Fire Protection Systems Market to Grow at 4.3% CAGR by 2030
Constant growth in oil & gas as well as chemicalindustry,stringent policies to ensure fire safety and technological advancement areexpected to drive the growth of fire protection system industry during the forecast period of 2020-2030.
The Fire Protection SystemsMarket is expected to grow at the CAGR of 4.3% from 2020-2030, according to a new research report by Next Move Strategy Consulting
Fire protection system consists of various components that helps in the detection of fire outbreak & its control to minimize the damage. These systems have various sensors that can detect fire or its smoke and take required actions to extinguish. These systems have to be checked on timely basis to ensure its effectivenessin preventing excess loss during emergency situations.
According to the report, constant development in technology followed by the stringent government policies to ensure fire safety is major factors driving the market growth. In addition, growth in oil & gas industry as well as chemical industry has further created demand for fire protection systems. Additionally, growth in construction industry has also created the demand for fire protection system owing to loss posed to human life& property during fire outbreaks.On the other hand,increasingdemand for wireless fire detection systems is also expected to amplify the market growth. Moreover, trends such as customizations in fire protection systems is expected to bring change in market landscape.
However, high cost associated with initial setup andquality issues related to false alarm can restrain the market growth. Moreover, surge in research & development activities followed by innovationis anticipated to provide numerous opportunities to the market players in the coming few years.
On the basis oftechnology, the fire protection systems market share is segmented into coating, bulkheads, sealant, and others. Coating segment dominates the global fire protection systems market and will be the dominant during the forecasted period.
On the basis of system, the fire protection system market is fragmented into Detection Systems, Alarm Systems, Suppression Systems, and Others. Suppression system exhibitssignificant CAGR and also expected to dominate the market growth during forecast period.
On the basis of industry, the fire protection system market is bifurcated into Active BFSI, Hospitality & Travel, Healthcare, Transportation & Logistics, Manufacturing, Retail, Mining and Oil & gas and others. Oil & gas segment is expected to show significant growth rate owing to the surge in Oil & gas industry.
On the basis of application, the fire protection systems market is categorised into Active Protection and Passive Protection.Passive fire protection holds the major market share owing to the cost effectiveness & high reliability.
North America accounts for the highest market size&share in the fire protection systems market throughout the forecast period, owing to presence of developed infrastructure &stringent government policies related to fire safety. In addition, growth in industries such as oil & gas and chemical has also created the demand for fire protection systems. Europe accounts for the second leading position in the fire protection systemsin terms of market size. Asia Pacific is expected to be the fastest developing region in the fire protection systemsmarket,majorly driven by the stringent regulatory polices to ensure fire safety. Moreover, growth in construction industry owing to rapid urbanization in the regionis also expected to drive the market growth.
According to the report, some the key players in the fire protection systems market are Hochiki Corporation, Gentex Corporation, Robert Bosch GmBH, Honeywell International Inc., Tyco International Ltd, Halma PLC, Trelleborg AG, Siemens AG, United Technologies Corporation, Kevta Fire Systems Inc., VT MAK, Orcus Fire & Risk Inc., Johnson Controls, Gielle SRL, and 3M Company.
Browse key industry insights from the report, “https://www.nextmsc.com/report/fire-protection-systems-market” in detail along with the table of contents:
Key Insights from the Fire Protection Systems Market Report:
- Asia Pacific is the fastest growing region in Fire Protection Systemsmarket owing to the stringent government policies to ensure fire safety followed by growth in commercial construction and high awareness among people.
- Active protectionsegment dominates the market in terms of application and is expected to grow at a significant CAGR to maintain the lead till 2030.
- Some of the major players in the market are Hochiki Corporation, Gentex Corporation, Robert Bosch GmBH, Honeywell International Inc., Tyco International Ltd, Halma PLC, Trelleborg AG, Siemens AG, United Technologies Corporation, Kevta Fire Systems Inc., VT MAK, Orcus Fire & Risk Inc., Johnson Controls, Gielle SRL, and 3M Company.
The report Fire Protection Systems market – segmented by technology, system, industry, application and geography
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