Pune, June 09, 2021 (GLOBE NEWSWIRE) — Market Analysis
According to Market Research Future (MRFR), the global fire protection system market had reached a valuation of USD 53,546.2 million in 2018, which would further grow to USD 97,594.4 million by 2025, registering a 9.43% CAGR during the assessment period (2019–2025).
The COVID-19 outbreak severely affected the global fire protection system industry. Industry players had to face problems ranging from obtaining raw materials/components and delivering end products to attracting workers from quarantines. Several construction activities reached a halt this, as a result, minimized the fire protection system market demand.
The coronavirus-led lockdown restrictions led to increasing the component prices, and the market experienced whipsaw pricing, unexpected outages, traditional fourth-quarter discounts that never materialized and wreaked havoc on the demand-supply dynamics. However, the market is returning to normalcy post the lockdown mandates getting relaxed.
Fire protection systems comprise various efficient equipments that protect lives and property from fire hazards. These systems are used to detect, control, and extinguish fire or smoke and alert the building occupants or establishments, thereby reducing the risk of casualties and living and property losses. Fire protection systems generally include fire alarms, extinguishers, and sprinkler systems.
Fire protection systems include fire detectors, fire suppression sprinklers, fire extinguishers, mass notification, fire alarm monitoring, integrated security systems, and fire hydrant systems. These systems are deployed in infrastructures and establishments, such as commercial structures and manufacturing units, to protect them from potential fire hazards.
Governments across the globe have mandated specific codes and standards to minimize the possibility and effects of fire and other risks in facilities. These initiatives promote the adoption of fire protection systems across the world. Rising implementations of comprehensive fire safety equipments in factories, public places, residential and commercial areas, and personal & public vehicles drive market growth.
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The fire protection system market forecast is segmented into type, product, service, vertical, and region. The type segment is sub-segmented into active fire protection systems and passive fire protection systems. Of these, active fire protection system is the largest segment. It is expected that the active fire protection system segment would register the higher CAGR during the forecast period.
On the other hand the product segment is sub-segmented into fire detection, fire suppression, fire sprinkler, fire response, and fire analysis. Among these, the fire suppression segment accounts for the larger market share. It is expected that the fire suppression segment would grow at a higher CAGR during the forecast period.
The service segment is sub-segmented into engineering, managed, maintenance, and installation & design. Among these, the installation and design service segment accounts for the larger market share. It is expected that the fire suppression segment would grow at a higher CAGR during the forecast period.
The vertical segment is sub-segmented into commercial, residential, energy & power, manufacturing, transportation & logistics, oil & gas, government, and others. Among these, the commercial segment accounts for the larger market share. It is estimated that the commercial segment would grow at a higher CAGR during the forecast period.
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By region, the market is bifurcated into North America (US, Canada, Mexico, Rest-of-North America) and South America, Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World, Europe (the UK, Germany, France, Italy, and Rest-of-Europe).
North America has been dominating the global fire protection system market mainly due to technological advances and increasing uptake of fire protection systems across industry verticals in the region. In 2018, the region accounted for the largest share of the global fire protective equipment market, reaching a market valuation of USD 18,775.1 million.
The North American fire protective equipment market is anticipated to maintain its market position throughout the assessment period, growing at 12.10% CAGR during the forecast period.
Factors such as the strong presence of leading industry players and firefighting units boost the regional market growth. The rising use of fire protective equipment due to wide spread awareness of public safety and increased investments to boost the technology fosters the region’s fire protection system market share.
Europe acquires the second position globally in terms of fire protection system market revenues. Factors such as the rising adoption of fire protection systems and favorable government policies augment the regional market growth.
The resurging economy is influencing the current fire protection system market growth in the region, increasing consumer purchasing power. Additionally, the rising demand for fire protection system from the commercial sector and public security sectors escalate the growth rate of the market.
The Asia Pacific region is witnessing a spurring rise in the fire protection system market value. Raw material advantage and the ample availability of cost-competitive workforces in the region are the major factors impacting the fire protection system market share.
Besides, advancements in transmitting technology and improved technical infrastructure drive the regional market growth. Moreover, the extensive uptake of fire protection systems in public safety forces positively impacts market growth.
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The fire protection system market is estimated to witness several strategic partnerships, alongside other strategic initiatives such as expansion, collaboration, mergers & acquisitions, and product & technology launches. Leading industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Feb. 07, 2021, Elbit Systems Ltd. announced receiving a contract worth approximately $82 million from BAE Systems Hägglunds AB to supply the Royal Netherlands Army with Active Protection Systems and electro-optical commander sights. This contract would be performed over a period of four and a half years.
Notable Players Operating In The Global Fire Protection System Market Include:
- Trimble Inc (US)
- Siemens AG (Germany)
- Honeywell International Inc. (US)
- Tyco International PLC (Ireland)
- United Technologies Corporation (US)
- Johnson Controls International PLC (US)
- Robert Bosch GmbH (Germany)
- Halma PLC (UK)
- Hochiki Corporation (Japan)
- Gentex Corporation (US)
- Minimax Viking GmbH (Germany)
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Fire protection system markets worldwide are garnering significant traction. Although innovations in fire system technologies have been slower compared to other high demand smart devices, there have been significant developments in high-return products, primarily which can connect consumers with rapidly changing lifestyle trends.
Innovative manufacturers focus their major efforts on developing new methods for approaching fire and gas-related threats. Some fire protection system market trends include artificial intelligence, connected systems, and smart city initiatives. Other major trends in the market are aspiration detection, IoT in fire safety systems, and Advancements in Central Alarm System Technology.
Moreover, advances in wireless technologies and machine learning technologies foster the fire protection system market growth. Substantial R&D investments by key instrument providers and technology developers, alongside the government initiatives and funding to promote these devices, influence the fire protection system market size.
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