Global Fire Protection Systems Market Growing 8.8% Annually, Report Says
Fire management systems are expected to dominate the market share during the forecast period, 2016-2021.
FRAMINGHAM, Mass. – The global fire protection systems market is forecast to grow at a compound annual growth rate (CAGR) of 8.81% to reach $86.3 billion in market size by 2021, according to a new report by India-based market research firm Knowledge Sourcing Intelligence.
Cumulative implementation of fire protection systems by government authorities across the globe has led to the increase in the fire-related spending by a number of enterprises and SMEs, according to the report.
Expansion in the offshore oil and gas industry in the past few years has led to the increase in fire protection systems investment in order to adhere to government standards and regulatory framework. The passive fire protection systems market is forecast to grow at the highest rate, whereas fire management systems are expected to dominate the market share.
The major restraining factors hindering the growth of the market are the high installation and maintenance costs involved. Another setback is the complexity of integrating user interfaces with control mechanisms, especially when multiple solutions are involved.
The report segments the fire protection systems market based on product (fire detection systems, fire management systems, fire response systems, software and others); technology (active fire protection systems and passive fire protection systems); services (installation & design, maintenance and others); end user (residential, commercial and industrial); and geographical region (North America, South America, Europe Middle East and Africa, and Asia Pacific).
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