The fire protection system market is expected to grow from USD 57.33 billion in 2018 to USD 88.94 billion by 2024, at a CAGR of 7.6% from 2018 to 2024

NEW YORK, Oct. 30, 2018 /PRNewswire/ -- Fire protection system market to witness significant growth during 2018–2024
The fire protection system market is expected to grow from USD 57.33 billion in 2018 to USD 88.94 billion by 2024, at a CAGR of 7.6% from 2018 to 2024. The growth of the market is fueled by rise in deaths and loss of property due to fire breakouts, stringent government regulations and mandates, rising demand for wireless technologies for fire detection, and technological advancements in the construction industry. However, unexpected failure of fire alarm systems, high installation and maintenance costs of fire protection systems, and high costs involved in replacing traditional fire detectors with smart detectors are hindering the growth of the market.

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Market for smoke detectors to grow at highest CAGR during forecast period
Fire detectors are available for residential, commercial, and industrial use.Fire detection systems are permanently installed manual and automatic systems to detect fires at an early stage and quickly inform the relevant emergency service.

Fire detection products such as flame detectors, smoke detectors, and heat detectors alert the occupants through alarms, as well as trigger automatic fire extinguishers such as sprinklers.Smoke detectors are designed to provide early warning of a potential fire, involving ordinary combustible materials.

The installation of smoke detectors in buildings to identify fires has been in practice much before that of flame and heat detectors. Fire creates smoke that spreads faster than the actual fire; therefore, smoke detectors can detect fire, trigger fire alarms, and warn occupants about the fire.

Market for fire analysis to grow at high CAGR during forecast period
The market for fire analysis is expected to witness significant growth during the forecast period.Fire analysis is an important part of fire protection, which facilitates informed decisions that lead to maximum efficiency.

Fire analysis uses fire mapping and analysis software, and fire modeling and simulation software.Fire mapping and analysis software provides an interactive map display with a real-time system for decision makers to efficiently and quickly make decisions during fire-related situations.

Moreover, with increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention, the need for fire analysis software is expected to grow during the forecast period.

Market for oil, gas, and mining vertical to grow at high CAGR during forecast period
The fire protection system market for the oil, gas, and mining vertical is expected to grow at a high CAGR from 2018 to 2024.In the oil, gas, and mining vertical, flammable and combustible materials such as petroleum, crude oil, flammable gases (such as butane), and coal are used.

These materials are susceptible to fire; therefore, to avoid fire accidents, advanced fire protection systems are installed in this vertical. Additionally, high-quality fire protection is an integral part of responsible risk management strategies; oil & gas facilities require the best fire protection systems available in the market.

Market in APAC to grow at highest CAGR during forecast period
The fire protection system market in APAC is expected to grow at the highest CAGR from 2018 to 2024 owing to rapid industrialization in emerging economies such as China and India.New construction and real estate projects are driving the demand for fire protection systems and equipment.

The government in this region is expected to come up with strict laws and regulations that would make the installation of fire protection systems mandatory in buildings.These factors are fueling the growth of the fire protection system market in this region.

Also, growing urbanization has increased construction activities, contributing significantly to the growth of the fire protection system market in APAC.

The breakup of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 45%, Tier 2 = 35%, and Tier 3 = 20%
• By Designation: C-Level Executives = 43%, Directors = 32%, and Others = 25%
• By Region: North America =33%, Europe = 30%, APAC = 26%, and RoW = 11%

Key players in the fire protection system market are Johnson Controls (Ireland), United Technologies (UTC, US), Honeywell (US), Siemens (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Minimax Viking (Germany), Gentex (US), and Securiton AG (Switzerland). Other players operating in the fire protection system market are Encore Fire Protection (US), Sterling Safety Systems (UK), Fire Suppression Limited (UK), Schrack Seconet AG (Austria), Napco security technologies (US), and VFP Fire Systems (US).

Research Coverage:
This research report covers the fire protection system market by product (fire detection, fire suppression, fire sprinkler, fire analysis, and fire response), service (engineering, installation and design, maintenance, and managed), and vertical (commercial; residential; energy & power; government; manufacturing; oil, gas, and mining; and transportation & logistics). The report covers the fire protection system market in 4 major regions—North America, Europe, APAC, and RoW.

Key Benefits of Buying This Report:
Illustrative segmentation, analyses, and forecasts for the market by product, service, vertical, and region have been provided in the report.

Value chain analysis has been performed to provide an in-depth insight into the fire protection system market.

Major drivers, restraints, opportunities, and challenges pertaining to the market have been detailed in this report.
Detailed competitive landscape, along with key players and their revenues, has been included.

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