Global Fire Protection System Market Estimated To Reach USD 95.44 Billion By 2025: Zion Market Research
New York, NY, May 16, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Fire Protection System Market By Product Type (Fire Detection Systems, Fire Extinguishers, Fire Suppression Systems, and Fire Response Systems), By Service (Installation & Design Services, Engineering Services, Managed Services, Maintenance Services, and Others), and By Vertical (Healthcare, Manufacturing, Hospitality, IT & Telecommunication, Transportation & Logistics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global fire protection system market was USD 58.02 billion in 2018 and is expected to reach USD 95.44 billion by 2025, at a CAGR of 7.37% between 2019 and 2025.
The increasing incidences of disastrous fire injuries are fuelling the number of casualties and loss of property in both business and non-business areas. This is majorly driving the demand for fire protection structures like fire suppressors and fireplace alarm devices and supporting the fire protection system market globally. Additionally, improvements in technology coupled with stringent regulations assisting protection at commercial, residential, and industrial areas will further contribute to the growth of the global fire protection system market. Furthermore, various developments related to smoke detectors coupled with IoT and big data are likely to create new market opportunities in the future. However, high installation and maintenance costs of fire protection devices may hamper this market.
Browse through 54 Tables & 31 Figures spread over 138 Pages and in-depth TOC on “Global Fire Protection Systems Market Size 2018: Industry Share, Trends, Growth, Segments, Analysis and Forecast, 2018–2025”.
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The global fire protection system market is divided based on product type, service, and vertical. The product type segment is fragmented into fire detection systems, fire extinguishers, fire suppression systems, and fire response systems. The fire detection systems are likely to grow substantially in the future, owing to these systems’ capability to issue warnings about dangerous situations well in advance. Additionally, fire alarm systems have numerous devices working parallel to protect human lives or loss of properties. These fire systems warn people via audio and visual application in case of fire or smoke. These alarms are activated automatically or manually via activation devices like pull station or manual call point. The global fire protection system market is divided based on product type, service, and vertical. The product type segment is fragmented into fire detection systems, fire extinguishers, fire suppression systems, and fire response systems. Fire suppression systems showed substantial growth in 2018. Due to the government strict rules and regulations imposed for safety, the government is demanding a minimum number of fire extinguishers to be installed across various verticals.
North America is anticipated to witness notable growth in the future. Infrastructural developments and strict government norms are driving the fire protection system market in North America. The fire system manufacturers have been seen investing generously in the research and development of their existing products along with introducing new and improved fire protection products. The regional demand for fire protection is rising owing to the presence of a large number of multi-storey buildings. Moreover, strict regulations are implemented in the region to reduce the fire attacks. Detailed analysis of recent development has shown the growth of numerous companies in the region, thereby contributing to the market. The U.S. and Canada are anticipated to contribute majorly to the growth of the North American fire protection system market, due to the presence of prominent market players.
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The Asia Pacific fire protection system market is expected to grow at a substantial rate in the future, owing to intensive industrialization and the presence of emerging economies like China and India. New constructions witnessed across the region are further driving this regional market’s growth. Moreover, the sound wave fire extinguishers and water mist systems are newly launched fire safety system types that are also contributing to this region’s fire protection system market. In addition, the initiatives taken by the government to mandate fire protection systems in the Asia Pacific region and the rising number of start-ups are predicted to multiply this market’s revenue growth over the forecast timeline.
The European fire protection system market is anticipated to grow notably in the future, due to the presence of developed economies like UK, Norway, Germany, and Italy and the increasing investments made in fire protection arrangements in offshore oil and gas industries.
Browse the full “Fire Protection System Market By Product Type (Fire Detection Systems, Fire Extinguishers, Fire Suppression Systems, and Fire Response Systems), By Service (Installation & Design Services, Engineering Services, Managed Services, Maintenance Services, and Others), and By Vertical (Healthcare, Manufacturing, Hospitality, IT & Telecommunication, Transportation & Logistics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/fire-protection-systems-market
Latin American and the Middle Eastern and African regions are predicted to grow at a slow pace, owing to an inadequate amount of resources, key infrastructures, and industry startups for fire protection systems. Additionally, the companies are promoting their products in trade shows and conferences. However, the increasing number of projects of the oil and gas industry in West Africa and Brazil coupled with pre-planned offshore projects initiated by various governments is anticipated to augment the global fire protection system market in these regions over the projected timeframe.
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Some noticeable players of the global fire protection system market are Siemens, Honeywell International, Gentex Corporation, ABB, Robert Bosch, Johnson Controls, Minimax Viking, United Technologies, VFP Fire Systems, Halma, and Hochiki Corporation.
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This report segments the global fire protection system market into:
Global Fire Protection System Market: Product Type Analysis
- Fire Detection Systems
- Fire Extinguishers
- Fire Suppression Systems
- Fire Response Systems
Global Fire Protection System Market: Service Analysis
- Installation and Design Services
- Engineering Services
- Managed Services
- Maintenance Services
Global Fire Protection System Market: Vertical Analysis
- IT and Telecommunication
- Transportation and Logistics
Global Fire Protection System Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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