Dublin, Nov. 01, 2018 (GLOBE NEWSWIRE) -- The "Fire Protection System Market by Product, Fire Suppression, Fire Sprinkler, Service, Vertical - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The fire protection system market is expected to grow from USD 57.33 billion in 2018 to USD 88.94 billion by 2024, at a CAGR of 7.6% from 2018 to 2024.
The growth of the market is fueled by rise in deaths and loss of property due to fire breakouts, stringent government regulations and mandates, rising demand for wireless technologies for fire detection, and technological advancements in the construction industry. However, unexpected failure of fire alarm systems, high installation and maintenance costs of fire protection systems, and high costs involved in replacing traditional fire detectors with smart detectors are hindering the growth of the market.
Fire detectors are available for residential, commercial, and industrial use. Fire detection systems are permanently installed manual and automatic systems to detect fires at an early stage and quickly inform the relevant emergency service. Fire detection products such as flame detectors, smoke detectors, and heat detectors alert the occupants through alarms, as well as trigger automatic fire extinguishers such as sprinklers. Smoke detectors are designed to provide early warning of a potential fire, involving ordinary combustible materials. The installation of smoke detectors in buildings to identify fires has been in practice much before that of flame and heat detectors. Fire creates smoke that spreads faster than the actual fire; therefore, smoke detectors can detect fire, trigger fire alarms, and warn occupants about the fire.
The market for fire analysis is expected to witness significant growth during the forecast period. Fire analysis is an important part of fire protection, which facilitates informed decisions that lead to maximum efficiency. Fire analysis uses fire mapping and analysis software, and fire modeling and simulation software. Fire mapping and analysis software provides an interactive map display with a real-time system for decision makers to efficiently and quickly make decisions during fire-related situations. Moreover, with increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention, the need for fire analysis software is expected to grow during the forecast period.
The fire protection system market for the oil, gas, and mining vertical is expected to grow at a high CAGR from 2018 to 2024. In the oil, gas, and mining vertical, flammable and combustible materials such as petroleum, crude oil, flammable gases (such as butane), and coal are used. These materials are susceptible to fire; therefore, to avoid fire accidents, advanced fire protection systems are installed in this vertical. Additionally, high-quality fire protection is an integral part of responsible risk management strategies; oil & gas facilities require the best fire protection systems available in the market.
The fire protection system market in APAC is expected to grow at the highest CAGR from 2018 to 2024 owing to rapid industrialization in emerging economies such as China and India. New construction and real estate projects are driving the demand for fire protection systems and equipment. The government in this region is expected to come up with strict laws and regulations that would make the installation of fire protection systems mandatory in buildings. These factors are fueling the growth of the fire protection system market in this region. Also, growing urbanization has increased construction activities, contributing significantly to the growth of the fire protection system market in APAC.
Key Topics Covered:
1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities for Fire Protection System Market Growth
4.2 Fire Protection System Market, By Product & Service
4.3 Fire Protection System Market, By Product
4.4 Fire Protection System Market, By Fire Detector Type
4.5 Fire Protection System Market, By Vertical
4.6 Key Regions to Invest in During Forecast Period
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Modernization and Technological Advancements in Construction Industry
5.2.1.2 Rise in Deaths and Loss of Property Due to Fire Breakouts
5.2.1.3 Stringent Government Regulations and Mandates
5.2.1.4 Rapid Development in Wireless Technologies for Fire Detection
5.2.2 Restraints
5.2.2.1 High Installation and Maintenance Costs of Fire Protection Systems
5.2.2.2 Unexpected Failure of Fire Alarm Systems
5.2.2.3 High Costs Involved in Replacing Traditional Fire Detectors With Smart Detectors
5.2.3 Opportunities
5.2.3.1 Increasing Use of Water Mist Systems
5.2.3.2 Rapid Development of Smoke Detectors, Along With IoT and Big Data
5.2.3.3 Revision of Codes and Mandatory Standards
5.2.4 Challenge
5.2.4.1 Amalgamation of User Interfaces With Fire Protection Solutions
6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Latest Trends in Fps Market
6.3.1 Internet of Things (IoT) in Fps Market
6.3.2 Cloud-Based Technology
6.3.3 Video Image Smoke and Flame Detection Systems
6.4 Codes and Standards Related to Fire Protection Systems
6.4.1 Codes and Standards Related to Fire Detection
6.4.2 Codes and Standards Related to Fire Suppression
7 Fire Protection System Types
7.1 Introduction
7.2 Active Fire Protection Systems
7.2.1 Active Fire Protection Systems Protect Human Lives and Minimize Infrastructural Losses
7.3 Passive Fire Protection Systems
7.3.1 Passive Fire Protection System Prevents Spreading of Fire
8 Fire Protection System Market, By Product
8.1 Introduction
8.2 Fire Detection
8.2.1 Flame Detectors
8.2.1.1 Single IR (Infrared)
8.2.1.1.1 Single IR Flame Detectors Expected to Continue to Hold Largest Size of Flame Detector Market During Forecast Period
8.2.1.2 Single Ultraviolet (UV)
8.2.1.2.1 Single Ultraviolet Flame Detectors Used Especially for Indoor Applications
8.2.1.3 Dual UV/IR
8.2.1.3.1 Requirement of Dual UV/IR Flame Detectors to Reduce Industrial Emissions of Hydrocarbons
8.2.1.4 Triple IR (IR3)
8.2.1.4.1 Use of Triple IR Flame Detectors Owing to Their Highest Immunity to False Alarms at Longer Distances
8.2.1.5 Multi IR
8.2.1.5.1 Multi IR Flame Detectors Designed to Detect Hydrocarbon Flames in Industrial Plants
8.2.2 Smoke Detectors
8.2.2.1 Photoelectric
8.2.2.1.1 Growing Residential Sector Demands Photoelectric Smoke Detectors
8.2.2.2 Ionization
8.2.2.2.1 High Demand for Ionization Smoke Detectors Owing to Their Cost-Effectiveness and Ability to Detect Smaller Amounts of Smoke Produced By Flaming Fires
8.2.2.3 Dual-Sensor Smoke Detectors
8.2.2.3.1 Market for Dual-Sensor Smoke Detectors to Grow at Highest Rate in Coming Years
8.2.3 Heat Detectors
8.3 Fire Suppression
8.3.1 Chemical
8.3.1.1 Dry Chemical
8.3.1.1.1 Dry Chemical Fire Suppression Systems Provide Excellent Fire Coverage
8.3.1.2 Wet Chemical
8.3.1.2.1 Wet Chemical Systems Prevent Major Fire Damage in Commercial Cooking Areas
8.3.2 Gaseous
8.3.2.1 Clean Agent
8.3.2.1.1 Carbon Dioxide (CO2) Clean Agent Fire Suppression System
8.3.2.1.2 Fm200 Clean Agent Fire Suppression System
8.3.2.1.3 Other Clean Agent Fire Suppression Systems
8.3.3 Water
8.3.3.1 Water Mist
8.3.3.1.1 Water Mist Suppression Systems Protect Industrial Assets While Minimizing Potential Water Damage
8.3.4 Foam
8.3.4.1 Foam Water
8.3.4.1.1 Foam Water Suppression Systems Provide Faster Water Penetration Into Flammable Substrates and Controlled Foam Expansion for Predetermined Time
8.4 Fire Sprinkler System
8.4.1 Wet
8.4.1.1 Wet Pipe Fire Sprinklers Likely to Continue to Command Fire Sprinkler Market During Forecast Period
8.4.2 Dry
8.4.2.1 Dry Pipe Sprinkler Systems Designed for Cold Spaces Wherein Freezing of Sprinkler Pipes is Highly Possible
8.4.3 Pre-Action
8.4.3.1 Pre-Action Systems are Mostly Deployed in Water-Sensitive Environments
8.4.4 Deluge
8.4.4.1 Deluge Fire Sprinkler Systems to Exhibit Highest Market Growth During Forecast Period
8.4.5 Other Fire Sprinkler Systems
8.5 Fire Analysis
8.5.1 Fire Mapping and Analysis Software
8.5.2 Fire Modeling and Simulation Software
8.6 Fire Response
8.6.1 Emergency Lighting Systems
8.6.2 Voice Evacuation and Public Alert Systems
8.6.3 Secure Communication Systems
8.6.4 Fire Alarm Devices
9 Fire Protection System Market, By Service
9.1 Introduction
9.2 Engineering
9.2.1 Need for Guidelines on Fire Safety Measures and Ways to Prevent Fire Accidents Drives Demand for Engineering Services
9.3 Installation and Design
9.3.1 Growing Commercial and Industrial Sectors Boost Requirements of installation and Design Services
9.4 Maintenance
9.4.1 Necessity of Timely Maintenance and Inspection of Fire Protection Systems Surge Demand for Maintenance Services
9.5 Managed
9.5.1 Managed Services Ensure Security of Business Information and Smooth Functioning of Business Operations
9.6 Others
10 Fire Protection System Market, By Vertical
10.1 Introduction
10.2 Residential
10.2.1 High Demand for Fire Protection Systems in Residential Sector Owing to Increased Risk of Death Or Injury From Fire
10.3 Commercial
10.3.1 Academia and Institutional
10.3.1.1 Installation of Fire Protection Systems Minimizes the Risk of Any Fire Hazard in Educational Or Academic Buildings
10.3.2 Retail
10.3.2.1 Rise in Number of Retail Shops and Malls Drives Fire Protection System Market Growth
10.3.3 Healthcare
10.3.3.1 Renovation and Expansion of Hospital Facilities Lead to High Demand for Fire Detection and Suppression Systems
10.3.4 Hospitality
10.3.4.1 Deployment of Fire Sprinkler and Detection Systems in Hospitality Sector as A Provision for Fast Response to Fire Events
10.3.5 Banking, Financial Services, and Insurance (BFSI)
10.3.5.1 Use of Fire Protection Systems in BFSI for Safeguarding Physical Assets and Infrastructure From Fire Hazards
10.4 Energy & Power
10.4.1 Increased Need for Energy Generation Proves to Be Great Opportunity for Fire Protection Companies
10.5 Government
10.5.1 Need for Fire Protection Services Dominates Government Sector
10.6 Manufacturing
10.6.1 Fire Analysis to Grow at the Highest Rate in Manufacturing Sector
10.7 Oil, Gas, and Mining
10.7.1 Oil, Gas, and Mining Sector to Witness Highest Growth Rate in Fire Protection System Market During Forecast Period
10.8 Transportation & Logistics
10.8.1 Transportation & Logistics Require Fire Protection Services Due to Life Safety Challenges Faced By This Sector
10.9 Others
11 Geographic Analysis
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 US to Hold Largest Share of Fire Protection System Market in North America in Next Few Years
11.2.2 Canada
11.2.2.1 Fire Protection System Market to Grow at Highest CAGR in Canada During Forecast Period
11.2.3 Mexico
11.2.3.1 Fire Protection System Market in Mexico is Still in the Initial Phase
11.3 Europe
11.3.1 UK
11.3.1.1 Rising Demand for Wireless Fire Detection Systems Drives Market Growth in UK
11.3.2 Germany
11.3.2.1 Fire Protection System Market in Germany to Grow at Highest CAGR During Forecast Period
11.3.3 France
11.3.3.1 Significant Contribution of France in European Fire Protection System Market Owing to Stringent Government Regulations
11.3.4 Rest of Europe
11.3.4.1 Italy and Spain Considered as Evolving Markets for Fire Protection Systems
11.4 APAC
11.4.1 China
11.4.1.1 China to Dominate Fire Protection System Market in APAC
11.4.2 Japan
11.4.2.1 Japan Proved to Be One of the Significant Contributors to Fire Protection System Market in APAC
11.4.3 South Korea
11.4.3.1 Fire Prevention and Safety Initiatives to Boost Fire Protection System Market Growth in South Korea
11.4.4 Rest of APAC
11.4.4.1 India is One of the Developing Markets for Fire Protection Systems
11.5 Rest of the World (RoW)
11.5.1 Middle East and Africa
11.5.1.1 Middle East to Lead Fire Protection System Market in RoW Owing to Highly Hazardous Environment in Oil and Petroleum Business
11.5.2 South America
11.5.2.1 Lower Adoption of Fire Protection Systems in South America Compared to Middle East & Africa
12 Competitive Landscape
12.1 Overview
12.2 Market Player Ranking Analysis
12.3 Competitive Situations and Trends
12.3.1 Agreements, Contracts, Collaborations, and Mergers (2015-2017)
12.3.2 Product Launches and Developments (2016-2017)
12.3.3 Expansions (2015-2018)
12.3.4 Acquisitions (2015-2017)
13 Company Profiles
13.1 Key Players
13.1.1 Johnson Controls
13.1.2 United Technologies
13.1.3 Honeywell
13.1.4 Siemens
13.1.5 Halma
13.1.6 Robert Bosch
13.1.7 Hochiki
13.1.8 Minimax Viking
13.1.9 Gentex
13.1.10 Securiton AG
13.2 Other Key Players
13.2.1 Encore Fire Protection
13.2.2 Sterling Safety Systems
13.2.3 Fire Suppression Limited
13.2.4 Schrack Seconet AG
13.2.5 Napco Security Technologies
13.2.6 VFP Fire Systems
13.3 Fire Protection Service Companies
13.3.1 S&S Fire Suppression Systems
13.3.2 Fireline Corporation
13.3.3 ORR Protection
13.3.4 Argus Fire Protection Company Ltd
13.3.5 Firetrol Protection Systems, Inc
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