It is projected that the Global Fire Protections Market will be worth an estimated $93.46 billion US dollars by the year 2022. Between the years 2017 and 2022, the market will experience a projected compound annual growth rate of 9.7 percent, which is quite staggering. The most significant driving factors for the growth of this market are expected to be increased spending on fire protection systems, as well as rapid infrastructure development.
Fire protection refers to the study of preventing the dangerous effects of fire, including destructiveness and potentially life-threatening hazards. The global fire protection systems market is comprised of several elements, including:
Fire protection system are implemented in various locations, including factories, public settings, transportation, living areas and any other place that is inhabited by people. Examples of fire protection systems include the use of fire alarms in office buildings, as well as the inclusion of firewalls and fire doors in public settings.
Several factors are expected to fuel the growth of the global fire protection systems market in the upcoming years. One of the major driving factors for growth in this market is the increase spending on systems that will protect assets as well as individuals from the hazards that are associated with fire. Moreover, rapid infrastructure development in countries worldwide, but most notably in developing regions, will also augment the global fire protection systems market. Furthermore, various enterprises have increased the amount of money they are spending on fire protection systems in an effort to safeguard infrastructure and minimize the dangers that fire poses on human beings.
Additionally, the advancement of wireless technology as a means of detecting fires is also expected to contribute to the growth of this market during the forecasted time period. Furthermore, more stringent safety regulations set forth by governments around the world, as well as the increase in mining of oil and gas will also boost the size of the global fire protection systems market in the next few years.
While this market is expected to see growth in the coming years, there are factors that could pose as potential problems and prevent the global fire protection systems industry from developing to its full potential. These challenges include the integration of fire protection systems with central fire protection systems as a way to collect information and to provide better monitoring. The high initial cost of fire protection systems is another factor that could negatively affect the growth of this market.
During the forecasted time period, the market for passive fire protection systems is projected to see the most significant compound annual growth rate. Passive fire protection systems are designed to strengthen the structure of buildings, protecting them from the damage that fires can cause. Because this segment helps to reduce the severity of damages that occur during a fire, they are expected to see substantial growth during the next few years.
In 2016, fire suppression systems held the largest share of the global fire protection systems market. This segment of the market includes sprinkler systems and fire extinguishers, among other products that are designed to suppress fires once they break out. During the forecasted time period, fire suppression systems are also expected to see stable growth.
Lastly, fire analysis software will likely grow at the highest rate in the fire protection systems product market during the upcoming years. The high rate of growth of fire analysis software will likely be due to the increased need for more sophisticated fire analysis, information that can be used to make more advancements in fire prevention in the future.
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The global fire protection systems market can be further segmented based on the end user. It is projected that the commercial vertical will see the highest rate of growth by the year 2022. More systems will be used in various commercial markets, such as gas, oil and mining, as well as other commercial markets where fire hazards are significantly high.
The global fire protection systems market is also segmented by region. These regions include:
During the forecasted time period, it is believed that North America will hold the largest share of the global fire protection systems market. This will likely be due to the increased awareness of the importance of installation of fire safety systems in this region. Moreover, more stringent regulations set forth by government agencies will fuel the growth of the market in this area.
Asia Pacific is also expected to see substantial growth in this market in the next few years. This will likely be due to the rapid increase in infrastructure in developing nations in this region, as well as growing awareness of the importance of these systems.
Europe is also expected to see moderate growth during the forecasted time period.
The global fire protection systems market is highly competitive. This competition is largely due to the investments made by key players for research and development of more advanced products in an effort to gain a competitive edge.
The key players in the global fire protection systems market include Johnson Controls, Honeywell International Inc, Siemens AV, Tyco International, Robert Bosch GmBH, Halma PLC, Kevta Fire Systems Inc, Gielle SRL, Orcus Fire and Risk Inc, 3M Company, Relleborg AG, Hochiki Corporation and United Technologies.
Given the highly competitive nature of this market and the projected compound annual growth rate during the forecasted time period, those who are interested in investing in this market will likely see positive gains.