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Fire Protection System Market Worth $88.94 Billion by 2024 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

23 Oct, 2018, 15:30 GMT

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CHICAGO, October 23, 2018 /PRNewswire/ --

According to the new market research report "Fire Protection System Market by Product (Fire Detection (Flame, Smoke (Photoelectric, Ionization, Dual), Heat), Fire Suppression, Fire Sprinkler (Dry, Wet, Pre-Action, Deluge), Fire Analysis, Fire Response), Service, Vertical - Global Forecast to 2024", published by MarketsandMarkets™, the fire protection system market is expected to grow from USD 57.33 billion in 2018 to USD 88.94 billion by 2024, at a CAGR of 7.6% from 2018 to 2024. Rise in deaths and loss of property due to fire breakouts, stringent government regulations and mandates, rising demand for wireless technologies for fire detection, and technological advancements in the construction industry are driving the growth of the fire protection system market.

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Don't miss out on business opportunities in Fire Protection System Market .

Speak to Our Analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalyst.asp?id=1018

Fire suppression systems held largest size of fire protection system market in 2017 

Fire suppression systems held the largest market size in 2017. Fire suppression system starts operating once it receives fire alerts from different sensors and detectors. By suppression agent, the fire suppression market has been segmented into chemical, gaseous, water, and foam. The fire suppression system suppresses fire by the immediate release of a suppression agent. Suppression agent usage in the fire suppression system varies as per the sector. Owing to technological advancements and innovations in the construction industry; increasing policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts, the need for fire suppression systems is expected to grow in the near future.

Commercial vertical to hold largest market size from 2018 to 2024 

The commercial vertical holds a large share of the fire protection system market, and a similar trend is likely to continue during 2018-2024. The commercial vertical has been further segmented into healthcare; academia & institutional; hospitality; retail; and banking, financial services, and insurance (BFSI). Fire protection systems are required in academia & institutional buildings to minimize the risk of any fire hazard. Water-based fire sprinkler systems are mainly used in this space. Fire suppression, detection, and sprinkler systems immensely contribute to the overall fire protection. As the number of retail shops and malls in urban areas has increased drastically over the last few years, the retail sector requires fire protection systems that include fire suppression systems, fire sprinklers, fire and smoke detectors, fire pumps, water storage tanks, fire extinguishers, and hood suppression systems. The market for the commercial vertical is expected to grow at a considerable rate during the forecast period.

Browse in-depth TOC on "Fire Protection System Market"

60 - Tables  

49 - Figures  

167 - Pages  

North America to dominate fire protection system market from 2018 to 2024 

North America is expected to dominate the overall fire protection system market during the forecast period. In North America, the fire protection system market is dominated by the US and Canada. These countries have witnessed significant infrastructural developments owing to the high population growth rate, due to which the demand for fire protection systems is also increasing. In 2017, the US offered a tax incentive to install sprinklers, where small business enterprises will be able to retrofit fire sprinklers at an amount of ~USD 1 million each year. Additionally, supportive government regulations, the adoption of advanced fire protection technologies, and increasing concerns related to fire protection are driving the growth of the fire protection system market in North America.

Ask for PDF @ https://www.marketsandmarkets.com/pdfdownload.asp?id=1018

Key players in the fire protection system market are Johnson Controls (Ireland), United Technologies (UTC, US), Honeywell (US), Siemens, (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Minimax Viking (Germany), Gentex (US), and Securiton AG (Switzerland).

Please explore relevant report "Security Solutions Market" also.

About MarketsandMarkets™  

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/fire-protection-systems-market.asp 
Visit Our Web Site: https://www.marketsandmarkets.com

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