According to a new report published by Allied Market Research, titled, “ — Fire Protection Systems Market by Product Type, Type, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global fire protection systems market size was valued at $96.5 billion in 2019, and is projected to reach $131.2 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.
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North America generated the highest revenue in 2019, however, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, followed by LAMEA. In addition, an increase in fire casualty rate, property damage, and a rise in public safety concerns in developing countries such as India, Vietnam, and Indonesia during fire accidents is expected to propel the fire protection systems industry growth.
Moreover, the market development is majorly influenced by the growth of the commercial sector and the increase in expenditure on construction buildings. However, fluctuating raw material prices hamper the fire protection systems market growth. The impact of this factor is anticipated to reduce in the future, due to intense competition by the market players.
Covid-19 Impact Analysis
COVID-19 has affected the demand for new fire protection systems in the first quarter of 2020 and is likely to cause a negative impact on the fire protection systems market growth throughout the year. The demand for fire protection products and equipment has drastically declined in developing countries, including India, Brazil, Vietnam, and China, thereby halting the production of new fire protection products. Furthermore, the disruption of supply chains is causing hindrance in the installation of new fire protection systems across the globe.
Top 10 Companies in The Market
Gentex Corporation, Halma Plc, Hochiki Corporation, Honeywell International Inc., Johnson Controls International Plc., Minimax Viking GmbH, Robert Bosch GmbH, Securiton AG, Siemens AG, and Raytheon Technologies.
The report provides an extensive analysis of the current and emerging fire protection systems market trends and dynamics.
By product type, the fire detection segment dominated the market, in terms of revenue in 2019, however, the fire analysis segment is projected to grow at a CAGR of 7.0% during the forecast period.
On the basis of type, the active fire protection systems segment registered the highest growth in the market in 2019.
Depending on end-users, the commercial segment dominated the fire protection systems market, in terms of revenue, in 2019, and is projected to grow at a CAGR of 6.0% during the forecast period.
North America region accounted for the highest market share in 2019, while Asia-Pacific is expected to register the highest CAGR throughout the forecast period.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
The in-depth fire protection systems market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
Key players operating in the fire protection systems market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the fire protection systems industry.
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