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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.
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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.
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.
Fire Protection Systems Market – Geographical Analysis
North America region leads the Global Fire Protection Systems Market and is expected to witness a fabulous market growth during the review period. Technological advancement and increased adoption of automation across the residential and industrial construction projects are some of the key driving forces behind the market growth. The growth is predominantly driven by the augmented demand & availability of quality automated system in the region.
Europe is another lucrative market for fire protection systems drawing a substantial market share. The market is poised to witness huge growth over the review period. The increasing smart homes and automation project are fostering the market growth in the region. Simultaneously, the proliferation of smart and connected devices along with the penetration of Internet is substantiating the market growth. Simultaneously, the regulatory mandates introduced in the region coupled with the presence of large untapped consumer base are providing impetus to the market growth.
The Asia Pacific market for fire protection systems perceives a rapid expansion stage backed by the growing markets in China, Japan and India. The wide uptake of connected devices along with the presence of sensors manufacturing companies acts as a major driving force to the market growth in China and India.
Global Fire Protection Systems Market – Competitive Analysis
Players operating in the competitive market of fire protection systems strive to offer simplified solutions that can improve installation and modification times and reduce overall costs. these players by avoiding the need for cumbersome tasks are improving safety as well as the installation times of their systems.
Key players provide everything from pre-planning services to installation and maintenance including a survey and analysis of the site, along with a review of the building's use and local codes and an examination of the site's FM, insurance, needs, and a water flow examination for planning installation.
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