Pune, India, Dec. 20, 2021 (GLOBE NEWSWIRE) -- The global fire protection systems market has been estimated to be USD 61.2 billion in 2021 and is projected to exhibit a CAGR of 6.50% during the forecast period, according to a recent market study by Quince Market Insights. A fire protection system is a certified product that is made as per the standards specified by the government authorities as well as regulatory bodies for controlling fire outbreaks. This system is integrated with smoke control devices and flame detectors which aid during fire emergencies.
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Rise in the number of fire accidents, as well as deaths across the world, are estimated to fuel the market demand during the forecast period. For the improvement in the overall fire safety as well as enhance the market share, many companies are launching new systems and devices using new technologies like AI, IoT, and others. Fire protection systems help in detecting and analyzing the fire condition within premises which minimizes the damage as well as loss of property. Rapid urbanization and development of commercial, residential and industrial infrastructure are increasing the requirement of fire protection systems and is anticipated to accelerate the market growth.
The huge initial investment needed to implement the fire protection systems due to the complexity in the networks and the need for developing sophisticated tools for controlling the fire situation is a main restraining factor which is affecting the market growth.
Global Fire Protection Systems Market, by Product
Based on the product, the global fire protection systems market is segmented into fire suppression, fire sprinkler system, fire detection, fire response. Among these, the fire analysis segment is witnessing the fastest growth owing to increasing need of fire analysis which helps in making proper decisions during the fire outbreak and for fire prevention. The fire analysis mainly uses fire moduling software which is an integral part of the fire protection system because it helps in making wise decision.
Global Fire Protection Systems Market, by Services
On the basis of services, the global fire protection systems market is segmented into maintenance services, engineering services, managed services, installation and design services, and others. Among these, the installation and design service segment is witnessing the fastest market growth as they are mostly preferred due to the subject matter expertise provided by the vendors.
Global Fire Protection Systems Market, by End Use
Based on the end use, the market is segmented into commercial, residential and industrial. Among these, the industrial segment is witnessing the fastest growth owing to their need for safeguarding automated systems from fire accidents. Moreover, in the fire prone sector, special emphasis is given on the installation of complete proof protection and prevention systems, which is driving the segment growth.
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Global Fire Protection Systems Market, by Region
Based on the region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Asia Pacific is witnessing the fastest growth owing to rapid urbanization as well as rising awareness among the consumers in countries such as Japan, India and China.
Some Key Developments Offered in the Global Fire Protection Systems Market Report:
- May 2021- The BluEdge service platform from Det Tronics (US) was designed for high-hazard petroleum and oil and gas operations.
- April 2021- Marioff (Finland) and Rauma Marine Constructions (Finland) partnered on the delivery of HI-FOG high-pressure water mist fire suppression systems for the new Phojanmaa class multiclass multipurpose corvettes.
- October 2020- Honeywell (US) created a new cloud platform for fire safety systems that assists personnel in reducing disturbance and shortening the time required to design, install, and maintain the system's safety.
- February 2020- Siemens Smart Infrastructure (Germany) unveiled a smart building suite aimed at providing a flexible and productive people-centric workplace.
Impact of COVID 19 on the Global Fire Protection Systems Market
The COVID 19 has negatively impacted the global fire protection systems market due to the increasing number of COVID cases which has resulted into the partial lockdown in various countries. This has led to the reduction in the production of the new fire protection systems. But the market will witness a significant growth post pandemic.
Some Major Findings of the Fire Protection Systems Market Report Include:
- An in-depth rapid strength concrete market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global fire protection systems market, which include Hochiki (Japan), Gentex Corporation (US), Minimax Viking (Germany), and Securiton (Switzerland)
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global fire protection systems market
- Impact of COVID-19 on the global fire protection systems market
Browse key industry insights from the report, “Fire Protection Systems Market, by Product (Fire Suppression {Fire Detectors and Control Panels, Fire Sprinklers, Nozzles, Caps, and Control Heads, Fire Suppressor Reagents}, Fire Sprinkler System {Wet, Dry, Deluge, Pre Action}, Fire Detection {Conventional Flame Detector, Addressable Flame Detector}, Fire Response {Emergency Lighting Systems, Voice Evacuation and Public Alert Systems, Secure Communication Systems, Fire Alarm Devices}, Services (Maintenance Services, Engineering Services, Managed Services, Installation And Design Services, Others), End Use (Commercial {Healthcare, Banking, Financial and Insurance, Academia and Institutional, Hospitality, Retail}, Residential, Industrial {Manufacturing, Oil And Gas, Transportation, Energy And Power, Government, Mining, Others}), Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) – 2021-2030” in-depth analysis along with the table of contents (ToC).
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