Fire Protection Systems Market to Reach $131.27 Bn, Globally, by 2027 at 5.2% CAGR: AMR
Growing awareness regarding safety from fires, rapid urbanization & industrialization, and surge in residential & non-residential construction drive the growth of the global fire protection systems market.
PORTLAND, Ore., Oct. 21, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Fire Protection Systems Market by Technology (Coating, Bulkheads and Sealant), Systems (Detection Systems, Alarm Systems and Suppression Systems), Application (Active Protection and Passive Protection) - Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report published by Allied Market Research, the global fire protection systems market generated $96.50 billion in 2019, and is estimated to reach $131.27 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.
Driver, restrain, and opportunities-
Growing awareness regarding safety from fires, rapid urbanization & industrialization, and surge in residential & non-residential construction drive the growth of the global fire protection systems market. On the other hand, high initial costs and predictive maintenance and fluctuating raw material prices hinder the growth to certain extent. Nevertheless, technological advancements to ensure safety & security and government investments in the building infrastructure sector creates new opportunities in the coming years.
Covid-19 scenario:
- The novel coronavirus outbreak has significantly impacted the trade of the fire protection systems industry, owing to supply chain disruptions and shortage of raw materials.
- The government bodies, however, in various regions have imposed relaxations on certain restrictions and permitted several industries to reinitiate their projects and plans.
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The commercial segment dominated the market in 2019-
Based on end user, the commercial segment contributed to the largest share in 2019, accounting for more than two-fifths of the global fire protection systems market, and is estimated to maintain its dominant position during the forecast period. Furthermore, the segment is expected to register the highest CAGR of 6.0% from 2020 to 2027. The construction of new official buildings, commercial complexes, railway stations, and others are expected to boost the growth of the segment. In addition, high acceptance of fire analysis systems from commercial buildings further boosts the growth of the segment.
The supermarket hypermarket to lead the trail throughout 2027-
Based on type, the active fire protection segment accounted for the largest share in 2019, holding more than three-fifths of the global fire protection systems market, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is estimated to portray the highest CAGR of 5.8% during the forecast period. The stricter government regulations for compulsory installation of active fire protection products such as fire extinguisher, and others in new building premises in countries such as the U.S. and the UK drives the segment growth. Furthermore, rise in demand for fire sprinklers from commercial areas, owing to increase in awareness regarding building fire safety among individuals also supplements the growth.
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North America region to rule the roost throughout 2027-
Based on region, the North America region contributed to the highest share, accounting for nearly half of the global fire protection systems market in 2019, and will maintain its dominance throughout the forecast period. Stringent fire safety regulations on deployment of fire protection systems across North America is expected to drive growth of the fire protection systems market. In addition, increase in commercial construction buildings further expands the growth in this province. Moreover, the Asia-Pacific region is expected to grow at the highest CAGR of 8.0% from 2020 to 2027. Rapid industrialization and presence of a large population contributes toward the growth of the fire protection systems market in Asia-Pacific. In addition, rise in consumer awareness toward safety measures propels the growth yet more.
Leading market players-
- Honeywell International Inc.
- Gentex Corporation
- VT MAK
- Hochiki Corporation
- Halma PLC
- United Technologies Corporation
- Tyco International Limited
- London Security PLC
- Johnson Controls, Inc.
- Bosch Security Systems
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