Fact.MR forecasts that sales of fire protection systems will exceed US$ 138 billion by 2022-2032, with a positive CAGR of 6.3%. Fire incidents have increased due to increased urbanisation and changing commercial infrastructure designs. As a result, the demand for fire protection systems has increased in order to avoid the same.
Historically, from 2015 to 2021, globalincreased at a CAGR of 6%, surpassing US$ 70 billion by the end of the period. The emergence of the COVID-19 pandemic had an impact on the global supply and demand chain. Because most commercial sectors were closed during the pandemic, demand for fire protection systems fell in the first quarter.
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Furthermore, governments all over the world have made the installation of fire protection systems mandatory in order to protect human life and property. As a result, commercial sectors have implemented the same on a large scale. Furthermore, the number of forest fires has increased in recent years. As a result, government officials are installing detection systems that assist in early warning in the event of a threat.
Key Takeaways from the Market Study
Prominent fire protection system manufacturers are reliant on a plethora of expansion strategies aimed at enhancing their global footprint. Acquisitions, mergers, collaborations and new product launches are some of these approaches. Some notable developments are as follows:
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Key Segments Covered in the Fire Protection Industry Report
Government Regulations Increasing Adoption of Fire Protection Systems?
The commercial application for fire protection systems consists of government, BFSI, healthcare, retail, telecom, IT and educational institutions. This, in turn, is increasing the demand for fire protection systems in commercial applications. In addition, stringent government rules for fire prevention and control for safety purposes has across the globe is propelling the demand for fire protection systems in the commercial sector.
Furthermore, companies are focusing on increasing investments in fire protection systems to reduce the loss of life and property to safeguard the infrastructure. This, in turn, is expected to increase the demand for fire protection systems. Thus, the commercial application segment is expected to dominate the by possessing more than 45% market share for fire protection systems.
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Key Companies Profiled
· Eaton Corporation
· Johnson Controls
· Halma Plc.
· HOCHIKI Corporation
· Hitachi Ltd.
· Honeywell International Inc.
· Iteris Inc.
· Raytheon Technologies Corporation
· GENTEX Corporation
· Siemens AG
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