Market Highlights
The fire protection system market spans across North America, Europe, Asia-Pacific, and Middle East & Africa, South America.
Fire protection systems are used to detect, control, and extinguish fire or smoke and alert the occupants of a building or an establishment about the same, thereby reducing the risk of casualties and loss of properties. Fire protection systems include equipment such as fire detectors, fire extinguishers, fire hose reels, fire hydrant systems, and automatic sprinkler systems. These systems are deployed in several infrastructures and establishments, such as commercial buildings and manufacturing units, to protect them from unforeseeable fire hazards. Governments across the globe have designed specific codes and standards intended to minimize the possibility and effects of fire and other risks in a facility. For instance, standard NFPA 3 that standardizes the commissioning of fire protection and life safety systems and NFPA 4 that standardizes integrated fire protection and life safety system testing. These initiatives promote the adoption of fire protection systems across the world.
The geographic analysis of the fire protection system market has been conducted for North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW). North America accounted for the largest market share of 33.0% in 2019, with a market value of USD 19,369.7 million; the market is expected to register a CAGR of 8.8% during the forecast period. Technological advancements, developed infrastructure, and introduction of innovative solutions by the key players also drive the demand for fire safety systems in North America. The US and Canada are the key countries in the region. The US holds ~32% of the North American fire protection systems market. Favorable government regulations such as tax incentives to small business enterprises for installation of sprinklers further drive the fire protection systems market in the region.
Europe was the second-largest market. Increase in expenditure by enterprises on fire safety solutions, stringent government policies and regulations, political pressure to condense the losses from fire, and incentives by insurance companies on installation of fire protection systems in buildings are the major drivers for the market. European countries have mandated the installation of fire safety systems at industrial, residential, and commercial places. In Asia-Pacific region, China accounted for the largest market share of 34.92% in 2018, with a market value of USD 5,703.7 million; the market is expected to register a CAGR of 12.2% during the forecast period. Also, the demand for fire and safety equipment in India is rising due to country’s economic growth, rapid industrialization, increase in the number of commercial buildings.
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Taste the market data and market information presented through more than 30 market data tables and figures spread over 296 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Global Fire Protection System Market Research Report –Forecast till 2026”.
Global Fire Protection System Market: Segmentation
The global fire protection system market has been segmented based on type, product, service, vertical and region. Based on type the market has been classified as active fire protection system and passive fire protection system. Based on product, the market has been segmented into fire detection, fire suppression, fire sprinkler, fire response and fire analysis. Based on service, the market has been segmented into managed, maintenance and installation & design. Based on vertical, the market has been segmented into commercial, residential, energy & power, manufacturing, transportation & logistics, oil & gas, government and others.
The key players of global fire protection system market are Honeywell International Inc., Siemens AG, Johnson Controls PLC, United Technologies Corporation, Robert Bosch GmbH, Hochiki Corporation, Halma PLC, Minimax Viking GmbH, Gentex Corporation, Securiton AG, Encore Fire Protection, Fire Suppression Ltd, and Napco Security Technologies Inc. among others.