The global fire protection systems market is expected to grow at a CAGR of around 7.2% from 2020 to 2027 and expected to reach the market value of around US$ 97.5 Bn by 2027.
Fire protection is critical for any business. Businesses that invest in fire protection systems see significant benefits when the systems perform as expected. These systems, when installed, reduce damage to the building, expensive equipment, documents, and inventory. Fire suppression systems, smoke detectors, and sprinkler systems are all types of fire protection systems that aid in the detection of fires as well as the protection of building occupants and equipment. A smoke detector and a sprinkler are two common types of fire protection systems. If a fire starts, smoke triggers the detector, triggering the sprinkler system. The water acts as a barrier against the spread of fire. While this is an effective method, automatic fire suppression systems using clean agents are a better choice when dealing with critical equipment or special hazards. These systems detect and extinguish fires while leaving no trace.
Should regulations be curbed to support fire protection system market?
Several high-profile and costly fires highlight the importance of fire safety on construction sites. According to the 2019 National Fire Protection Association (NFPA) report “Fires in Structures Under Construction or Renovation,” there were an average of 3,840 fires per year in buildings under construction (about 10 per day) between 2013 and 2017. Every year, blazes at construction or renovation sites caused US$408 Mn in direct property damage, 12 civilian deaths, and 101 civilian injuries, with construction accounting for the vast majority of property damage (74.5%). NFPA 241 specifies the rules and procedures for preventing fires on construction sites, renovation projects, and demolition sites. Wherever versions of NFPA 1: Fire Code, NFPA 5000: Building Construction and Safety Code, the International Building Code (IBC), or the International Fire Code (IFC) have been adopted into law, the document has legal authority. One of the most beneficial aspects of NFPA 241 is the requirement for a fire safety program that includes numerous precautionary measures. Sprinklers have a unique potential in terms of site safety-no other procedure or system gets water on fire faster and has as much ability to control a blaze. To that end, NFPA 241 recommends that sprinklers be installed to protect buildings "as soon as practicable." However, the standard also states that this installation must adhere to the NFPA 13 guidelines.
Demand for FPS (Fire Protection Systems) in the global market is expected to raise during the forecast period due to strong growth in various industries such as mining, automotive, construction, manufacturing, utilities, and petrochemical. As a result of these factors, several companies are entering the market in Latin America, Asia-Pacific, and Africa in order to capitalize on this demand and expand their geographical footprint. During the forecast period, the increased emphasis on safety will drive the growth of FPS (Fire Protection Systems). FPS is especially useful in high-risk environments such as the oil and gas and chemical industries. These industries are among the most concerned about safety when it comes to FPS (Fire Protection Systems) equipment. Because of the high risks involved in upstream activities, this industry will generate potential business opportunities for global FPS (Fire Protection Systems) vendors. Furthermore, each worker's loss of working days results in a loss of productivity, which has a significant impact on the company's overall output. Thus, adhering to safety regulations and issuing appropriate FPS (Fire Protection Systems) are regarded as wise investment decisions in the oil, gas, and chemical industries. During the forecast period, this factor is expected to pave the way for potential revenue opportunities in the global FPS (Fire Protection Systems) market.
The global fire protection systems market is segmented based on product, service, and application. By product, the market is segmented as fire detection, fire suppression, fire response, fire analysis, and fire sprinkler system. By service, the market is segregated as managed services, installation and design services, maintenance services, and others. Based on application, the market is segmented as commercial, industrial, and residential.
Based on product, the fire detection product segment is expected to account for a sizable market share in the coming years. Because these systems are made up of several devices that work together to detect and warn people via audio and video appliances during a fire, smoke, carbon monoxide, or other emergency. Legislative requirements from various countries, such as Australia's Building Code and the National Fire Protection Association in the United States, have mandated the installation of fire detection devices, boosting demand for these devices.
The installation and design service segment is expected to account for a sizable market share in the coming years. Installation and design services for fire protection systems are an essential component of the value chain. Installers must use standard solutions and purchase ready-to-use equipment sets directly from manufacturers or distributors.
Based on application, the commercial segment has historically led the global market and will continue to do so throughout the forecast period. The demand in commercial applications such as hospitals, educational institutions, and government offices is increasing as a result of governments around the world enacting stringent fire prevention and control standards. This is one of the most important factors that contribute to segmental growth.
North America dominates the fire protection systems, Asia Pacific register fastest growing CAGR
The market for North American fire protection systems is driven by stringent government regulations and infrastructure developments. Because multistory, high-rise buildings require fire protection systems, strict fire and safety codes are being implemented to reduce the risks and losses caused by fire. Because of their high population growth rates, the United States and Canada have seen significant infrastructure developments.
APAC, on the other hand, is expected to be the fastest-growing market for fire protection systems over the forecast period. Growing urbanization has increased construction activity, which is significantly contributing to the market's growth in this region. APAC is a developing region, with countries such as China, Japan, and South Korea driving the region's overall growth in the fire protection system sector.
The prominent players of the global fire protection systems market involve Johnson Controls International plc, United Technologies Corporation, Honeywell International Inc., Siemens AG, Halma plc, Robert Bosch GmbH, Minimax Viking, and among others
Market By Product
Fire Sprinkler System
Market By Service
Installation and Design Services
Market By Application
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Fire Protection Systems Market is expected to reach a market value of around US$ 97.5 Bn by 2027.
The Fire Protection Systems Market is expected to grow at a CAGR of around 7.2% from 2020 to 2027.
Based on product, fire detection segment is the leading segment in the overall market.
Stringent regulation is one of the prominent factors that drive the demand for Fire Protection Systems Market.
Johnson Controls International plc, United Technologies Corporation, Honeywell International Inc., Siemens AG, Halma plc, Robert Bosch GmbH, Minimax Viking, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years