Fire Protection Systems Market is predicted to reach USD 133.42 billion by 2030 with a CAGR of 7.4%

The Global Fire Protection Systems Market was valued at USD 96.21 billion in 2020 and is predicted to reach USD 152.88 billion by 2030 with a CAGR of 4.3% from 2021-2030.

Fire protection systems are used to suppress or control fire with the help of manual or automatic detectors. These systems are essentially installed in any building to detect, control and extinguish potential fire outbreaks. They consist of various components such as flame detectors, smoke control device, fire alarms and automatic sprinkler system, which help to alarm the building residents on time and thereby reduce the loss of properties. Apart from residential buildings, fire protection systems find application in various other sectors such as banks, institutions, mining, oil & gas, healthcare and transportation among others for safeguarding against fire.

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Top Companies: 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.

Market Dynamics and Trends

The growth of fire protection system market is gaining momentum due to stringent government regulation to install fire protection system in residential and non-residential buildings across the globe. In addition, oil & gas and mining industries extensively make use of materials such as petroleum, flammable gases and coal which are highly vulnerable to fire. Therefore, to prevent fire accidents there is high demand of fire protection systems in these sectors, which consequently boost the growth of the market. Moreover, rising concerns related to public safety and surge in the number of property damage cases due to fire accidents also drive the growth of the fire protection market. For instance, in 2019, local fire department of U.S estimated that there were 1.3 million fire cases occurred alone in the U.S. These fire accidents caused 3,700 civilian deaths and estimated $14.8 million worth of property damage. Moreover, technological advancements in the industry enables the use of computer and cameras in order to see the visible effects of fire and addressable system to detect the exact location of power in the event of an incident. This in turn fuels the growth of fire protection system.

However, high initial cost and unpredicted failure of fire alarms are the factors expected to hinder the growth of the market. Also, worldwide outbreak of Covid-19 has disrupted production and supply chain of the fire protection equipment, which is expected to hamper the fire protection market growth projection during the forecast period.

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Market Segmentations and Scope of the Study:

The global fire protection systems market is segmented on the basis of product type, type, end-user and geography. On the basis of product type, the market is divided into fire detection, fire response, fire suppression, and fire analysis. On the basis of type, the market is categorized into active fire protection systems and passive fire protection systems. On the basis of end user, the market is segregated into commercial, industrial, governmental, institutional, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the lion share of the fire protection systems market. This is attributed to the factors such advancement in fire protection equipment, stringent fire safety regulation and increasing construction of commercial building. Besides, rising awareness about fire safety concerns and increasing damage of properties due to fire accidents also boost the market growth in this region.

However, the Asia Pacific is expected to witness the highest growth rate during the forecast period. The growth is most likely to be fueled by the rapid industrialization, increasing construction of residential buildings and government regulation towards safety.

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