Press release
Fire Protection Systems Market Thriving 8% of CAGR Including Key Players - Honeywell International Inc., Siemens AG, Tyco International PLC, Johnson Controls International Plc.
Major giants like Honeywell International Inc., Siemens AG, Tyco International PLC, Johnson Controls, United Technologies and Robert Bosch GmbH among others are well established in the fire protection systems market. Honeywell has announced new industrial fire and gas systems for hazard monitoring and control. Honeywell offers various fire protection systems like gas, smoke and flame detection systems and other hazard protection products. Now with this new announced systems, Honeywell provides complete plant safety system.
Increasing demand for fire protection systems is one of the major factors driving the growth of fire protection systems market. Increased fire related expenditures of various enterprises and rise in deaths due to fire explosions are other major factors responsible for fueling the growth of fire protection systems market.
North America region holds the largest market share of global fire protection systems market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by the U.S. and Canada and is attributed to rise in technological enhancement and growing trend of automation in buildings and smart cities in the region. North America region has presence of various fire protection system manufacturers and equipment providers. This is another major factor responsible for the growth of fire protection systems market in the region.
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The prominent players in fire protection systems market are – Honeywell International Inc. (U.S.), Siemens AG (Germany), Tyco International PLC (Ireland), Johnson Controls International Plc. (U.S.), United Technologies Corporation (U.S.), Robert Bosch GmbH (Germany), Hochiki Corporation (Japan), Halma PLC (UK), Minimax Viking GmbH (Germany), and Gentex Corporation (U.S.).
The global Fire Protection Systems Market is expected to grow at approximately USD 95 Billion by 2023, at 8% of CAGR between 2017 and 2023.
Regional Analysis:
The regional analysis of fire protection systems market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Europe is projected to grow at the fastest rate during the forecast period. The major growth in fire protection systems market in North America is attributed to technological advancements and increasing adoption of fire protection systems across various industry verticals in that region.
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Market Segmentation:
Fire protection systems market has been segmented on the basis of type, product, service and vertical. The product segment is further bifurcated into fire detection, fire suppression, fire analysis and, fire response. Out of which, the fire suppression segment is expected to hold the largest market share of the fire protection systems market. This is owing to the extensive use of fire extinguishers and fire sprinklers across various industry verticals. The fire suppression sub segment is further bifurcated into fire sprinklers and fire extinguishers. Whereas, the fire analysis software sub segment is expected to grow at the highest rate during the forecast period. This is owing to the increasing demand for sophisticated fire analysis which further helps in proper decision making and fire prevention.
Intended Audience
• Technology Investors
• Research/Consultancy firms
• Technology Solution Providers
• Government Bodies
• Fire Protection Systems Component Providers
• Fire Protection Systems Service Providers
• Fire Protection Systems Product Manufacturers
• Fire Protection Systems Original Equipment Manufacturers (OEMs)
• Managed Service Providers
• Third-Party System Integrators
• Distributors and Traders
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