Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Fire Protection Systems Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 07, 2021 (GLOBE NEWSWIRE) -- The Global Fire Protection Systems Market is expected to grow at a CAGR of around 7.2% from 2020 to 2027 and reach the market value of over US$ 97.5 Bn by 2027.
North America holds the dominating share for the fire protection systems market
North America has historically held a large market share for fire protection systems and is expected to maintain this trend throughout the forecast period. The North American market is expected to be driven by rising demand for smart buildings and intelligent homes that provide maximum safety and security. Furthermore, major manufacturers such as Honeywell International Inc., GENTEX CORPORATION, and Raytheon Technologies Corporation have a strong presence in the region. Because these companies are actively involved in raising awareness about fire safety and security, the market is expected to hold the largest share and will maintain its dominance throughout the forecast period.
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Asia Pacific registers fastest growing CAGR for the fire protection systems market
Rising consumer awareness and a thriving construction sector in countries such as India and China are expected to propel the market. Furthermore, one of the major market players, HOCHIKI Corporation, dominates the Japanese market. The company is promoting the use of intelligent sensors aggressively. Japan is one of the early adopters of advanced technology, and with a fire alarm and detection system's average life span of 15 to 20 years, the country is expected to see a high replacement demand.
Growth Factors
Because of a lack of consumer awareness, adoption in various developing countries was initially lower than in developed countries. However, deliberate efforts by various system manufacturers, dealers, and integrators have resulted in widespread awareness among end-users. Launching numerous fire safety programs and explaining the benefits of a fire alarm and detection system has piqued the interest of both small and medium-sized businesses (SMEs) and large corporations. This has paved the way for the market to grow steadily in recent years. Over the forecast period, it is expected that the integration of voice evacuation systems, mass notification services, and the use of addressable systems to pinpoint the exact location of the fire will become more popular. Fire protection systems with the combined features of surveillance and fire detection systems, as well as wireless and IP technologies, are expected to see a significant increase in demand to replace traditional wired systems.
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The market is heavily influenced by the standards and codes imposed by various regulatory bodies. The use of high-priced advanced electronic systems has increased the need to adhere to fire safety standards. As a result, increasing stringency has compelled various organizations to install fire protection systems. As a result, the market is expected to expand significantly during the forecast period.
Segmental Outlook
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.
Competitive Landscape
The major players involved in the 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.
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Some of the key observations regarding the fire protection systems industry include:
- In September 2020, Napco Security Technologies, Inc. announced new service development for the worldwide market. The new development is a new easy cloud-based programming alternative that offers cost-saving FireLink FACPs with onboard LCD annunciators and LTE cellular or cell/IP communicator. This is to offer pros more convenience and flexibility. Cloud-based programming allows FireLink to be programmed from any smart device or tablet.
- In May 2019, Siemens AG announced the launching of a new product namely, "Cerberus Portal". The newly launched product is cloud-based online fire protection software to monitor fire systems. This software can be accessed from PCs, laptops, and tablets to have access to general system status and operate fire systems remotely.
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