PUNE, India, Jan. 30, 2020 (GLOBE NEWSWIRE) --
Market Highlights
The global market for fire protection system can procure a strong CAGR of 9.43% during the forecast period (2019-2025). The market value in 2018 was USD 53,546.2 million can attain a valuation of USD 97,594.4 Million by 2025.
The market for fire protection system can note considerable growth in the years to come, on account of the mounting demand for fire protection as well as prevention system in fire-prone sectors like oil and gas exploration, manufacturing, energy & power and others. Elevated awareness among organizations about fire protection like structure protection and reducing human loss can also work in favor of the fire protection market. Other than this, strict regulations aiming to amplify the fire safety standards give the surge in disasters can lead the market to greater heights in the following years.
Furthermore, increasing number of infrastructure activities can help the market advance at a significant pace in the near future. Mounting consumer awareness with regard to fire safety combined with the presence of mandatory building safety codes can also induce market growth. Soaring demand for latest technologies with respect to automation of fire safety systems and the emergence of smart cities with wireless sensory networks has amplified the market growth in recent years. Elevated demand for centralized protection system featuring advanced detectors and sensors connected via LAN/WAN networks can also stimulate market growth.
Besides, the intense efforts, as well as massive expenditure by business enterprises on facilitating a safe working space coupled with obligatory building codes as well as government regulations, will also benefit the fire protection systems market during the review period.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/4676
Segmentation:
The worldwide market for fire protection system has been segmented with respect to type, product, service, and vertical.
The market, given the type segment, has been considered for active fire protection system as well as passive fire protection system. The active fire protection system segment led the market in 2016 and was estimated at USD 23,667.0 million. The segment is also expected to gain a better growth rate during the appraisal period, while the passive fire protection system segment will note relatively lesser growth in the coming years.
Product-based market segments are fire protection, fire detection, fire response, fire analysis and fire sprinkler. Fire protection stood out as the top segment in the market in the year 2016, and had reached a valuation of USD 15,408.0 million. The segment also has the potential to achieve a higher CAGR than the fire sprinkler segment during the conjectured timeframe.
Service-dependent market segments have been identified as managed, engineering, installation & design and maintenance. Installation and design service were identified as the prime segment in 2016, with a value of USD 23,127.9 million. The segment is all set to acquire a higher growth rate compared to its counterpart in the market.
Vertical-wise, the market has been considered for residential, commercial, manufacturing, energy & power, oil & gas, government, transportation & logistics, and others. In 2016, the commercial segment held the largest share in the market and was worth USD 12,636.4 million. The segment is also projected to gain a better growth rate during the given period. The second place in the market, vertical-wise, was taken by the residential segment in 2018.
Regional Insight
The global market for fire protection system, with respect to its geographical distribution, includes Asia Pacific (APAC), Europe, North America, along with the rest of the world (RoW).
In 2018, North America stood at the leading position in the global fire protection system market, at the value of USD 18,775.1 million. The regional market is set to post a strong growth rate of 12.10% from 2019 to 2025, thanks to the generous investments being made by the fire system manufacturers in research and development with the aim of upgrading their products. These vendors are also striving to make their presence felt on a global level, by indulging in various marketing hacks and strategies. Apart from collaborating with renowned players, vendors are also eyeing regional companies to acquire. Successful brand positioning through trade shows, conferences and launches, among others, has also intensified the degree of competition among the companies in the region.
Europe is another strong contender in the worldwide market for fire protection system, backed by the increasing number of strict government rules and regulations that boost the deployment of fire protection systems in buildings. Rigid fire safety norms in the United Kingdom (UK) and Norway have compelled the offshore oil and gas operators to up their investment in a bid to enhance their fire safety arrangements. The sum of these factors has been quite beneficial for the fire protection system market in the region.
APAC stands out as a prominent market for fire protection system, on account of the expansive nature of the building infrastructure coupled with the surging investment in offshore development. Additionally, rapid industrialization in emerging countries like India and China combined with a large number of floating liquefied natural gas vessels that are expected to be set up in Australia can give the fire protection system market a substantial boost in the ensuing years.
Renowned Players
Some of the notable companies in the worldwide market for fire protection system include Johnson Controls International PLC (US), Minimax Viking GmbH (Germany), Gentex Corporation (US), Honeywell International Inc. (US), Robert Bosch GmbH (Germany), United Technologies Corporation (US), Halma PLC (UK), Tyco International PLC (Ireland), Siemens AG (Germany), Hochiki Corporation (Japan), to mention a few.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/fire-protection-systems-market-4676
Global Fire Protection System Market Research Report: by Type (Active, Passive), by Product (Fire Detection, Fire Suppression, Fire Analysis, Fire Response), by Service (Engineering, Managed, Maintenance, Installation & Design), by Vertical (Commercial, Residential, Energy & Power, Manufacturing, Transportation & Logistics, Oil & Gas, Government, others) and by Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2025
Ph. No: +91-8050334817
Email: Ehtesham.peerzade@marketresearchfuture.in