Press release
Fire Protection Systems Market The Importance and Function of Protections in Construction Industry by 2027
Fire Protection Systems Market
Rise in residential & non-residential construction, growing awareness regarding safety from fires, and rapid urbanization & industrialization have boosted the growth of the global fire protection system market. However, predictive maintenance, high initial costs, and fluctuation of raw materials prices hamper the market. On the contrary, advancements in technologies to ensure safety & security and increasing government investments in developing infrastructure sectors are expected to create lucrative opportunities in the coming years.
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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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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 domain.
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