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Fire Protection System Market Worth $88.94 Billion By 2024 With A Growing Cagr Of 7.6%
According to the new market research report "Fire Protection System Market by Product (Fire Detection (Flame, Smoke (Photoelectric, Ionization, Dual), Heat), Fire Suppression, Fire Sprinkler (Dry, Wet, Pre-Action, Deluge), Fire Analysis, Fire Response), Service, Vertical - Global Forecast to 2024", 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. 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 are driving the growth of the fire protection system market.
Fire suppression systems held largest size of fire protection system market in 2017
Fire suppression systems held the largest market size in 2017. Fire suppression system starts operating once it receives fire alerts from different sensors and detectors. By suppression agent, the fire suppression market has been segmented into chemical, gaseous, water, and foam. The fire suppression system ...
... suppresses fire by the immediate release of a suppression agent. Suppression agent usage in the fire suppression system varies as per the sector. Owing to technological advancements and innovations in the construction industry; increasing policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts, the need for fire suppression systems is expected to grow in the near future.
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Commercial vertical to hold largest market size from 2018 to 2024
The commercial vertical holds a large share of the fire protection system market, and a similar trend is likely to continue during 2018–2024. The commercial vertical has been further segmented into healthcare; academia & institutional; hospitality; retail; and banking, financial services, and insurance (BFSI). Fire protection systems are required in academia & institutional buildings to minimize the risk of any fire hazard. Water-based fire sprinkler systems are mainly used in this space. Fire suppression, detection, and sprinkler systems immensely contribute to the overall fire protection. As the number of retail shops and malls in urban areas has increased drastically over the last few years, the retail sector requires fire protection systems that include fire suppression systems, fire sprinklers, fire and smoke detectors, fire pumps, water storage tanks, fire extinguishers, and hood suppression systems. The market for the commercial vertical is expected to grow at a considerable rate during the forecast period.
North America to dominate fire protection system market from 2018 to 2024
North America is expected to dominate the overall fire protection system market during the forecast period. In North America, the fire protection system market is dominated by the US and Canada. These countries have witnessed significant infrastructural developments owing to the high population growth rate, due to which the demand for fire protection systems is also increasing. In 2017, the US offered a tax incentive to install sprinklers, where small business enterprises will be able to retrofit fire sprinklers at an amount of ~USD 1 million each year. Additionally, supportive government regulations, the adoption of advanced fire protection technologies, and increasing concerns related to fire protection are driving the growth of the fire protection system market in North America.
Key players in the fire protection system market are Johnson Controls (Ireland), United Technologies (UTC, US), Honeywell (US), Siemens, (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Minimax Viking (Germany), Gentex (US), and Securiton AG (Switzerland).
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