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Fire Protection Systems Market Overview, Regional Analysis and Share By Top Key Companies 2027
Fire Protection Systems Market
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.
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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.
Top Players:
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.
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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.
It's important to note that the specific fire protection systems installed in a building depend on factors such as the building's use, occupancy, size, and local fire codes and regulations. Proper maintenance, regular inspections, and adherence to fire safety protocols are crucial to ensure the effectiveness of these systems in case of a fire emergency.
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