North America Fire Protection System Market growing at a CAGR 8.5% from 2017 to 2023 | Allied Market Research
The report provides detailed analyses of the top winning strategies, market share & estimations, driving factors & opportunities, key market segments, and competitive landscape. According to the report, the North America fire protection system market accrued $13.79 billion in 2016 and is expected to reach $25.58 billion by 2023, registering a CAGR of 8.5% from 2017 to 2023.
The U.S. to lead in terms of revenue, Mexico to attain the fastest CAGR
Among countries analyzed in the study, the U.S. showed the highest market share of nearly 60% in 2016 and would continue to maintain its lead through the forecast period. This is because the key market players operating in the region have introduced advanced solutions and services for fire protection systems. However, the Mexico fire protection systems market is expected to achieve the fastest CAGR of 10.3% from 2016 to 2023.
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The North America fire protection systems market is broadly segmented based on type into products and services.
In the product segment, the fire detection systems segment accounted for about a 30% share of the market in 2016 and is expected to retain its dominance through 2023. This is attributed to the enactment of stringent government norms and the implementation of the NFPA fire security code for integrating security systems in ongoing and upcoming constructions for fire and general safety.
Manufacturing segment to dominate, oil & gas and mining to register the fastest growth by 2023
The manufacturing segment accounted for more than one-fifth share of total market revenue in 2016 and would maintain this trend through the study period. This is because security and fire protection systems are highly adopted in the manufacturing sector to safeguard property, people, production, and assets. However, the oil & gas and mining sector would register the fastest CAGR of 10.3% from 2016 to 2023 due to the high risk of fire hazards in the oil & gas sector.
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Key Findings of the North America Fire Protection Systems Market:
o The manufacturing segment accounted for the highest share of the North America fire protection systems industry by industry vertical in 2016, growing at a CAGR of 8.8% from 2017 to 2023.
o The BFSI fire protection systems market by industry vertical generated the second highest revenue share in 2016 and is projected to grow at a rate of 7.3%.
o The U.S. fire protection systems market generated the highest share, valued at $8,229 million, in terms of revenue in 2016.
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Prominent players of the industry
Honeywell International Inc., Johnson Controls, Inc., Siemens AG, Orcus Fire & Risk, Inc., Halma PLC, Robert Bosch GmbH, United Technologies Corporation, Amerex Corporation, Gentex Corporation, and HOCHIKI Corporation. These market players have adopted different strategies such as collaborations, mergers & acquisitions, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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