Fire Protection Systems Market
Fire Protection Systems Market Analysis by Product (Fire Analysis, Fire Detection, Fire Suppression), by Service (Managed Fire Protection Service, Fire Protection Systems Maintenance Service), by Application & Region - Global Forecast 2022-2032
Analysis of Fire Protection Systems market covering 30+ countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Fire Protection System Market Outlook for 2022-2032
The global sales of fire protection system garnered a market value of US$ 70 Billion and is expected to register a CAGR of 7% by accumulating a market value of US$ 138 Billion through the assessment period 2022-2032
Increasing concern for safety and awareness of precautionary measures is playing a key role in the adoption of fire protection systems in various end user industries. Moreover, demand from the commercial sector is influencing the sales of fire protection systems.
Market Size in 2021
US$ 70 Billion
Market Value in 2022
US$ 75 Billion
Project Market Forecast Value in 2032
US$ 138 Bn
Global Growth Rate (2022-2032)
Market Share of North America
Key Companies Profiled
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Demand Analysis of Fire Protection System from 2015 to 2021 Vs Market Projections for 2022 to 2032
As per Fact.MR’s report, from 2015 to 2021, the global sales of fire protection system surged at a CAGR of 6%. Growth is majorly attributed to toughening fire safety standards implemented across all continents to avoid the occurrence of any catastrophe. Also, countries are enforcing safety standards, compliant with various international regulations concerns fire hazards and safety.
During the COVID-19 pandemic, the need for fire protection systems was profoundly needed, especially across the healthcare domain. Given the exponential hospitalization rates during various waves of the infection, hospital and clinic staff emphasized on the need to prevent any incidents of fires, thereby enhancing their demand.
Manufacturers of fire protection systems are integrating the same with technology that alerts cases of fire quickly. Moreover, audio and video detection of fire is maximizing the use of the same not only in commercial sectors but also in forest areas. Thus, the sales of fire protection systems are expected to exceed US$ 138 Bn by registering a CAGR of 6.3% in the forecast period 2022-2032.
Importance of Precautionary Measures Surging Demand for Fire Protection Systems?
Fire protection system is one of the most important systems required to be installed in any building or establishment. It is used to detect, control, and safeguard inhabitants in a building or an establishment from fire hazards. These systems help extinguish smoke or fire and alarm the building occupants. This, in turn, reduces the chances of loss of property and life.
In addition, fire protection systems include equipment consisting of fire detectors, fire analysis software, fire suppression systems, fire response systems and fire sprinkler systems. These fire protection systems are installed in various infrastructure that includes residential buildings, industrial buildings, and commercial buildings. This helps to save lives and infrastructure as people are alerted at the correct time.
The efforts from various systems integrators, manufacturers, and dealers have created widespread awareness among users. The launch of fire safety programs and the use of targeted marketing explaining the benefits of a fire protection system have drawn the attention of large as well as small and medium enterprises. This has led to steady market growth over the past few years.
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Rapid Urbanization Key Reason to Escalate Sales of Fire Protection Systems?
Rapid urbanization has led to the construction of new properties that consists of residential and non-residential sectors. This, in turn, is expected to create lucrative opportunities for fire protection system manufacturers. In addition, the industrial and commercial areas majorly use fire protection systems for employee safety.
Moreover, an increase in the number of property damage due to fire accidents is driving the sales of fire protection systems. In addition, the market for fire protection systems is driven by government regulations, standards, and codes. As the growing standard for safety has impelled organizations to install fire protection systems, the sales of the same are expected to grow.
Presence of Fire Protection Systems Manufacturers Accelerating Demand in North America?
Rising demand for smart buildings and intelligent houses that deliver optimum safety are creating lucrative business opportunities in U.S and Canada. Furthermore, strong presence of fire protection system manufacturers such as Raytheon Technologies Corporation; GENTEX CORPORATION; and Honeywell International Inc in North America is positively influencing the demand for fire protection systems.
Thus, these companies are actively spreading awareness through marketing programs regarding fire protection systems. North America is expected to dominate the market for fire protection systems by possessing more than 33% market share in the forecast period.
Awareness Sessions Driving Sales of Fire Protection Systems in Asia Pacific?
Growing urbanization in countries like India and China is creating humongous demand for fire protection systems in the region. In addition, the construction and infrastructure industry are contributing to the growth of fire protection systems.
Moreover, increasing awareness sessions held by corporate offices and residential areas is driving the sales of fire protection systems. Thus, Asia Pacific is expected to hold more than 2/5th revenue over the forecast period.
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Stringent Government Rules Increasing Adoption of Fire Protection Systems?
The commercial application for fire protection systems consists of government, BFSI, healthcare, retail, telecom, IT and educational institutions. This, in turn, is increasing the demand for fire protection systems in commercial applications. In addition, stringent government rules for fire prevention and control for safety purposes has across the globe is propelling the demand for fire protection systems in the commercial sector.
Furthermore, companies are focusing on increasing investments in fire protection systems to reduce the loss of life and property to safeguard the infrastructure. This, in turn, is expected to increase the demand for fire protection systems. Thus, the commercial application segment is expected to dominate the by possessing more than 45% market share for fire protection systems.
Audio and Video Detection Spurring Demand for Fire Detection Systems?
Regulatory requirements by various organizations, such as Building Code Australia and the National Fire Protection Association by the United States have made the installation of fire detection systems compulsory. This, in turn, is boosting the demand for these systems.
Moreover, technological advancements such as audio and video detection is helping fire detection systems to alarm people in instances of crisis. Thus, fire detection is expected to account for more than 50% share for fire protection system.
Prominent fire protection system manufacturers are reliant on a plethora of expansion strategies aimed at enhancing their global footprint. Acquisitions, mergers, collaborations and new product launches are some of these approaches. Some notable developments are as follows:
- In November 2021, Robert Bosch GmbH acquired Protec Fire and security group. The company is focusing on strengthening its presence in the European region.
- Likewise, that same month, Johnson Controls launched the Smart Fire Sprinkler Monitoring solution. This solution offered 24/7 monitoring capabilities via cloud, supported operational downtime, reduced building damage, and prevented system failure.
- Furthermore, in October 2020, Honeywell launched a new cloud platform for fire safety systems. This platform enabled technicians to minimize the disruption, aid in compliance, and reduced the time required to design, install, commission, and maintain the safety of systems.
Key Segments Covered in the Industry Report
- Fire Analysis
- Fire Detection
- Fire Suppression
- Fire Sprinkler System
- Fire Response
- Managed Fire Protection Service
- Fire Protection Systems Maintenance Service
- Fire Protection System Installation and Design Service
- Other Services
- Commercial Applications
- Industrial Applications
- Residential Applications
- FAQs -
Fact.MR expects the market for fire protection systems to be valued at US$ 75 Billion
From 2015-2021, demand for fire protection system surged at around 6% CAGR
The fire protection system industry is expected to surpass a CAGR of 6.3% from 2022-2032.
The fire protection system market is expected to reach nearly US$ 138 Bn by 2032
Increase in urbanization along with integration of technology for audio and video detection of fire are the key trends driving fire protection system sales.
Fire detection systems are expected to gain more than 50% market share for fire protection system market.
Commercial sectors are expected to hold more than 45% market share for fire protection system market.
The fire protection system industry is expected to possess nearly 33% market share throughout North America.
The fire protection system industry is expected to possess nearly 40% market share throughout Asia Pacific.