With 6.4% CAGR, Fire Protection System Market Growth to Surpass USD 84.6 billion

The fire protection system market was valued at USD 62.1 billion in 2021 and is expected to reach USD 84.6 billion by 2026; it is projected to grow at a CAGR of 6.4% from 2021 to 2026. Stringent regulations pertaining to fire safety and urbanization fueling construction industry are major driving factors fostering the growth of the market. Smart city initiatives across the developing countries are offering lucrative growth opportunities for the fire protection system market. Smart city model includes advanced technological platforms that ensure safety and security in different aspects. For instance, intelligent building platforms can use artificial intelligence algorithms to analyze building systems, track fire inspections, and gather pre-incident data.

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"Fire suppression segment to hold the largest size of the fire protection system market from 2021 to 2026."

A fire suppression system starts operating once it receives fire alerts from different sensors and detectors. By product, the fire suppression market has been segmented into fire sprinklers, nozzles, caps, and control heads; fire suppressors; and fire detectors and control panels. Fire suppressors are used to prevent the spread of fire and put it off. Fire extinguishers spray water, foam, carbon dioxide (CO2), and other fire-resistant materials to control fire. The growth of this market is propelled by technological advancements and innovations in the construction industry; rise in the number of policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts.

"Maintenance service to grow at the highest CAGR during the forecast period"

Maintenance services include timely servicing and auditing of fire protection systems to ensure that fire protection systems meet all the required fire safety standards and function appropriately during an emergency. Maintenance services include inspection, testing, servicing, and repair of components, and monitoring of fire protection systems and their components. The services comprise equipment supply, system testing and commissioning, and regular preventative maintenance.

"Fire protection system market for oil, gas & mining to grow at highest CAGR between 2021 and 2026"

The oil, gas, and mining sector is highly prone to fire accidents due to the involvement of highly flammable materials, such as oil, gasoline, and other combustible substances. Highly efficient fire detection and prevention systems are required in this sector to avoid accidents. Clean agent fire suppression systems, dry chemical fire suppression systems, and water and foam sprinklers are mainly used in the mining sector. Gas-based suppression systems (CO2, FM200, Novec, and Inert) and sprinkler systems are used in the oil & gas sector. Fire suppression system vendors are investing in the development of new and upgrade of existing fire suppression systems to safeguard personnel and the environment, and protect expensive machines.

"Fire protection market in APAC to grow at a significant rate during the forecast period"

APAC is a developing region, and countries such as China, Japan, and South Korea are driving the overall growth of the fire protection system market in this region. China is among the top 3 fast-developing countries worldwide in the fire protection system market. Many companies are based in China, including multinational and local companies that provide a comprehensive range of products and services. The government of China is expected to come up with strict laws and regulations that would make the installation of fire protection systems mandatory in buildings. This in turn is expected to drive the growth in the country. The Japanese government is focusing on creating more public awareness related to fire safety. Many fire safety-related initiatives have been undertaken in the country, for instance, the deployment of ample human resources in firefighting and public awareness initiatives. South Korean government leads in promoting the adoption of fire protection systems among other governments in APAC. Consumers in this country are aware of the need for fire safety systems and their installation.

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Major players involved in the global fire protection system market include Johnson Controls (Ireland), Carrier Global Corporation (US), Honeywell International (US), Siemens (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Gentex (US), Minimax Viking (Germany), and Securiton (Switzerland).

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This release was published on openPR.