Market Research Future (MRFR), in its recently published study report, asserts that the global market of fire protection systems is forecasted to perceive the valuation of USD 95 Bn. by 2023 registering a CAGR of 8% during the forecast period (2017 – 2023). Technological advancements in the field of automation including smart and connected devices and the growing penetration of Internet of Things (IoT) are fostering the market growth.
Additional factors substantiating the market growth include the other advantages that fire protection systems can provide apart from saving the lives for instance; the higher energy saving and the low operational cost. Witnessing the substantial R&D investments, connectivity solutions are heading towards their way to the prominence, more so than in the volume segment.
On the hand, lack of awareness and requirement of compliance with several regulatory codes and standards is the key growth impeding factor affecting the market growth negatively. Nevertheless, rising demand for smart homes along with the growing demand for the fire protection is projected to increase the growth of the segment during the forecast period.
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Major Key Players:
- 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).
According to MRFR, The global Fire Protection Systems Market is expected to grow at approximately USD 95 Billion by 2023, at 8% of CAGR between 2017 and 2023.
Industry/ Innovation/ Related News
August 13, 2018 – Align Capital Partners (US), a private equity firm announced the merger of ABCO Fire Protection into its fire safety platform company, ISA Fire and Security (US). Align had acquired ISA from Gen Cap America, Tennessee private equity firm in January this year following a recapitalization. The deal provides Align with a unique opportunity to achieve the next phase of growth.
Fire protection systems market has been segmented on the basis of type, product, service and vertical. The service segment is bifurcated into engineering services, managed services, maintenance services, installation & design and other services. Out of which, the maintenance services is expected to hold the largest market share of the fire protection systems market. Also, the maintenance services segment is expected to grow at the highest rate during the forecast period.
The major factor restraining the growth of fire protection systems market is the lack of awareness and lack of integrity in system interfaces. This could be a major factor that could cause hindrance in the growth of fire protection systems market. High implementation and maintenance costs of fire protection systems are other major factors that could hamper the growth of fire protection systems market.
North America region leads the global fire protection systems market and is expected to witness a fabulous market growth during the review period. Technological advancement and increased adoption of automation across the residential and industrial construction projects are some of the key driving forces behind the market growth. The growth is predominantly driven by the augmented demand & availability of quality automated system in the region.
Europe is another lucrative market for fire protection systems drawing a substantial market share. The market is poised to witness huge growth over the review period. The increasing smart homes and automation project are fostering the market growth in the region. Simultaneously, the proliferation of smart and connected devices along with the penetration of Internet is substantiating the market growth. Simultaneously, the regulatory mandates introduced in the region coupled with the presence of large untapped consumer base are providing impetus to the market growth.
The Asia Pacific market for fire protection systems perceives a rapid expansion stage backed by the growing markets in China, Japan and India. The wide uptake of connected devices along with the presence of sensors manufacturing companies acts as a major driving force to the market growth in China and India.
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- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Fire Protection Systems Component Providers
- Fire Protection Systems Service Providers
- Fire Protection Systems Product Manufacturers
- Fire Protection Systems Original Equipment Manufacturers (OEMs)
- Managed Service Providers
- Third-Party System Integrators
- Distributors and Traders
LIST OF TABLES
Table 1 Fire Protection Systems Market, By Type
Table 2 Fire Protection Systems Market, By Product
Table 3 Fire Protection Systems Market, By Service
Table 4 Fire Protection Systems Market, By Vertical
Table 5 Fire Protection Systems Market, By Region
Table 6 North America Fire Protection Systems Market, By Type
Table 7 North America Fire Protection Systems Market, By Product