Fire Protection System Market to be Worth $130.37 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 20, 2023 /PRNewswire/ -- The global fire protection system market size is expected to reach USD 130.37 billion by 2030, expanding at a CAGR of 6.6% from 2023 to 2030, according to a new study by Grand View Research Inc. Modern fire alarm and detection systems are expected to see increased demand due to the ongoing development of new buildings around the world, including both residential and non-residential constructions. Modern technologies like artificial intelligence, the Internet of Things, and smart sensors being incorporated are also anticipated to drive the market. In addition, as mandatory fire safety regulations are implemented in sectors including oil & gas, manufacturing, and mining, the use of fire prevention systems is expanding. The adoption of fire protection systems is being fuelled by a variety of end-use sectors as well as escalating safety concerns and improved awareness of preventative actions.

Key Industry Insights & Findings from the report:

• The commercial application segment is predicted to dominate and generate a fire protection systems market revenue of 39,486.7 by the end of 2023.
• Asia Pacific fire protection systems market is estimated to grow at a CAGR of 9.2%
• The aggressive campaigns being carried out by various public safety associations and prominent manufacturers of fire safety equipment and subsequently, the growing awareness among the end-users to ensure fire safety is expected to drive the growth of the market

Read full market research report for more latest industry insights, "Fire Protection System Market Size, Share & Trends Analysis Report By Product (Detection, Suppression, Response, Analysis, Sprinkler System), By Service (Managed Service, Maintenance Service), By Application, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Fire Protection System Market Growth & Trends

A fire prevention system is one of the most crucial systems that must be installed in every structure or organization. A fire protection system is employed to control, recognize, and safeguard occupants of a building or establishment from fire hazards. These tools aid in extinguishing fires or smoke, alerting occupants of buildings, and reducing property damage and casualties. Fire protection systems contain a variety of apparatus, such as fire detectors, fire response systems, fire analysis software, fire suppression systems, and fire sprinkler systems.

Governments in the area hold manufacturers of fire safety equipment operating in the area to a number of standards and regulations. This has inspired several value chain participants to create reliable fire safety systems and intelligent components with wireless communication capabilities. Consumer demand has steadily increased over the past few years in developed nations like Europe and North America, and this growth tendency is likewise anticipated to continue in the next years. However, the markets in developing areas and countries remain largely untapped due to lax laws and the high cost of sophisticated fire protection equipment. Nevertheless, it is anticipated that the need for fire safety equipment would increase as the economy in nations like Brazil and India continues to improve.

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 System Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• Fire Detection
• Fire Suppression
• Fire Response
• Fire Analysis
• Fire Sprinkler System

Fire Protection System Market - Service Outlook (Revenue, USD Million, 2018 - 2030)

• Managed Service
• Installation and Design Service
• Maintenance Service
• Others

Fire Protection System Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Commercial
• Industrial
• Residential

Fire Protection System Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa

List of Key Players of Fire Protection System Market

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

Check out more market research studies published by Grand View Research:

• North America Fire Protection Systems Market - The North America fire protection systems market size is expected to reach USD 37.36 billion by 2030, according to a new study by Grand View Research Inc., registering a CAGR of 3.6% over the forecast period. A rapid increase in residential and commercial construction activities across the globe, coupled with stringent government regulations pertaining to employee and people safety is anticipated to drive the market growth. AI- and ML-based fire systems can analyze data from various sensors and detectors in real-time to detect and predict fires more accurately and quickly than traditional systems. This can significantly reduce response times and help prevent fires from spreading, potentially saving lives, and reducing property damage.
• Gas Detection Equipment Market - The global gas detection equipment market size is expected to reach USD 10.66 billion by 2030, registering a CAGR of 11.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rapidly expanding necessity for facility safety along with worker safety throughout the world is driving the market expansion of gas detection equipment. At the same time, the rise in need to comply with the stringent safety and environmental rules is a significant factor driving the growth of the gas detection equipment market. According to the industry guidelines, it is critical to restrict worker's occupational exposure to hazardous gases. As a result, gas detectors can be deployed in the hazardous workplaces.
• Tilt Sensors Market - The global tilt sensors market size is expected to reach USD 288.7 million by 2025, registering a CAGR of 8.9% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Tilt sensors measure the angular inclination of a vehicle or equipment with reference to the ground and provide an alarm or information to the operators and drivers about a rollover condition. These devices are being adopted across a variety of applications as a part of safety systems in automobiles and construction equipment.

Browse through Grand View Research's Sensors & Controls Industry Research Reports.

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.

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SOURCE Grand View Research, Inc.