Press release
Key Market Dynamics in Fire Protection Systems
This report for "Fire Protection System Market by Product (Fire Detection (Flame, Smoke (Photoelectric, Ionization, Dual), Heat), Fire Suppression, Fire Sprinkler (Dry, Wet, Pre-Action, Deluge), Fire Analysis, Fire Response), Service, Vertical - Global Forecast to 2025", shows that the global fire protection system market size will grow from USD 52.7 billion in 2018 to reach USD 95.5 billion by the year 2025, at a 7.6% CAGR from 2018 to 2025.Fire protection systems are used to prevent fire accidents, thus, avoiding damage after that. Fire protection systems are used in several sectors, including residential, manufacturing, commercial, energy & power, and oil & gas. The rise in death toll & loss of property due to fire accidents, stringent government regulations, fire breakouts, and technological advancements that comes in the construction industry are expected to drive market growth.
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Fire analysis segment to have the highest CAGR for the forecast duration in the global fire protection system market.
Although the fire suppression system was the strongest in the market for 2017, the fire analysis segment is likely to display the fastest growth with the highest CAGR from 2018 to 2025. This growth stems due to various factors, including an increase in fire protection-related expenditure for multiple enterprises, governmental norms, and subsequent rise in fire-related deaths. The fire protection system requires real-time analysis and information on the circumstances to allocate the resources for minimizing the damage properly. With fire mapping and analysis software, an interactive map display for a real-time system is provided which assists in decision making during the fire-related accidents.
Oil, gas and mining industry is expected to increase substantially from 2018 to 2025
Following the trend from 2017, oil, gas, and mining vertical has shown promises with the fastest CAGR in the fire protection system market for the forecasted period of 2018-2025. In this segment, there are several combustible and flammable products, for instance, crude oil, petroleum, gases (like butane), and coal. Being susceptible to fire, an advanced fire protection system is a must to avoid any fire-related incident and preventing loss to the property.
Industry-level fire detection and prevention systems are a must for this sector. For the mining sector, gas-based suppression systems (CO2, FM200, inert, and Novec) and Sprinkler systems are recommended while in the mining sector Clean agent fire suppression system, water and foam sprinkler systems, and dry chemical fire suppression systems are used.
The necessity of optimum performance during a calamity to drive the maintenance services segment in the global fire protection system market
Maintenance services will register the highest CAGR during 2018-2025 as a fire protection system is only efficient when it is installed, managed, designed, engineered, and maintained properly. Timely servicing, auditing of fire protection systems are a must to ensure that the equipment follows the latest fire safety standards and their functioning at the time of any emergency.
The Asia Pacific will register the significant growth from 2018 to 2025
Though in 2017, North America had the largest size for fire protection system markets. But with continuous growth and development, the Asia Pacific region will have the highest CAGR during the forecast period from 2018 to 2025. With urbanization increase in Asia Pacific along with construction activities, there will be significant growth for the fire protection systems. Governments have also laid new fire safety measures thus leading to a swift rise for executing these policies. Fire and Security Association of India (FSAI), China Fire Protection Association, and Japan Fire Retardant Association (JFRA) have already developed specific fire safety norms for building, commercial spaces, and industries to follow strictly.
Top key players in this fire protection system market are Gentex (US), United Technologies (UTC, US), Siemens (Germany), Honeywell (US), Halma (UK), Hochiki (Japan), Robert Bosch (Germany), Minimax Viking (Germany), Securiton AG (Switzerland), and Johnson Controls (Ireland).
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Mr. Shelly Singh
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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