The global fire protection system market is segmented into verticals such as oil, gas, & mining, energy & power, transportation & logistics, residential, commercial, government, manufacturing other verticals. Among these segments, oil, gas, & mining segment are expected to grow at a significant CAGR in fire protection system market during the forecast period. Increasing spending on the installation of fire protection system is expected to be the major factor behind the growth of the oil, gas, & mining. Moreover, strict government regulations regarding the installation of fire station system in industries is believed to impel the growth of the fire protection system.
Global Fire Protection System Market is expected to flourish at a CAGR of 10.9% over the forecast period. Moreover, the global fire protection system market was valued USD 48.06 Billion in 2015 to USD 98.11 Billion by 2021. Increasing concern about the prevention of fire accidents, industry sector is driving the adoption of oil and gas fire protection system. Moreover, strict government regulations impelling the installation of fire protection system in industries bodes well for the growth of the fire protection system market.
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North America captured the largest market share in overall oil and gas fire protection system market in 2015. Further, North America is believed to continue its dominance over the forecast period. Increasing investment in oil gas and sector in North America is expected to benefit the growth of the market. Apart from this, strict fire regulation in the region is anticipated to spearhead current and future market growth prospects. U.S. is the major country contributing to the growth of the fire protection system market.
Europe region is anticipated to showcase significant growth during the forecast period. The European fire protection system market was valued at USD 9.12 Billion in the year 2015 and it will grow at 14.4% annually to reach USD 20.2 Billion by the end of the year 2021. The Europe fire protection system market accounted 28.52% of the global fire protection system market in the year 2015.
Growing Industry across the Globe
Positive growth and expansion of industries is envisioned to bolster the growth of the fire protection system market during the forecast period. Further, increasing rate of accidents is a key factor driving the global fire protection systems market. The advancement of fire protection technology is another factor fuelling the demand of the global fire protection systems market.
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Stringent Government Regulations
Strict government norms regarding the safety of property and life are propelling the demand for fire protection systems in industries. Moreover, standard and certification requirements of fire protection equipment are anticipated to positively impact the growth of the fire protection market. Although, high cost of installation is likely to inhibit the growth of the global fire protection system market in the near future.
The report titled ““Fire Protection System Market: Global Demand Analysis & Opportunity Outlook 2021”” delivers detailed overview of the global fire protection system market in terms of market segmentation by technology, by vertical, by service and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global oil and gas fire protection system market which includes company profiling of Gentex Corporation, Hochiki Corporation, Honeywell International Inc., Robert Bosch GmBH, Tyco International Ltd, United Technologies Corporation, VT MAK, Halma PLC, Siemens AG, Johnson Controls, Kevta Fire Systems Inc., Orcus Fire & Risk Inc., Gielle SRL, Trelleborg AG, 3M company and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global fire protection system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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