Fire Protection Systems Market Size Expected To Grow Remarkably Well, Registering Over CAGR at 8% of CAGR by 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:

Fire protection systems market is estimated to exhibit high growth potential during the forecast period owing to increasing demand for fire protection systems across various industry verticals. Major driving factor in the growth of fire protection systems market is the increasing trend of automation in commercial buildings and smart homes. This is owing to the increasing popularity of internet of things and growing applications of the same. Increasing advancements in technology is another major factor responsible for the growth of fire protection systems market. Increased innovations in equipment and networking are another major factor responsible for fueling the growth of fire protection systems market. A stringent regulatory norm for fire protection systems is another prime factor responsible for driving the market growth of fire protection systems in coming years.

According to MRFR, The global Fire Protection Systems Market is expected to grow at approximately USD 95 Billion by 2023, at 8% of CAGR between 2017 and 2023.

The prominent players in the fire protection systems market are – Honeywell International Inc. (U.S.), Siemens AG (Germany), Tyco International PLC (Ireland), Johnson Controls International Plc. (U.S.), United Technologies Corporation (U.S.), Robert Bosch GmbH (Germany), Hochiki Corporation (Japan), Halma PLC (U.K), Minimax Viking GmbH (Germany), and Gentex Corporation (U.S.).

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In this rapidly changing world of technology, fire protection systems market is projected to show major growth prospects during the forecast period. A major factor driving the fire protection systems market is the increasing demand for implementing stringent measures to reduce the loses from fire accidents. Increasing demand for fire protection systems across various industry verticals is another major factor responsible for fueling the growth of fire protection systems market.

Regional Analysis:

The regional analysis of fire protection systems market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Europe is projected to grow at the fastest rate during the forecast period. The major growth in fire protection systems market in North America is attributed to technological advancements and increasing adoption of fire protection systems across various industry verticals in that region.

It has been observed that North America is estimated to account for the largest share of the market, whereas Europe market is projected to grow at the fastest rate during the forecast period. The major growth in fire protection systems market in North America is attributed to technological advancements and increasing demand for fire protection systems across different industry verticals in that region. Increasing awareness about installation of fire safety systems and government fire safety regulations is one of the major factors responsible for the growth of fire protection systems market.

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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