According to Precedence Research, the global fire protection system market size was valued at US$ 68.3 billion in 2021 and is expected to hit US$ 127.3 billion by 2030 poised to grow at a noteworthy compound annual growth rate (CAGR) of 7.1% from 2021 to 2030.
Fire protection systems are deployed in the buildings to control, detect and aware the occupants of the building regarding the happening of an incident and this will help in reducing the risk of any casualty and save the property. This lucrative functionality of the fire protection systems is expected to drive the growth of the fire protection system market. It consists of fire detectors, fire extinguishers, fire hydrant systems, fire hose reels and automatic sprinkler systems.
With the advancement of technology, the fire protection system is now embedded with wireless technologies and this factor will positively contribute towards the market growth. For instance, Om 22nd September 2021, Johnson Controls, the global leader for smart, healthy and sustainable building announced that it has developed body worn cameras and autonomous robots and integrated it with the package screening technology powered by RaySecur. The development of these intelligent technologies further strengthen Johnson Controls comprehensive building security portfolio and enable customers to extend the power of their systems far beyond the capabilities of traditional access control and video surveillance. Additionally, the strict regulation by the Governing agencies across the world regarding the safety matters related to the fire accidents are compelling the owners of the buildings to implement the fire protection systems and this attribute is anticipated to boost the market growth.
Due to innovative technologies, the fire protection systems are now installed in aircrafts, trains, ships and others to monitor or detect the fire accidents and take necessary precaution to eliminate huge losses that may incur due to a fire accident. These systems are also integrated with the water piping systems that sprinkles the water when the fire protection systems signals or detects a fire or smoke. Furthermore, the rapid growth in the construction industry across the developing nations such as India and China are expected to foster the market growth. Also, with the rising concerns over safety among the customers are some of the factors that will drive the market growth.
Report Scoe of the Fire Protection System Market
|Market Size||USD 127.3 Billion by 2030|
|Growth Rate||CAGR of 7.1% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Service, Application, Region|
|Companies Mentioned||Siemens, Johnson Controls, Raytheon Technologies Corporation, Honeywell International Inc., GENTEX Corp., Halma plc, Robert Bosch GmbH, Eaton|
Based on the Product, the Fire Protection System Market is divided into fire detection, fire suppression, fire response, fire analysis and fire sprinkler system. The fire detection product segment dominates the Fire Protection System Market accounting for more than 57.7% of revenue share in 2020. It is also expected to grow significantly during the forecast period. It comprises of numerous devices that works simultaneously in detecting and warning people during the accident. The warning signals involve smoke signals, alarm systems and others. The Governing agencies across the globe has mandated the installation of fire protection systems in offices, malls, theaters and many others place and this regulation is anticipated to drive the growth of the Fire Protection System Market.
The fire analysis product segment is also estimated to grow significantly in the upcoming years owing to the surge in the need for fire analysis that helps in making proper decision for fire prevention. Fire analysis is an essential part of the fire protection system that helps in decision making which results in maximizing the efficiency. It is widely used in fire mapping & analysis software and fire modeling & simulation software.
Based on the Services, the installation and design service segment contributed more than 44% of revenue share in 2020 and is expected to grow significantly during the forecast period. The installation and design service refer to the process of outsourcing the solutions such as development, designs, upgrades documentation and installing processes of the fire protection system. They are extensively used across building of all sizes owing because of the benefits it provides to the small, mid-size and large building. All these factors are anticipated to fuel the market growth.
The maintenance segment is also estimated to grow significantly in the upcoming years. The fire protection systems are deployed in detecting and alerting the people in the happening of a smoke or fire incident and any defect in the system may result in the loss of life or assets. Thus, it requires regular maintenance that will reduce the possibility of failure and will increase the life of the fire protection system. Maintenance services include the audits and services of various components of the fire protection system that will ensure that the system works efficiently.
Based on the application, the market is divided into commercial, industrial and residential. The commercial application segment leads the market accounting for more than 48.5% revenue share in 2020 and is estimated to grow significantly in the upcoming years. The commercial application segment consists of BFSI, government, retail, telecom & IT, educational institutions, healthcare and many others. The stringent Government regulations to install the fire safety systems form the primary factor that fuels the market growth in the commercial segment. Moreover, the rise in awareness among the organizations to eliminate the loss of property and life and to protect their infrastructure is the attributes that is anticipated to drive the market growth.
The industrial application segment is also forecasted to grow remarkably with a CAGR of 7.8% during the forecast period. It comprises of mining, energy & power, Oil & gas and manufacturing. The requirement for protecting the automated systems is expected to fuel the market growth.
North America leads the market of Fire Protection System Market contributing a revenue share of more than 38% in 2020 and is estimated to grow during the forecast period owing the surge in demand for intelligent houses and smart buildings that provides optimal safety. Additionally, the presence of major market players such as GENTEX Corp., Raytheon Technologies Corporation and Honeywell International, Inc. in the region accelerates the market growth.
Asia Pacific is anticipated to witness the highest CAGR over the forecast period owing to the presence of developing nations in this region such as India, Japan, and China. Moreover, the rapid urbanization and growing concerns over safety among the consumers are some of the factors that is expected to drive the growth of the fire protection system market.
Key Companies Profiled
The global fire protection system market is characterized by the presence of various small and big players. The major market players are Johnson Controls; Honeywell International Inc.; Raytheon Technologies Corporation; GENTEX Corp.; Siemens; Robert Bosch GmbH; Halma plc and Eaton. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the safety measures and in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Segments Covered in the Report
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