Fire Protection Systems Market is expected to be worth USD 93.46 billion by 2022
NEW YORK, May 31, 2017 /PRNewswire/ --
Highlights
l Rise in technological advancements and innovations in equipment and networking, along with improvement and enhancement of various codes and standards, are fostering the growth of the fire protection systems market.
l The fire protection systems market is expected to be worth USD 93.46 billion by 2022.
l The current marketplace is expected to be driven by increased fire-related expenditure of various enterprises.
l Factors restraining the growth of the FPS market include the high implementation and maintenance costs of fire protection systems, and lack of integrity in system interfaces.
l Several types of products for sensing, detecting, and suppressing the fire are available in the market, including wet-pipe sprinkler systems, dry-pipe sprinkler systems, pre-action sprinkler systems, and deluge sprinkler systems.
-Rise in technological advancements and innovations in equipment and networking, along with improvement and enhancement of various codes and standards, are fostering the growth of the fire protection systems market-
The fire protection systems market is expected to be worth USD 93.46 billion by 2022, growing at a CAGR of 9.7% between 2017 and 2022. The current marketplace is expected to be driven by increased fire-related expenditure of various enterprises, along with the rising trend of automation in commercial buildings and smart homes. In addition, improvement in the existing government regulations and mandates regarding fire protection systems are driving this market. Factors restraining the growth of the FPS market include the high implementation and maintenance costs of fire protection systems, and lack of integrity in system interfaces.
-Robust demand for fire suppression systems during the forecast period-
Several types of products for sensing, detecting, and suppressing the fire are available in the market, including wet-pipe sprinkler systems, dry-pipe sprinkler systems, pre-action sprinkler systems, and deluge sprinkler systems. The suppression systems also include various extinguishers such as CO2, dry chemical, wet chemical, and water-based chemicals. The robust growth in infrastructure, utilities, and facilities is bringing in the need for a higher adoption of suppression systems across the globe.
-North America and Europe are the major markets for fire protection systems-
North America held the largest share of the fire protection systems market in 2016. Europe is one of the potential markets for fire protection systems globally. The market in Europe is expected to grow at the highest CAGR during the forecast period. The fire protection and safety regulations in this region are highly mandated. Therefore, most of the building structures are fixed with fire protection systems. The high growth of fire protection systems in Europe can be attributed to the stringent government mandate on installation of smoke detectors or smoke alarms in homes of European countries such as the UK, France, and Germany.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts. The breakup of the profile of primary participants is given below:
- By Company Type: Tier 1-42%, Tier 2-37%, and Tier 3-21%
- By Designation: C-Level Executives-30%, Directors-33%, and Others-37%
- By Region: North America-45%, Europe-26%, APAC-15%, and RoW-14%
The prominent players profiled in this report are Honeywell International Inc. (US), Robert Bosch GmbH (Germany), Siemens AG (Germany), Tyco International plc (Ireland), Johnson Controls (US), and United Technologies (US), among others.
Research Coverage:
The report provides a picture of the fire protection systems market. It aims at estimating the market size and future growth potential of this market across different segments such as product, service, vertical and geography. Furthermore, the report also includes the industry trends, market dynamics, regulation analysis, and competitive analysis of the key players in the market, along with their company profiles, vendor DIVE matrix, and recent developments.
Key Benefits of Buying the Report:
The report would help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall fire protection systems and the subsegments. This report would help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: http://www.reportlinker.com/p03816728/Fire-Protection-Systems-Market-by-Technology-Product-Management-Fire-Analysis-Response-Service-Vertical-and-Geography-Global-Forecast-to.html
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