Fire Protection Systems Market - Evolving Industry Trends and key Insights by 2023

The global fire protection systems market will be defined by the upcoming mergers and acquisitions, as well as development of new products, according to a latest report by Transparency Market Research (TMR). For example, 3M recently acquired Polypore’s Separations Media. According to the report, this strategic decision will not only help the company extend its geographical outreach but also significantly add to their market shares. It has also been observed that companies are aiming to enhance their service to customers in order to maintain loyalty, which in turn will help them lure newer clients. The report estimates that global fire protection systems market had an opportunity worth US$5.08 bn in 2014, which is projected to reach a valuation of US$8.93 bn by the end of 2023, rising at a CAGR of 6.48% during the forecast period of 2015 to 2023.

U.S. Remains Most Lucrative Market

Geographically, the report studies the regional markets for fire protection systems in the regions of North America, Europe, the Middle East and Africa, Asia Pacific, and South and Central America. For each of these regions, the report studies the segments of fire detection systems and fire suppression systems for offshore platforms, drill ships, and offshore oil rigs. For each of these segments, existing opportunities and estimated valuation up to 2023 has been provided, based on an analysis of all the factors that are expected to influence the demand, positively or negatively. As per the report, the fire protection systems market includes products such as smoke detectors, gas detectors, flame detectors, alarms, and fire suppressing agents and equipment.

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The fire management systems such as extinguishers and sprinklers are anticipated to experience increased demand due to extensively use in the commercial sector during the forecast period. Moreover, fire analysis software will also expand at a healthy CAGR due to the increasing need for sophisticated fire analysis, which aids in decision making and eventual fire prevention. However, passive fire protection systems market is projected for the best growth rate, gaining from the rapid construction of smart buildings across the globe, especially the emerging economies. Currently, North America serves the maximum demand for fire protection systems and will continue to be the most lucrative region during the forecast period, owing to high awareness rate pertaining to the installation of fire safety systems and stringent governmental fire safety regulations. Europe serves second most demand for fire protection systems, although Asia Pacific is projected for the most prominent growth rate, particularly served by the developing countries of India, China, South Korea, Japan, and Malaysia. In these countries, downstream activities such as construction and expansion of existing and new plants will add to the demand for fire detection and suppression systems.

Stringent Government Regulations Escalating Demand

Growth of the oil and gas industry, wherein safety has become paramount after stringent regulations in several country, is the primary driver in the global fire protection systems market. Increase in the incidences of fire hazards, increase spending by several enterprises on fire-related equipment and systems, and technological advancements in this field are some of the other factors positively influencing the market. In the region of Europe, the emergence of midstream activities in order to meet the rising energy demands will also favor the market. However, high cost of these systems is expected to hinder the growth rate moderately during the forecast period.

The information presented in this review is based on a Transparency Market Research report, titled, “Fire Protection Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.”

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This release was published on openPR.