Press release
Global Fire Detection Market 2019 Industry Analysis and Forecast till 2026 | JOHNSON CONTROLS, UNITED TECHNOLOGIES, HONEYWELL INTERNATIONAL INC, SIEMENS, BOSCH LIMITED, HOCHIKI EUROPE, LLC., GENTEX CORPORATION., SECURITON AG
Global fire detection market
Global Fire Detection Market By Product (Fire Detection, Fire Suppression, Fire Sprinkler System, Fire Analysis, Fire Response, Fire Extinguishers), Service (Engineering, Installation and Design, Maintenance, Managed, Others), Vertical (Residential, Commercial, Energy & Power, Government, Manufacturing, Oil, Gas, and Mining, Transportation & Logistics, Healthcare, Hospitality, IT and Telecommunication, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa) - Industry Trends and Forecast to 2026.
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Market Analysis: Global Fire Detection Market
Global fire detection market is expected to register a substantial CAGR of 8.30% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. The rise in the market value can be attributed to the modernization and technological advancements in construction industry and stringent government regulations and mandates.
Market Definition: Global Fire Detection Market
To extinguish fire and prevent property losses, a fire detection system is designed and developed. This system assists, identify, control, extinguish and detect & alert fire or smoke construction occupants. The fire detection system is an emergency response system that is used in extinguishing all kinds of fire.
Market Drivers:
o Technological advancements and modernization in construction industry, this factor is expected to drive the growth of the market
o Increasing technological advancements in fire protection system, is expected to drive the growth of the market
o Stringent government regulations and mandates, are expected to drive the market
o Awareness due to rise in number of deaths and loss of property due to fire breakouts, is also expected to have a positive impact on the market growth
Market Restraints:
o The high installation and maintenance costs of fire protection systems, may hamper the growth of the market
o Unexpected failure of fire alarm systems, hinders the market growth
o Lack of awareness and requirement of compliance with several regulatory codes and standards
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Competitive Analysis
Global fire detection market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of fire detection market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Major Market Competitors/Players
Few of the major competitors currently working in the global fire detection market are Johnson Controls, United Technologies, Honeywell International Inc, Siemens, Bosch Limited, Hochiki Europe, LLC., Gentex Corporation., Securiton AG, Encore Fire Protection, Sterling Safety Systems, Fire Suppression Ltd, SCHRACK SECONET AG, Napco Security Technologies, Inc., VFP Fire Systems, Inc., 3M, ADT., Chubb Fire & Security Group, Eaton, G4S plc, Kidde.
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