SELBYVILLE, Del., Feb. 24, 2021 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the fire protection systems market, which estimates the market valuation for fire protection systems will cross US $70 billion by 2027. The growing demand for wireless fire protection systems, owing to connected fire alarm systems that send alerts in real-time to smartphones and smartwatches, thereby reducing the damage to property, is driving the market growth. The rise in the development of smart buildings and homes is also propelling market growth as governments are implementing guidelines and regulations for installing fire protection systems.
The fast spread of the coronavirus across the globe has affected the market negatively with a reduction in sales. Governments across the globe have restricted trade and implemented lockdowns to reduce the effect of the virus, resulting in the gradual decline in market revenues. Several market players had to briefly suspend the production of fire protection systems and components during the initial quarters of 2020.
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The rise in population, increasing demand for home & building, and rising government support to enhance awareness by implementing regulations and guidelines are expected to boost the fire protection systems market. The residential segment is expected to witness growth over the forecast timeline. The rise in residential fire accidents, property damage, and loss of life is increasing the demand for fire protection systems.
The fire protection systems in the Asia Pacific are expected to grow with a high CAGR during 2021 to 2027, owing to growing industrialization and urbanization in the region. Countries, such as Japan, China, and India, are implementing several building codes and guidelines for the fire safety of the structures, which is positively impacting the market.
The fire protection systems market players are emphasizing on strategic acquisitions, product launches, and partnerships to fortify their position. For instance, in June 2018, Johnson Controls launched a fire protection system in the Middle East, Autocall. This system was introduced for its application in small as well as large projects in industries including chemical and oil & gas.
Some major findings in the fire protection systems market report include:
- Growing government regulations and standards to improve the safety of individuals and industrial, residential and commercial property during fire outbreak are increasing the installation of the fire protection systems across the sectors.
- Integration of AI and IoT into wireless fire detection systems to enhance the overall capability of the systems remotely is driving the market. IoT allows the connected fire alarm systems to send signals and alerts in real-time to smart devices, such as mobile phones and smartwatches, preventing fire injury and accidents, thereby increasing market growth.
- Increasing number of fire accidents due to lack of fire protection systems at heritage sites is propelling the demand for these fire protection systems. For instance, in 2019, National Cultural Heritage Administration (NCHA) reported around six fire accidents at heritage buildings and sites. To overcome similar issues, the Chinese government has started deploying fire protection systems as prevention measures which is positively impacting the industry growth.
- Some of the major players operating in the fire protection systems industry are Johnson Controls International PLC, Fire Suppression Limited, Napco Security Technologies, Schrack Seconet AG, Honeywell International Inc., Siemens AG, Robert Bosch GmbH, Halma PLC, Hochiki Corporation, Schneider Electric, and Viking Group Inc.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Fire protection systems industry 360° synopsis, 2016 - 2027
2.2. Business trends
2.3. Regional trends
2.4. Component trends
2.5. Type trends
2.6. End use trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 on fire protection systems industry landscape
3.2.1. Global outlook
3.2.2. Regional impact
184.108.40.206. North America
220.127.116.11. Asia Pacific
18.104.22.168. Latin America
3.2.3. Industry value chain
22.214.171.124. Research & development
3.2.4. Competitive landscape
126.96.36.199. Distribution network
188.8.131.52. Business growth
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Technology providers
3.3.4. End use landscape
3.3.5. Distribution channel analysis
3.3.6. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.3. Asia Pacific
3.5.4. Latin America
3.6. Industry impact forces
3.6.1. Growth drivers
184.108.40.206. Increasing adoption of wireless technology in fire detection across the globe
220.127.116.11. Growing awareness pertaining to fire safety in North America
18.104.22.168. Development of new infrastructure in Asia Pacific and MEA region
22.214.171.124. Introduction of advance fire protection systems across Europe
126.96.36.199. Rising commercial and industrial activities in the Latin America
3.6.2. Industry pitfalls & challenges
188.8.131.52. High cost of the fire protection system
184.108.40.206. Lack of awareness
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. PESTEL analysis
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Fire Protection Systems Market worth $70 Bn by 2027
Fire Protection Systems Market size is set to be over USD 70 billion by 2027, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.