Fire Protection System Market Size Analysis, Revenue Drivers and Thorough Research Report

San Francisco, Calif., USA, July 06, 2022 — /EPR Network/ —

Fire Protection System Industry Overview

The global fire protection system market size is expected to reach USD 130.37 billion by 2030, according to a study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2022 to 2030. Increasing adoption of wireless technology in fire protection systems, growing human and property loss owing to fire breakouts, and stringent fire safety regulations are projected to fuel the market growth.

Fire Protection System Market Segmentation

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

Based on the Product Insights, the market is segmented into Fire Detection, Fire Suppression, Fire Response, Fire Analysis and Fire Sprinkler System.

• The fire detection segment accounted for more than 50.0% share of the global revenue in 2021.
• A fire detection system comprises various devices working collectively, which help detect and warn people through video and audio equipment during an incident involving smoke, carbon monoxide, fire, or other emergencies.
• The fire analysis segment is expected to register the highest CAGR of 13.6% from 2022 to 2030. The segment growth can be attributed to the increasing need for fire analysis, which helps make proper decisions during fire prevention.

Based on the Service Insights, the market is segmented into Managed Services, Installation and Design Services, Maintenance Services and Others.

• The installation and design service segment accounted for more than 40.0% share of the global revenue in 2021.
• Installation and design services refer to the practice of outsourcing the solution for design, development, upgrades documentation and installing processes of the fire protection system.
• The maintenance services segment is expected to register the highest CAGR of 6.8% from 2022 to 2030.
• Fire protection systems play a vital role in detecting and alerting people in the event of smoke or fire; however, any fault in the system may lead to accidents and asset losses.

Based on the Application Insights, the market is segmented into Commercial, Industrial and Residential.

• The commercial application segment dominated the market and accounted for more than 45.0% share of the global revenue in 2021.
• The commercial application segment comprises applications for retail, BFSI, government, healthcare, and telecom and IT educational institutions.
• The industrial application segment is expected to register the highest CAGR of 7.8% from 2022 to 2030.
• The industrial application covers major sectors such as oil and gas, mining, energy and power, and manufacturing.

Fire Protection System Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

Major players are adopting strategic initiatives and undertaking measures to gain benefits from the opportunities in the emerging market. The key companies in the market have launched new advanced products to meet the evolving customer needs.

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.