What is the Size (Volume and Value) of Fire Protection System Market in 2030?

Posted on 2022-06-15 by researchinsights in Construction // 0 Comments

San Francisco, California , USA, June 15, 2022 — /EPR Network/ —

Fire Protection System Industry Overview

The global fire protection system market size was valued at USD 72.72 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2022 to 2030.

In 2020, the outbreak of the COVID-19 pandemic negatively impacted the market. Furthermore, owing to the rise in the number of COVID-19 cases due to the second wave of the outbreak, a partial lockdown in several countries was observed. This resulted in a further reduction in the production of new fire protection systems. The market was also negatively impacted by the supply chain disruption across countries and regions. However, post the pandemic, the fire protection market is expected to witness growth. The growing urban population and the need to safeguard life and the environment from fire emergencies are expected to boost the demand for fire protection systems.

Gather more insights about the market drivers, restrains and growth of the Global Fire Protection System Market

A fire protection system is one of the most crucial systems required to be installed in any building or establishment. A fire protection system is used to control, detect, and safeguard inhabitants in a building or an establishment from fire hazards. These systems help extinguish smoke or fire and alert the building occupants, reducing the loss of property and life. Fire protection systems include equipment such as fire detectors, fire response systems, fire analysis software, fire suppression systems, and fire sprinkler systems. These fire protection systems are installed in various infrastructures, including industrial buildings, residential buildings, and commercial buildings, to safeguard people and reduce the loss of destruction from fire hazards.

Initially, the adoption of fire protection systems in several developing countries was low compared to developed nations. This was mainly due to the lack of awareness among consumers regarding the product as well as reduced regulatory pressure. However, the efforts from various systems integrators, manufacturers, and dealers have created widespread awareness among users. The launch of fire safety programs and the use of targeted marketing explaining the benefits of a fire protection system have drawn the attention of large as well as small and medium enterprises. This has led to steady market growth over the past few years.

The construction of new properties, including residential and non-residential, is expected to offer new opportunities for installing fire alarm and detection systems. The commercial and industrial areas majorly use fire protection systems for employee safety. Furthermore, an increase in the number of property damage due to fire accidents drives the market. Moreover, the market for fire protection systems is driven by the regulations, standards, and codes imposed by different regulatory bodies. The growing standard has impelled organizations to install fire protection systems. These factors are expected to boost the growth of the market over the forecast period.

Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.

Air Purifier Market – The global air purifier market size was valued at USD 12.26 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030.
Aerospace Parts Manufacturing Market – The global aerospace parts manufacturing market size was estimated at USD 851.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030.

Fire Protection System Market Segmentation

Grand View Research has segmented the global fire protection system market based on product, service, application, and region:

Fire Protection Systems Product Outlook (Revenue, USD Million, 2017 – 2030)
- Fire Detection
- Fire Suppression
- Fire Response
- Fire Analysis
- Fire Sprinkler System
Fire Protection Systems Service Outlook (Revenue, USD Million, 2017 – 2030)
- Managed Services
- Installation and Design Services
- Maintenance Services
- Others
Fire Protection Systems Application Outlook (Revenue, USD Million, 2017 – 2030)
- Commercial
- Industrial
- Residential
Fire Protection System Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

Market Share Insights:

November 2021: 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.
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:

Some prominent players in the Fire Protection System market include

Honeywell International, Inc.
Johnson Controls
Raytheon Technologies Corporation
GENTEX CORPORATION
Siemens
Robert Bosch GmbH
Halma plc
Eaton

Order a free sample PDF of the Fire Protection System Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Matched content

Editor’s pick