Fire Protection System Market worth $97.2 billion by 2029 – Exclusive Report by MarketsandMarkets™

CHICAGO, March 1, 2024 /PRNewswire/ — The global fire protection system market size is projected to grow from USD 71.6 billion in 2024 to USD 97.2 billion by 2029 at CAGR of 6.3% during the forecast period according to a new report by MarketsandMarkets™. Fire protection systems help prevent fire accidents and damage. These systems reduce the impact of uncontrolled fires, saving lives and property. Fire alarms and detection systems, fire sprinkler systems, and fire suppression systems are among the popular options. Their demand has grown in the last decade, as most countries are committed to safety regulations. These systems are used in many sectors, such as residential, commercial, manufacturing, oil and gas, and energy and power.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1018
Browse in-depth TOC on “Fire Protection System Market” 194 – Tables72 – Figures284 – Pages
Fire Protection System Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 71.6 billion
Estimated Value by 2029
$ 97.2 billion
Growth Rate
Poised to grow at a CAGR of 6.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Fire Suppression, Smoke Detector, Heat Detector, Sprinkler, Service, Vertical and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Addressing ever-evolving regulatory requirements
Key Market Opportunities
Increasing government initiatives to upgrade building codes
Key Market Drivers
Surge in residential and commercial infrastructure development
 
The market for fire detection is expected to grow at a significant CAGR during the forecast period.
Fire detection is a critical part of any building design. They are available for residential, commercial, and industrial use. Fire detectors and control panels (including smoke, heat, and flame detectors) are essential in fire safety. They are specially used in homes for fire detection. Such systems are permanently installed to detect fires at an early stage and quickly inform the relevant emergency service. Fire detection products, such as flame detectors, smoke detectors, and heat detectors, alert the occupants through alarms and trigger automatic fire extinguishers, such as sprinklers. Successful fire prevention and protection depends on the performance of fire detection products. Thus, they are expected to offer accurate and early fire detection. A rise in new construction projects is generating demand for fire detectors due to various mandates pertaining to the compulsory installation of fire protection systems in new buildings.
The manufacturing segment is expected to gain a substantial market share during the forecast period.
Fires in manufacturing plants can be catastrophic due to the presence of large and critical structures. The manufacturing industry faces numerous fire hazards due to flammable materials, electrical equipment, dust accumulation, confined spaces, and chemical reactions. Fire protection systems are crucial in safeguarding lives, preventing property damage, mitigating environmental impact, and ensuring regulatory compliance. These systems are vital in protecting workers, reducing financial losses, and minimizing the risk of environmental pollution associated with fire incidents. The installation of fire protection systems in manufacturing plants is crucial. These products, such as fire suppressors and fire sprinklers, can extinguish fires and minimize risk, damage, and production downtime.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1018
European region is expected to hold a substantial share of the global fire protection market during the forecast period.
The European market consists of countries, such as Germany, the UK, France, and the Rest of Europe. The European fire protection system industry is well developed due to government regulations to safeguard building occupants from fire accidents by installing fire safety systems. Governments have collectively or independently developed fire prevention and protection guidelines. Fire accidents have reiterated that the need to set up fire protection systems has increased, fueling market growth. European countries are home to wireless fire detection system manufacturers. Moreover, the evolution of wireless technologies has driven the fire protection system market in this region. Stringent government mandates for installing smoke detectors and alarms in households have also been introduced in the UK, France, and Germany.
Key Players
The key players in the fire protection system companies include Carrier (US), Honeywell International Inc. (US), Johnson Controls (Ireland), Robert Bosch GmbH (Germany), Siemens (Germany), and others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1018
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports: 
Building Automation System Market by Offering (Facility Management Systems, Security & Access Controls, Fire Protection Systems), Communication Technology (Wireless Technolgies, Wired Technologies), Application & Region-Global Forecast to 2028
Fire Protection System Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), System Type (Fire Alarm Devices, Fire Detection Systems, Sprinkler Systems), Application and Region – Global Forecast to 2028
Smoke Detector Market Size, Share, Statistics and Industry Growth Analysis Report by Power Source (Battery-Powered, Hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel – Global Forecast to 2027
Home Security Systems Market Size, Share, Industry Growth Analysis Report by Home Type (Independent Homes, Apartments), Security (Professionally Installed & Monitored, Do-It-Yourself), Systems (Access Control Systems), Services (Security System Integration Services), Global Growth Driver and Industry Forecast To 2027
Fire Suppression Market by Product (Fire Suppressors, Fire Detectors and Control Panels, Sprinklers, Nozzles, Caps, and Control Heads), Suppression Reagent, Sector (Residential, Commercial, Industrial), and Region – Global Forecast to 2023
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: sales@marketsandmarkets.comVisit Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/fire-protection-systems-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/fire-protection-systems.asp
Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
 

View original content:https://www.prnewswire.co.uk/news-releases/fire-protection-system-market-worth-97-2-billion-by-2029—exclusive-report-by-marketsandmarkets-302076811.html