Fire Protection Systems Market Size Worth $130.37 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 8, 2022 /PRNewswire/ -- The global fire protection system market size is expected to reach USD 130.37 billion by 2030, according to a study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2022 to 2030. Increasing adoption of wireless technology in fire protection systems, growing human and property loss owing to fire breakouts, and stringent fire safety regulations are projected to fuel the market growth. Increasing implementation of building safety codes and renovation projects is also anticipated to be a major factor influencing the market growth. The application and usage of fire protection systems are anticipated to increase continuously with the developments of commercial entities and corporations.

Key Insights & Findings from the report:

• The fire detection product segment dominated the market in 2021 and the trend is expected to continue over the forecast period
• By service, the maintenance services segment is anticipated to be the fastest-growing segment over the forecast period. The demand for these services is often driven by new building construction activities, modernization activities, and demand for system upgrades
• The commercial application segment dominated the market in 2021 and the trend is expected to continue over the forecast period. Increasing investment by companies in reducing the loss of property and life and safeguarding the infrastructure across several applications is estimated to further propel the demand for fire protection systems in the commercial sector
• North America held the largest revenue share of over 35.0% in 2021. The increasing demand for smart buildings and intelligent houses, which deliver optimum safety and security, is expected to drive the regional market

Read 140 page market research report, "Fire Protection System Market Size, Share & Trends Analysis Report By Product (Fire Detection, Fire Suppression, Fire Response, Fire Analysis, Fire Sprinkler System), By Service, By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Furthermore, technology enhancements such as extinguishing technology based on mist and products such as laser optical/infrared smoke detectors, alarms with embedded voice evacuation announcements, hypoxic air fire suppression systems, and wireless fire alarm systems are expected to gain traction in the market globally. Moreover, in 2020, the market will be hampered due to the COVID-19 crisis, which has interrupted production, impacted demand, and caused supply chain disruption.

The growing trend of integrating fire alarm and detection systems with building automation systems offers vast growth opportunities to the market. Connectivity with building automation systems is increasingly becoming a major feature of fire protection systems in commercial, industrial, and residential applications. This can be attributed to the fact that such integration allows for the development of systems that are capable of sharing and gathering data, which can help in alerting individuals about fire safety issues in the premises. A notable rise in investments in smart building automation technologies across several regions is expected to lead to new opportunities for building automation systems in the industrial and commercial sectors.

Consumers in developed regions such as Europe and North America have seen a steady rise in demand over the past few years, and the growth trend is also projected to continue over the next few years. However, a lack of stringent regulations and the high cost of advanced fire protection systems have kept the markets in emerging countries largely untapped. Nevertheless, improving economic conditions in countries, including Brazil and India, are anticipated to boost the demand for fire protection systems over the forecast period.

Infrastructural development activities across the Asia Pacific region owing to the rising demand for new transport and utility infrastructure will drive the demand. The high rate of urbanization is placing increased pressure on under-invested, weak city infrastructure. The consecutive rise in focus on new residential and infrastructural development projects is expected to propel the demand for fire protection systems across this region; thus, such factors are fueling the market growth.

Market Segmentation:

Grand View Research has segmented the global fire protection system market based on product, service, application, and region:

• Fire Protection Systems Product Outlook (Revenue, USD Million, 2017 - 2030)
• Fire Detection
• Fire Suppression
• Fire Response
• Fire Analysis
• Fire Sprinkler System
• Fire Protection Systems Service Outlook (Revenue, USD Million, 2017 - 2030)
• Managed Services
• Installation and Design Services
• Maintenance Services
• Others
• Fire Protection Systems Application Outlook (Revenue, USD Million, 2017 - 2030)
• Commercial
• Industrial
• Residential
• Fire Protection Systems Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa

List of Key Players of Fire Protection Systems Market

• Honeywell International, Inc.
• Johnson Controls
• Raytheon Technologies Corporation
• GENTEX CORPORATION
• Siemens
• Robert Bosch GmbH
• Halma plc
• Eaton

Check out more studies related to fire protection and safety, published by Grand View Research:

• Fire Suppression System Market – The global fire suppression system market size was valued at USD 16.8 billion in 2021 and is expected to witness a CAGR of 4.8% from 2022 to 2030. The growth can be attributed to the growing emphasis on preventing casualties and damage to infrastructure due to fire breakouts and the rising awareness among consumers about the latest fire protection systems.
• Fire Safety Equipment Market – The global fire safety equipment market size was estimated at USD 46.59 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. Rising demand for fire safety equipment for industries, such as utilities, automotive, manufacturing, energy and power, petrochemical, oil and gas exploration, mining, and construction is anticipated to drive the growth.
• Passive Fire Protection Market – The global passive fire protection market size was valued at USD 3.83 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2020 to 2027. Increasing investments in the exploration and production activities by oil and gas companies, coupled with technological advancements in the sector, are expected to fuel the market growth.

Browse through Grand View Research's coverage of the Global Electronic Security Industry.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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