North America Active & Passive Fire Protection Systems Market Estimated to be Worth USD 28.73 Billion and USD 21.37 Billion Respectively by 2020
PUNE, India, July 12, 2016 /PRNewswire/ --
According to the new Market Research Report "North America Active & Passive Fire Protection Systems Market By Application (Commercial, Industrial, Infrastructural, Residential), By Service (Engineering Service, Installation & Design, Service & Maintenance, Managed Service), By Type, By Vertical, and By Geography - Analysis & Forecast To 2020", the North America active fire protection systems market size is estimated to grow from USD 20.51 billion in 2015 to USD 28.73 billion by 2020, at a CAGR of 7.0% between 2015 and 2020. The North America passive fire protection systems market size is projected to grow from USD 12.12 billion in 2015 to USD 21.37 billion by 2020, at a CAGR of 12.0% during the forecast period.
Browse through the TOC of North America Active & Passive Fire Protection Systems Market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.
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Fire protection is a practice of uninterrupted risk management through which, risks to public and private infrastructures can be predicted and reduced. An efficient fire protection management system involves combined efforts of federal custodians and tenants, private sector building owners, Fire Protection Program (FPP) within the Labor Program, and local fire service agencies. Government agencies across different countries are taking several measures to reduce losses caused by fire incidents. Policies and regulations imposed by the concerned governments for fire safety are usually region specific and hence, vary from place to place. They are meant to ensure safety of life and protection to property. This factor is expected to drive the North America active & passive fire protection systems market in the next five years.
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Factors driving the North America active & passive fire protection systems market are increase in spending by enterprises on fire protection equipment, and also policies, regulations, and political pressure. Fire protection is a risk management practice through which, risks to public and private infrastructures are detected and eradicated. Thus, fire protection involves combined efforts of federal custodians, tenants, private sector building owners, the Fire Protection Program (FPP) within the Labor Program, and local fire service agencies. Policies and regulations differ from region to region and are meant to deal with safety of life and protection of property. As a result, government agencies across the globe are implementing stringent measures to reduce losses from fire. In addition, enterprises across the globe have increased their spending on fire protection equipment to safeguard infrastructure and to reduce loss of human lives. Enterprises rely on equipment such as sensors & detectors, fire alarm systems, control panels, interfaces, and communication devices to install fire protection systems in their premises. Increase in the number of enterprises and SMEs in North America is expected to fuel the growth of the fire protection systems market in the region.
The report defines and segments the North America active & passive fire protection systems market on the basis of type, industry vertical/applications, and geography, along with providing in-depth analysis and market size estimations. The type segment is further classified into component and service. Rise in fire incidents is leading to an increase in casualties, and loss of human lives and assets. In order to restrict these casualties and loss of assets from fire, the demand for advanced fire protection systems has increased in recent years. This has given rise to the demand for technologies used for detection, alarms, sensing, and monitoring during fire. Industry verticals such as oil & gas, mining, and energy & power have witnessed growth in the fire protection systems market in North America, owing to the need for effective fire control and protection systems in these industries.
The oil, gas, & mining vertical is expected to account for the largest market share of the North America active & passive fire protection systems market. Verticals such as energy & power, manufacturing, consumer goods & retail, and government will witness significant growth during the forecast period. The report also covers the total North America active & passive fire protection systems market by geographies. The U.S. is expected to have the largest market share. However, Canada will grow at the highest CAGR during the forecast period. Major players in the North America active & passive fire protection systems market include Siemens AG, Bosch Security Systems, Tyco International Ltd., Johnson Controls, Inc., among others.
The scope of the report covers detailed information regarding the major factors influencing the growth of the North America active & passive fire protection systems market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of key industry players has been carried out to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations and recent developments.
The report also includes market share and value chain analyses, and market metrics, such as drivers and restraints. In addition, it presents a competitive landscape and company profiles of the key players in this market.
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