Fire Protection Systems Market size is projected to reach $131.2 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027

According to a new report published by Report Ocean, titled, “Fire Protection Systems Market by Product Type, Type, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global fire protection systems market size was valued at $96.5 billion in 2019, and is projected to reach $131.2 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.

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North America generated the highest revenue in 2019, however, Asia-Pacific is expected to grow at a highest CAGR during the forecast period, followed by LAMEA. In addition, increase in fire casualty rate, property damage, and rise in public safety concerns in the developing countries such as India, Vietnam, and Indonesia during fire accidents is expected to propel the fire protection systems industry growth. Moreover, the market development is majorly influenced by growth of the commercial sector and increase in expenditure on construction buildings. However, fluctuating raw material prices hamper the fire protection systems market growth. The impact of this factor is anticipated to reduce in future, due to intense competition by the market players.

Major types of fire protection systems included in the report are fire detection, fire response, fire suppression, and fire analysis. The fire detection systems segment has highest share in fire protection systems market in 2019, owing to increase in demand for fire detectors in different industrial verticals such as data center and banks. Moreover, many companies are focusing on development of advance fire detector systems. For instance, in December 2019, UK-based Apollo Fire Detectors Ltd., a subsidiary of Halma Plc., launched UL range of detectors, such as XP95A, Discovery UL, and Series 65A.

By end user, the commercial segment accounted for the largest market share in in 2019, due to increase in commercial construction activities and repair. The commercial sector employs fire protection products such as fire extinguisher and sprinklers in large scale. Furthermore, the market is expected to witness significant growth in China and India, owing to increase in population growth.

Moreover, the construction of new official buildings, commercial complexes, railway stations is expected to boost the growth of the market in the commercial sector. High acceptance of fire analysis systems from commercial buildings is anticipated to propel the growth of the market.

Depending on type, the active fire protection segment accounted for the maximum share in 2019, and is expected to maintain its lead throughout the forecast period. This is attributed to rapid industrialization and government efforts to expand and upgrade the existing infrastructure.

COVID-19 has affected the demand for new fire protection systems in the first quarter of 2020 and is likely to cause a negative impact on the fire protection systems market growth throughout the year. The demand for fire protection products and equipment has drastically declined in the developing countries, including India, Brazil, Vietnam, and China, thereby halting the production of new fire protection products. Furthermore, the disruption of supply chains is causing hindrance in installation of new fire protection systems across the globe.

Furthermore, companies have adopted product launch as its key developmental strategy to sustain the intense competition and expand their foothold in the global market. For instance, in August 2019, Honeywell International Inc. launched VESDA -E VES aspirating smoke detectors. It offers Ethernet and Wi-Fi connectivity with Xtralis software for configuration. It is used in complex buildings and residential sectors.

The key players profiled in the fire protection systems market report include Gentex Corporation, Halma Plc, Hochiki Corporation, Honeywell International Inc., Johnson Controls International Plc., Minimax Viking GmbH, Robert Bosch GmbH, Securiton AG, Siemens AG, and Raytheon Technologies.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging fire protection systems market trends and dynamics.
By product type, the fire detection segment dominated the market, in terms of revenue in 2019, however, the fire analysis segment is projected to grow at a CAGR of 7.0% during the forecast period.
On the basis of type, the active fire protection systems segment registered highest growth in the market in 2019.
Depending on end user, the commercial segment dominated the fire protection systems market, in terms of revenue, in 2019, and is projected to grow at a CAGR of 6.0% during the forecast period.
North America region accounted for the highest market share in 2019, while Asia-Pacific is expected to register the highest CAGR throughout the forecast period.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
The in-depth fire protection systems market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
Key players operating in the fire protection systems market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the fire protection systems industry.

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This release was published on openPR.