipated to enhance the overall development of the fire protection systems market in the next few years. A significant rise in the number of deaths and the increasing cases of property loss owing to fire breakouts are estimated to ensure the overall development of the market in the coming few years. In addition to this, the strict government rules and regulations and high development in the wireless technologies for the fire detection systems are further anticipated to support the growth of the overall market in the next few years.
The global market for fire protection systems is projected to face a few challenges, which may further result in a slight downfall of the growth in the near future. The high cost of maintenance and high cost of installations of fire protection systems are predicted to restrict the market growth in the near future. Moreover, the unexpected failure of the fire alarm systems is estimated to further curtail the development of the overall market in the coming years.
North America to Hold Massive Share of Global Fire Protection Systems Market
The global market for fire protection systems has been classified on the basis of geography into Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. The fire protection systems market across North America is anticipated to account for a large share of the market and will continue its dominance over the next few years. The tremendously rising investments in the oil and gas industry and the growing demand from Canada and the U.S. are projected to support the development of this region in the near future. The Asia Pacific market for fire protection systems is anticipated to grow at a healthy pace in the next few years, thanks to the rising number of exploration activities.
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The global market for fire protection systems is likely to observe a stiff competition among the leading players over the next few years. At present, the market is enjoying an increased level of fragmentation, due to the existence of a high number of players operating worldwide. The rising consumer awareness and the increasing investments by the prominent players for development activities are projected to encourage the growth of the market in the next few years. The key players engaged in the fire protection systems market across the globe are Fire Protection Engineering A/
Fike Corporation, Consilium AB Publ., Gielle Srl, 3M, S, Emerson Electric Co., Danfoss Semco A/S, Johnson Controls plc, Drägerwerk AG & Co. KGaA, KEVTA Fire Systems, Inc., Blaze Manufacturing Solutions Ltd., Deluge Offshore & Marine Pte Ltd., and Honeywell International, Inc.