Fire Protection Systems Market is Likely to Increase At a Significantly High CAGR During Forecast Period 2027

Growing awareness regarding safety from fires, rapid urbanization & industrialization, and surge in residential & non-residential construction drive the growth of the global fire protection systems market.

On the other hand, high initial costs and predictive maintenance and fluctuating raw material prices hinder growth to a certain extent. Nevertheless, technological advancements to ensure safety & security and government investments in the building infrastructure sector create new opportunities in the coming years.

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Based on type, the active fire protection segment accounted for the largest share in 2019, holding more than three-fifths of the global fire protection systems market, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is estimated to portray the highest CAGR of 5.8% during the forecast period.

The stricter government regulations for compulsory installation of active fire protection products such as fire extinguisher and others in new building premises in countries such as the U.S. and the UK drives the segment growth.

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Furthermore, the rise in demand for fire sprinklers from commercial areas, owing to an increase in awareness regarding building fire safety among individuals also supplements the growth.

Based on end user, the commercial segment contributed to the largest share in 2019, accounting for more than two-fifths of the global fire protection systems market, and is estimated to maintain its dominant position during the forecast period. Furthermore, the segment is expected to register the highest CAGR of 6.0% from 2020 to 2027.

The construction of new official buildings, commercial complexes, railway stations, and others are expected to boost the growth of the segment. In addition, high acceptance of fire analysis systems from commercial buildings further boosts the growth of the segment.

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Based on region, the North America region contributed to the highest share, accounting for nearly half of the global fire protection systems market in 2019, and will maintain its dominance throughout the forecast period. Stringent fire safety regulations on the deployment of fire protection systems across North America are expected to drive the growth of the fire protection systems market.

In addition, increase in commercial construction buildings further expands the growth in this province. Moreover, the Asia-Pacific region is expected to grow at the highest CAGR of 8.0% from 2020 to 2027. Rapid industrialization and a large population contribute to the growth of the fire protection systems market in Asia-Pacific. In addition, rise in consumer awareness toward safety measures propels the growth.

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The global fire protection systems market report includes an in-depth analysis of the major market players such as Honeywell International Inc., VT MAK, United Technologies Corporation, London Security PLC, Bosch Security Systems, Gentex Corporation, Hochiki Corporation, Halma PLC, Tyco International Limited, and Johnson Controls, Inc.

Covid-19 scenario:

• The Covid-19 outbreak has greatly affected the fire protection systems market, due to supply chain disruption and shortage of raw material.

• Several countries have relaxed certain restrictions regarding industrial manufacturing to reinitiate projects.

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