Global Fire Protection Systems Market Estimated to Be Growing 10.5% Annually
Geographically, North America accounted for the maximum market share in 2017 in the fire protection system market, owing to a high increase in renovations in the region.
DALLAS — The global fire protection systems market size is forecast to be valued at $116.5 billion by 2025, according to market research by Orbis Research, based here.
Major factors fueling a compound annual growth rate (CAGR) of 10.5% include increasing urbanization and the need for robust fire/life-safety systems to minimize property and human losses, according to the report.
Geographically, North America accounted for the maximum market share in 2017 in the fire protection system market, owing to a high increase in renovations in the region. The United States, Canada and Mexico are taking various initiatives in the reconstruction of older high-rise buildings due to safety factors, and also to increase foreign tourism and companies in the countries.
The commercial end-user segment has the largest market share in North America, which is estimated to be experiencing a CAGR of 10.8% and will reach $9.3 billion in 2025 from $4.2 billion in 2017. The growth is attributed to increasing construction of commercial buildings such as shopping malls, multiplexes, supermarkets, hypermarkets (superstores), office buildings, real estate and others.
Reconstructions are also being taken due to government initiatives for a safer and green infrastructure and saving new construction costs. These factors are anticipated to further propel the demand for fire protection system in the North American region. Key players in the market are taking measures to gain maximum benefit from on the opportunities in emerging markets.
The commercial fire protection system market is mostly driven by the need to upgrade the existing building infrastructure in order to keep up with the competition to attract and keep tenants. Demand for green offices and eco-friendly buildings are increasing which in turn drive the market of fire protection systems.
Elevator Fire Protection Trending
One of the future trends that are prevailing in the market is the implementation of destination-based elevators, which are primarily used in commercial buildings such as offices, malls and others. Such types of elevators are helpful in avoiding huddling over elevator doors during peak hours.
Furthermore, implementation of IoT in elevator systems will help with collecting and analyzing data of elevators, allowing operators to respond quickly in case of any problem in the elevator.
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