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Fire Protection System Market by Product, Fire Suppression, Fire Sprinkler, Fire Analysis, Fire Response), Service, Vertical - Global Forecast to 2024

Fire Protection System Market: Global Forecast until 2024

  • October 2018
  • 168 pages
  • ID: 3816728
In this report:
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Photoelectric smoke detectors registered a shipment of ##.## million units in 2017, which is expected to reach ##.## million units by 2024, at a CAGR of ##.##% from 2018 to 2024.

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Fire protection system market to witness significant rise during 2018-2024

The fire protection system market is forecasted to grow from ~$57.3B in 2018 to ~$88.9B by 2024, at a compound annual growth rate (CAGR) of 7.60 percent from 2018 to 2024. The market increase is fueled by increase in deaths and loss of property due to fire breakouts, stringent government regulations and mandates, increasing demand for wireless technologies for fire detection, and technological improvements in the construction industry. Nevertheless, unexpected failure of fire alarm systems, high installation and maintenance costs of fire protection systems, and high costs involved in replacing traditional fire detectors with smart detectors are hindering the increase of the market.

Market for smoke detectors to grow at topmost cagr during forecast horizon

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 rapidly inform the relevant emergency service.

Fire detection products including flame detectors, smoke detectors, and heat detectors alert the occupants through alarms, as well as trigger automatic fire extinguishers including 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 recognize fires has been in practice much before that of flame and heat detectors. Fire creates smoke that spreads faster than the actual fire; in consequence, smoke detectors can detect fire, trigger fire alarms, and warn occupants about the fire.

Market for fire review to grow at high Compound annual growth rate during projection period

The industry for fire study is anticipated to witness significant increase during the estimate period.Fire review is an important part of fire protection, which facilitates informed decisions that lead to maximum efficiency.

Fire study uses fire mapping and analysis software, and fire modeling and simulation software.Fire mapping and analysis software offers an interactive map display with a real-time system for decision makers to efficiently and rapidly make decisions during fire-related situations.

Furthermore, with growing need for sophisticated fire review, which helps in proper decision-making and fire prevention, the need for fire analysis software is anticipated to grow during the outlook period.

Market for oil, gas, and mining vertical to grow at high Compound annual growth rate during forecast horizon

The fire protection system market for the oil, gas, and mining vertical is anticipated to grow at an important compound annual growth rate (CAGR) from 2018 to 2024.In the oil, gas, and mining vertical, flammable and combustible materials including petroleum, crude oil, flammable gases, and coal are used.

These materials are susceptible to fire; accordingly, to prevent fire accidents, advanced fire protection systems are installed in this vertical. On top of, high-quality fire protection is an integral part of responsible risk management strategies; oil & gas facilities need the best fire protection systems available in the market.

Market in Asia-Pac to grow at topmost cagr during projection period

The fire protection system market in Asia-Pacific is anticipated to grow at the highest compound annual growth rate (CAGR) from 2018 to 2024 owing to quick industrialization in emerging economies including China and India (IN).New construction and real estate projects are driving the industry demand for fire protection systems and equipment.

The government in this area is forecast 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 rise of the fire protection system market in this area.

Also, increasing urbanization has increased construction activities, providing significantly to the increase of the fire protection system market in Asia-Pac.

The breakup of the profiles of primary members taking part for the study has been provided below:

• By Company category: Tier 1 = 45.0 percent, Tier 2 = 35.0 percent, and Tier 3 = 20.0 percent

• By Description: C-suite executives = 43.0 percent, Directors = 32.0 percent, and Others = 25.0 percent

• By Area: North America continent =33%, EU = 30.0 percent, Asia-Pacific = 26.0 percent, and RoW = 11.0 percent

Key competitors in the fire protection system market are Johnson Controls, United Technologies, Honeywell, Siemens, Halma, Robert Bosch, Hochiki, Minimax Viking, Gentex, and Securiton AG. Other actors operating in the fire protection system market are Encore Fire Protection, Sterling Safety Systems, Fire Suppression Limited, Schrack Seconet AG, Napco security technologies, and VFP Fire Systems.

Segment Research

This market research contains the fire protection system market by product (fire detection, fire suppression, fire sprinkler, fire study, and fire response), service (engineering, installation and design, maintenance, and managed), and vertical (commercial; residential; energy & power; government; manufacturing; oil, gas, and mining; and transportation & logistics). The analysis includes the fire protection system market in 4 main regions-North America, Europe (EU), Asia-Pac, and RoW.

Key Benefits of Buying This Report:

Figures of segmentation, studies, and estimations for the sector by product, service, vertical, and area have been provided in the market research.

Value chain study has been performed to provide a detailed insight into the fire protection system market.

Main drivers, market restraints, alternatives, and opportunities pertaining to the market have been precised in this industry report.

In-depth competitive landscape, together with top players and their revenues, has been included.

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