Fire Protection Systems Market to Double by 2022, According to Forecast
A MarketsandMarkets report predicts the market to jump from its 2015 mark of $48.0 billion.
Fire management systems like sprinklers and extinguishers are expected to dominate the market till 2022.
The fire protection systems market is expected to grow to $98.2 billion by 2022 at a CAGR of 10.1%, according to a MarketsandMarkets report.
The market was previously valued at $48.0 billion in 2015, according to the report.
As a result of the increase in fire hazards, government agencies across the globe are implementing stringent measures to reduce the losses from fire. The increase in fire-related spending by a number of enterprises and SMEs across the globe is driving the demand for fire protection systems. There has been a tremendous amount of advancements in the facilities management environment of developing nations over the last several years, especially in the area of building automation. Various security aspects of building automation include monitoring & control systems such as HVAC, power production, lighting, safety, security systems and elevators among others.
The market for passive fire protection systems is expected to grow at the highest rate during the forecast period in the fire protection systems market. The passive fire protection systems work on the principle of strengthening building structure and helping in leveraging the profitability by reducing the damages involved in the fire accidents and one of the vital features of the passive fire protection systems is a cluster of codes and regulations to be followed.
The fire management systems held the largest market share of the global fire protection market based on products in 2015 and are expected to dominate the market till 2022. The fire management systems such as sprinklers and extinguishers are expected to be used extensively in the commercial vertical during the forecast period. The market for fire analysis software is expected to grow at the highest rate in the fire protection systems product market during the forecast period. The high growth rate of fire analysis software is estimated due to the increasing need for sophisticated fire analysis which helps in proper decision making and fire prevention.
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The commercial vertical is expected to hold the largest share of the fire protection systems market by 2022, while the fire protection systems market for the oil, gas and mining vertical is expected to grow at the highest rate between 2016 and 2022. The reason for the high growth rate of the oil, gas and mining vertical is the high risk of fire associated with the same.
North America is expected to hold the largest market share and dominate the fire protection systems market between 2016 and 2022, owing to the increased awareness of the installation of fire safety systems and government fire safety regulations. In this region, there are numerous fire protection systems and equipment manufacturers that offer different fire protection systems such as smoke detectors, flame detectors, heat detectors, sprinklers, extinguishers, fire alarms, sirens, control panels & interfaces, fire analysis software and many other products along with the fire service providers.
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