Fire Protection Systems Market Forecasted to Reach USD 95 Bn. by 2023, MRFR Unleashes Insights for 2017 – 2023

Fire Protection Systems Market
Fire Protection Systems Market, by Type (Active, Passive), by Product (Fire Detection, Fire Suppression, Fire Analysis, Fire Response), by Service (Engineering, Managed, Maintenance, Installation & Design), by Vertical – Forecast 2023

Market Highlights:

Market Research Future (MRFR), in its recently published study report, asserts that the global market of fire protection systems is forecasted to perceive the valuation of USD 95 Bn. by 2023 registering a CAGR of 8% during the forecast period (2017 – 2023). Technological advancements in the field of automation including smart and connected devices and the growing penetration of Internet of Things (IoT) are fostering the market growth.

Over the last decade, budgets approved for the infrastructure development across the regions around the globe have increased significantly. The residential sector is too moving ahead vigorously, witnessing a huge uptake.

Additional factors substantiating the market growth include the other advantages that fire protection systems can provide apart from saving the lives for instance; the higher energy saving and the low operational cost. Witnessing the substantial R&D investments, connectivity solutions are heading towards their way to the prominence, more so than in the volume segment.

On the hand, lack of awareness and requirement of compliance with several regulatory codes and standards is the key growth impeding factor affecting the market growth negatively. Nevertheless, rising demand for smart homes along with the growing demand for the fire protection is projected to increase the growth of the segment during the forecast period.

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Major Key Players:

Siemens AG (Germany),

Honeywell International Inc. (US),

Tyco International PLC (Ireland),

United Technologies Corporation (US),

Johnson Controls International Plc. (US),

Robert Bosch GmbH (Germany),

Halma PLC (UK),

Hochiki Corporation (Japan),

Gentex Corporation (US), and Minimax Viking GmbH (Germany).

Industry/ Innovation/ Related News

August 13, 2018 – Align Capital Partners (US), a private equity firm announced the merger of ABCO Fire Protection into its fire safety platform company, ISA Fire and Security (US). Align had acquired ISA from Gen Cap America, Tennessee private equity firm in January this year following a recapitalization. The deal provides Align with a unique opportunity to achieve the next phase of growth.

Industry Overview:

Fire protection systems are integral to overcome safety challenges occurred due to fire that struck without warning in the most unlikely of places, presenting a significant threat to the livelihood. Even a small blaze in a piece of equipment or machinery can severely impact operations in a building. Installation of fire protection systems helps ensure consistency in inspections and continuity in a comprehensive fire prevention program.

Deploying fire protection systems designed with the reconfiguration can help fireproof warehouses. These fire systems not only respond to an emergency but also mitigate the risk, preventing the fire event from occurring. This makes economic sense for organizations of any size as they mitigate the loss of housing stock and business revenue, but it also prevents injury and the psychological trauma that go along with the fire experience for the people.

Having a fire protection system increases the chance of surviving a fire by more than 80 percent. Hence, these systems are widely deployed in the commercial settings as well as in homes. The increasing integration into smart homes is the key trend observed in consumers during the analysis. The huge uptake of these systems is the key driving force escalating the market on the global platform.

Market Segmentation:

Fire protection systems market has been segmented on the basis of type, product, service and vertical. The service segment is bifurcated into engineering services, managed services, maintenance services, installation & design and other services. Out of which, the maintenance services is expected to hold the largest market share of the fire protection systems market. Also, the maintenance services segment is expected to grow at the highest rate during the forecast period.

The major factor restraining the growth of fire protection systems market is the lack of awareness and lack of integrity in system interfaces. This could be a major factor that could cause hindrance in the growth of fire protection systems market. High implementation and maintenance costs of fire protection systems are other major factors that could hamper the growth of fire protection systems market.

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Intended Audience

  • Technology Investors
  • Research/Consultancy firms
  • Technology Solution Providers
  • Government Bodies
  • Fire Protection Systems Component Providers
  • Fire Protection Systems Service Providers
  • Fire Protection Systems Product Manufacturers
  • Fire Protection Systems Original Equipment Manufacturers (OEMs)
  • Managed Service Providers
  • Third-Party System Integrators
  • Distributors and Traders

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