Press release
Fire Protection Systems Market Worth $1, 31,274.5 Million by 2027 | Covid-19 Impact Analysis With Key Players
Fire Protection Systems Market
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According to a new report published by Allied Market Research, 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.
Fire Protection Systems Market by Product Type (Fire Detection, Fire Response, Fire Suppression, and Fire Analysis), Type (Active Fire Protection Systems and Passive Fire Protection Systems), and End user (Commercial, Industrial, Governmental, Institutional, and Others)
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.
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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.
Competition Analysis
The key companies profiled in the 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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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