Fire Protection Systems Market Is Set to Reach $138 Billion by 2032 | Fact.MR

Fact.MR projects that during the projected period of 2022-2032, sales of Fire Protection Systems Market (防火システム市場) will surpass US$ 138 billion, with a positive compound annual growth rate of 6.3%. There have been more fire incidents as a result of growing urbanization and altered business infrastructure designs. Thus, there is a greater need for fire prevention devices in order to prevent the same.

Historically, managed fire protection service sales increased at a compound annual growth rate (CAGR) of 6% from 2015 to 2021, reaching US$ 70 billion by the conclusion of that time. The COVID-19 pandemic's start had an impact on the global supply and demand chain. During the first quarter of the pandemic, there was a decrease in demand for managed fire prevention systems due to the closure of major commercial sectors. The majority of the business sectors are operating at full capacity, so an increase in fire prevention system sales is anticipated.

In addition, fire safety systems must be installed by law in every country in order to protect people and property. Because of this, the commercial sectors have extensively installed the same. Furthermore, there has been a rise in forest fire incidents in recent years. In order to help sound the alert early in the event of danger, government authorities are deploying detection systems.

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Importance of Precautionary Measures Surging Demand for Managed Fire Protection Service?
Fire protection system is one of the most important systems required to be installed in any building or establishment. It is used to detect, control, and safeguard inhabitants in a building or an establishment from fire hazards. These systems help extinguish smoke or fire and alarm the building occupants. This, in turn, reduces the chances of loss of property and life.

In addition, fire protection systems include equipment consisting of fire detectors, fire analysis software, fire suppression systems, fire response systems and fire sprinkler systems. These fire protection systems are installed in various infrastructure that includes residential buildings, industrial buildings, and commercial buildings. This helps to save lives and infrastructure as people are alerted at the correct time.

Key Takeaways from the Market Study:

By product, Managed Fire Protection Service expected to gain more than 50% market share for fire protection system market.

By application, commercial sectors expected to hold more than 45% market share for fire protection system market.

Fire protection system industry expected to possess nearly 33% market share throughout North America.

Fire protection system industry expected to possess nearly 40% market share throughout Asia Pacific.

Key Segments Covered in the Fire Protection Industry Report:

By Product:
Fire Analysis
Fire Detection
Fire Suppression
Fire Sprinkler System
Fire Response

By Service:
Managed Fire Protection Service
Fire Protection Systems Maintenance Service
Fire Protection System Installation and Design Service
Other Fire Protection System Services

By Application:
Fire Protection Systems for Commercial Applications
Fire Protection Systems for Industrial Applications
Fire Protection Systems for Residential Applications

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Competitive Landscape:

Prominent fire protection system manufacturers are reliant on a plethora of expansion strategies aimed at enhancing their global footprint. Acquisitions, mergers, collaborations and new product launches are some of these approaches. Some notable developments are as follows:

In November 2021, Robert Bosch GmbH acquired Protec Fire and security group. The company is focusing on strengthening its presence in the European region.
Likewise, that same month, Johnson Controls launched the Smart Fire Sprinkler Monitoring solution. This solution offered 24/7 monitoring capabilities via cloud, supported operational downtime, reduced building damage, and prevented system failure.

Furthermore, in October 2020, Honeywell launched a new cloud platform for fire safety systems. This platform enabled technicians to minimize the disruption, aid in compliance, and reduced the time required to design, install, commission, and maintain the safety of systems.

Key Companies Profiled:

Eaton Corporation, Johnson Controls, Halma Plc., HOCHIKI Corporation, Hitachi Ltd., Honeywell International Inc., Iteris Inc., Raytheon Technologies Corporation, GENTEX Corporation, Siemens AG

Stringent Government Rules Increasing Adoption of Fire Protection Systems?

The commercial application for fire protection systems consists of government, BFSI, healthcare, retail, telecom, IT and educational institutions. This, in turn, is increasing the demand for fire protection systems in commercial applications. In addition, stringent government rules for fire prevention and control for safety purposes has across the globe is propelling the demand for fire protection systems in the commercial sector.

Furthermore, companies are focusing on increasing investments in fire protection systems to reduce the loss of life and property to safeguard the infrastructure. This, in turn, is expected to increase the demand for fire protection systems. Thus, the commercial application segment is expected to dominate the by possessing more than 45% market share for fire protection systems.

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