Press release
Fire Protection Systems Market Industry Trends at CAGR of 5.2% by 2027
Fire Protection Systems Market
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.
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North America generated the highest revenue in 2019, however, Asia-Pacific is expected to grow at a highest CAGR during the forecast period, followed by LAMEA. 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.
Major types of fire protection systems included in the report are fire detection, fire response, fire suppression, and fire analysis. The fire detection systems segment has highest share in fire protection systems market in 2019, owing to increase in demand for fire detectors in different industrial verticals such as data center and banks.
Moreover, many companies are focusing on development of advance fire detector systems. For instance, in December 2019, UK-based Apollo Fire Detectors Ltd., a subsidiary of Halma Plc., launched UL range of detectors, such as XP95A, Discovery UL, and Series 65A.
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The global fire protection systems market is segmented on the basis of product type, type, end user, and geography. Based on product type, the market across fire detection, fire response, fire suppression, and fire analysis. The commercial segment is estimated to register the highest CAGR of 6.0% during the forecast period. Moreover, the segment held the largest share in 2019, contributing to more than two-fifths of the market.
On the basis of type, the market is segmented into active fire protection systems and passive fire protection systems. The active fire protection systems segment is expected to register the highest CAGR of 5.8% during the forecast period. Moreover, the segment held the largest share in 2019, accounting for more than three-fifths of the market.
Based on end user, the market is categorized into commercial, industrial, governmental, institutional, and others. The global fire protection systems market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to manifest the highest CAGR of 8.0% during the forecast period. However, the market across North America held the largest share in 2019, contributing to more than half of the market.
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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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