Nov 01, 2018, 09:30 ET
DUBLIN, Nov 1, 2018 /PRNewswire/ --
The "Fire Protection System Market by Product, Fire Suppression, Fire Sprinkler, Service, Vertical - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The overall fire protection system market is estimated 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.
Factors driving the growth of the market include 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.
In this report, the fire protection system market has been segmented on the basis of product, service, vertical, and region. Fire suppression systems held the largest market size, in terms of value, in 2017. The fire suppression system suppresses fire by the immediate release of a suppression agent. Suppression agent usage in the fire suppression system varies as per the sector. Moreover, due to technological advancements and innovations in the construction industry; increasing policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts, the need for fire suppression systems is expected to grow in the near future.
The overall fire protection system market for maintenance services is expected to grow at the highest CAGR during the forecast period. Fire protection systems require regular servicing to run at optimum performance and effectively control fire. Maintenance includes timely servicing and auditing of fire protection systems to ensure these systems meet all required fire safety standards and ensure their appropriate functioning at the time of emergency. Maintenance services are vital for industry verticals such as oil, gas, and mining; energy & power; commercial; and transportation & logistics.
The commercial vertical held a large share of the fire protection system market in 2017. The commercial vertical includes healthcare; academia & institutional; hospitality; retail; and banking, financial services, and insurance (BFSI). Fire protection systems are required in academia & institutional buildings to minimize the risk of any fire hazard. Water-based fire sprinkler systems are mainly used in this space. Fire suppression, detection, and sprinkler systems immensely contribute to the overall fire protection. As the number of retail shops and malls in urban areas has increased drastically over the past few years, the retail sector requires fire protection systems that include fire suppression systems, fire sprinklers, fire and smoke detectors, fire pumps, water storage tanks, fire extinguishers, and hood suppression systems.
Fire Protection Systems Market
North America is expected to dominate the overall fire protection system market during the forecast period. In North America, the fire protection system market is dominated by the US and Canada. These countries have witnessed significant infrastructural developments owing to the high population growth rate, due to which the demand for fire protection systems is also increasing. In 2017, the US offered a tax incentive to install sprinklers, where small business enterprises will be able to retrofit fire sprinklers at an amount of ~USD 1 million each year.
Additionally, Supportive government regulations, the adoption of advanced fire protection technologies, and increasing concerns related to fire protection are driving the growth of the fire protection system market in North America. The market in APAC is expected to grow at the highest CAGR during the forecast period. New construction and real estate projects are driving the demand for fire protection systems and equipment. Governments in this region are 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 APAC.
Unexpected failure of fire alarm systems and high installation and maintenance costs of fire protection systems are a few drawbacks restraining the growth of the fire protection system market. Fire detectors are designed to alarm at various levels of smoke, or heat, or flame density. If such density levels are not created by a developing fire at the location of detectors, the detectors will not alarm. Additionally, high initial investment is required for the implementation of fire protection systems due to the complexity in networks and the need to develop sophisticated tools to counter a fire situation. Also, regular maintenance, along with other services, is essential for fire protection systems; this further increases the spending.
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). These players focus on product launches and acquisitions to expand their businesses.
Leading fire protection system manufacturers are developing sustainable and innovative solutions for existing and new applications to drive the industry forward
Fire protection systems are highly effective and reliable elements of total system designs for fire protection in residential buildings. Their installation in residential buildings has become common as these systems are effective in detecting, containing, and extinguishing fire early on. Fire suppression systems in the residential space comprise a fire sprinkler system that consists of a water supply, a water delivery system, and a water distribution system (in other words, water, pipes, and sprinkler heads). Demand for fire sprinklers is continuously increasing in residential applications because of the increasing risk of injuries and deaths from fire.
The protection of government offices and buildings is a priority as these places are always occupied and contain most of the important assets. There are many government agencies that manage fire hazards in every country. Key customers are the department of homeland security, military and defense agencies, local and regional government bodies, and other government authorities. Business opportunities in the government sector across federal, state, and local government agencies are huge. Demand for fire protection services from infrastructure, government-owned businesses, and various government institutions has increased. Automated fire detectors, fire alarm systems, video surveillance systems, and smoke and heat detectors are some of the products that are extensively used in the government sector.
Oil, Gas, and Mining
The oil, gas, and mining sector is highly prone to fire accidents due to the involvement of highly flammable materials, such as oil, gasoline, and other combustible substances. Suitable fire detection and prevention systems are required in this sector to avoid accidents. Fire suppression system vendors are investing in the development of new and old fire suppression systems to safeguard personnel and the environment, and protect investments made in expensive machines. 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.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Fire Protection System Types
8 Fire Protection System Market, By Product
9 Fire Protection System Market, By Service
10 Fire Protection System Market, By Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
- Johnson Controls
- United Technologies
- Robert Bosch
- Minimax Viking
- Securiton AG
Other Key Players
- Encore Fire Protection
- Sterling Safety Systems
- Fire Suppression Limited
- Schrack Seconet AG
- Napco Security Technologies
- VFP Fire Systems
- S&S Fire Suppression Systems
- Fireline Corporation
- ORR Protection
- Argus Fire Protection Company Ltd
- Firetrol Protection Systems, Inc
For more information about this report visit https://www.researchandmarkets.com/research/x7m43l/global_fire?w=5
Did you know that we also offer Custom Research? Visit our Custom Research page to learn more and schedule a meeting with our Custom Research Manager.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article