Fire Protection System Market Growing Steady at 7.6% CAGR and Projected to Reach USD 88.94 Billion by 2024

The fire protection system market is expected to grow from USD 57.33 billion in 2018 to USD 88.94 billion by 2024, at a CAGR of 7.6% from 2018 to 2024.

Fire Protection System Market 2024 report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

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Target Audience:
Designers and manufacturers of fire protection systems
Fire protection systems software providers
Fire protection system product providers
Fire protection system service providers
Government bodies such as regulatory authorities and policymakers
Research organizations, associations, and consulting companies
System integrators of fire protection systems
Technology consultants

The fire protection system market is expected to grow from USD 57.33 billion in 2018 to USD 88.94 billion by 2024, at a CAGR of 7.6% from 2018 to 2024. The growth of the market is fueled by rise in deaths and loss of property due to fire breakouts, stringent government regulations and mandates, rising demand for wireless technologies for fire detection, and technological advancements in the construction industry.

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Market for smoke detectors to grow at highest CAGR during forecast period
Fire detectors are available for residential, commercial, and industrial use. Fire detection systems are permanently installed manual and automatic systems to detect fires at an early stage and quickly inform the relevant emergency service. Fire detection products such as flame detectors, smoke detectors, and heat detectors alert the occupants through alarms, as well as trigger automatic fire extinguishers such as sprinklers. Smoke detectors are designed to provide early warning of a potential fire, involving ordinary combustible materials. The installation of smoke detectors in buildings to identify fires has been in practice much before that of flame and heat detectors. Fire creates smoke that spreads faster than the actual fire; therefore, smoke detectors can detect fire, trigger fire alarms, and warn occupants about the fire.

Market for fire analysis to grow at high CAGR during forecast period
The market for fire analysis is expected to witness significant growth during the forecast period. Fire analysis is an important part of fire protection, which facilitates informed decisions that lead to maximum efficiency. Fire analysis uses fire mapping and analysis software, and fire modeling and simulation software. Fire mapping and analysis software provides an interactive map display with a real-time system for decision makers to efficiently and quickly make decisions during fire-related situations. Moreover, with increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention, the need for fire analysis software is expected to grow during the forecast period.

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Market for oil, gas, and mining vertical to grow at high CAGR during forecast period
The fire protection system market for the oil, gas, and mining vertical is expected to grow at a high CAGR from 2018to 2024.In the oil, gas, and mining vertical, flammable and combustible materials such as petroleum, crude oil, flammable gases (such as butane), and coal are used. These materials are susceptible to fire; therefore, to avoid fire accidents, advanced fire protection systems are installed in this vertical. Additionally, high-quality fire protection is an integral part of responsible risk management strategies; oil & gas facilities require the best fire protection systems available in the market.

Market in APAC to grow at highest CAGR during forecast period
The fire protection system market in APAC is expected to grow at the highest CAGR from 2018 to 2024 owing to rapid industrialization in emerging economies such as China and India. New construction and real estate projects are driving the demand for fire protection systems and equipment. The government in this region is expected to come up with strict laws and regulations that would make the installation of fire protection systems mandatory in buildings. These factors are fueling the growth of the fire protection system market in this region. Also, growing urbanization has increased construction activities, contributing significantly to the growth of the fire protection system market in APAC.

Key players in the fire protection system market are Johnson Controls (Ireland), United Technologies (UTC, US), Honeywell (US), Siemens (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Minimax Viking (Germany), Gentex (US), and Securiton AG (Switzerland).Other players operating in the fire protection system market are Encore Fire Protection (US),Sterling Safety Systems (UK), Fire Suppression Limited (UK), Schrack Seconet AG (Austria), Napco security technologies (US), and VFP Fire Systems (US).

The breakup of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 45%, Tier 2 = 35%, and Tier 3 = 20%
• By Designation: C-Level Executives = 43%,Directors = 32%, and Others = 25%
• By Region: North America=33%, Europe = 30%, APAC = 26%, and RoW = 11%

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