Global Fire Protection Systems Market Projected to Be Growing 9.7% Annually
Major factors fueling the market include increased spending for protection of assets and robust growth in infrastructure development.
PUNE, India – The global fire protection systems market size is forecast to be valued at $93.5 billion by 2022, according to market research by ReportsnReports.
Major factors fueling a compound annual growth rate (CAGR) of 9.7% include increased spending for protection of assets and robust growth in infrastructure development. Fire analysis software segment will grow at the highest rate with North America accounting for the largest share.
The current marketplace is expected to be driven by increased fire-related expenditure of various enterprises, along with the rising trend of automation in commercial buildings and smart homes. In addition, improvement in the existing government regulations and mandates regarding fire protection systems are driving the market.
Factors restraining the growth of the fire protection systems market include the high implementation and maintenance costs of fire protection systems, and lack of integrity in system interfaces.
Several types of products for sensing, detecting and suppressing fire are available in the market, including wet-pipe sprinkler systems, dry-pipe sprinkler systems, pre-action sprinkler systems and deluge sprinkler systems. The suppression systems also include various extinguishers such as CO2, dry chemical, wet chemical and water-based chemicals.
The robust growth in infrastructure, utilities, and facilities is bringing in the need for a higher adoption of suppression systems across the globe, according to the research firm.
On the basis of products, the market is segmented into fire detection systems, fire suppression systems, fire analysis software, fire response systems and others. The fire suppression systems held the largest share of the global fire protection systems market based on products in 2016. The market for fire analysis software is expected to grow at the highest rate during the forecast period (2017-2022.)
The high growth rate of fire analysis software is owing to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention.
The maintenance services held the largest share of the global fire protection systems market in 2016. The market for these services is expected to grow at the highest CAGR during the forecast period. 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.
North America held the largest share of the fire protection systems market in 2016. Europe is one of the potential markets for fire protection systems globally. The market in Europe is expected to grow at the highest CAGR during the forecast period.
The fire protection and safety regulations in this region are highly mandated. Therefore, most of the building structures are fixed with fire protection systems. The high growth of fire protection systems in Europe can be attributed to the stringent government mandate on installation of smoke detectors or smoke alarms in homes of European countries such as the UK, France and Germany.
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