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Fire Protection Systems Market worth $70 Bn by 2027
- Published Date: February 22, 2021
Fire Protection Systems Market size is set to be over USD 70 billion by 2027, according to a new research report by Global Market Insights Inc.
The growing regulations and standards by governments across the globe for reducing the fire risks across facilities are playing a vital role in driving the fire protection systems industry. The growing awareness among individuals in Europe and North America is increasing the market demand. According to The Confederation of Fire Protection Associations Europe (CFPA), there has been enhancement in fire safety systems and government initiatives to increase the awareness among the citizens. For instance, according to CFPA, Europe fire fatalities had been reduced by 65% over the last 30 years due to installation of fire detectors and alarms in infrastructures, influencing the market demand.
Lack of awareness in growing economies and fluctuation in raw material prices are some of the factors hindering the fire protection systems market revenue. The fire deaths and accidents in countries, such as Jordan, Hungary, Bulgaria, and Croatia, have increased over the years due to the lack of awareness associated with the fire protection systems. According to International Association of Fire and Rescue Services, in 2018, over 4.5 million fire incidents took place around the globe with more than 50% in underdeveloped economies due to lack of awareness, fire regulation, and technology upgrade.
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Analyst view: “The increasing government regulations pertaining to building safety & protection is driving the market growth.”
COVID-19 has slowed down the sales and production of fire protection systems, hampering the market growth. The implementation of lockdown and restriction on international trade have affected the overall supply of components, raw materials, and products, resulting in downfall in production and sales. Market leaders including Johnson Controls International PLC, and Honeywell International Inc. had experienced a decline in the market sales during the first two quarters of 2020 owing to restricted access on different sites for installation and services. The decline in the construction of new infrastructure during 2020 has also negatively impacted the demand.
Growing adoption of passive fire protection systems is driving the market expansion
The North America passive fire protection systems market is predicted to cross around USD 8 billion by 2027 driven by the growing implementation of regulations by the government authorities. Moreover, individuals, designers, building owners, managers, and occupiers have to carry out regular fire risk assessments along with evaluation of materials provided to reduce the losses caused by fire.
Browse key industry insights spread across 250 pages with 384 market data tables & 25 figures & charts from the report, “Fire Protection Systems Market Size By Component (Hardware [Fire Suppression, Fire Sprinkler System, Fire Detection, Fire Response], Software, Services [Installation and Design Services, Maintenance Service]), By Type (Active Fire Protection Systems, Passive Fire Protection Systems), By End Use (Commercial [Retail, Hospital, Hospitality, Private and Government Offices], Residential, Industrial [Manufacturing, Energy & Power, Oil, Gas and Mining]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Hardware segment generating significant market revenues
The Europe hardware segment is projected to grow at 4% CAGR through 2027 propelled by high demand for fire suppression, fire sprinkler system, fire detection, and fire response from industrial, commercial, and residential sectors. The rise in fire accidents and hazards by unsuitable housekeeping standards, poorly maintained electrical circuits, and availability of combustible materials including inflammable liquids or gases is increasing the demand for hardware.
Growing fire fatalities in North America to drive the market demand
The North America fire protection systems market is forecast to reach more than USD 30 billion by 2027 impelled by factors such as growing awareness, high spending capability of consumers, and government initiatives. The standards developed by the government of the U.S. associated with fire safety, such as NFPA 1, NFPA 13, NFPA 13D, and others, are contributing to the market growth. According to the Insurance Information Institute, Inc., in 2019, 361,500 fire incidents took place in the residential properties in the U.S. owing to lack of installation of fire protection systems.
Various manufacturers in the region, such as Honeywell International Inc., Johnson Controls International PLC, Napco Security Technologies, and Fireline, are developing new devices to enhance the safety of the residents and workers by integrating new technologies into the products. The rise in regulation by the Canada government is also showing a positive outlook on the fire protection systems market. For instance, in April 2019, the Canadian government had released certain guidelines on national fire code of Canada fire protection standards stating that while designing the building, the companies should incorporate fire protection systems.
Key manufacturers operating in the industry are implementing new strategies, such as product launches and partnerships, to enhance their market share and increase their sales in untapped regions. For instance, in September 2019, ABB. launched a heat, smoke, and carbon monoxide (CO) detector, ABB Alarm-Stick. This detector can be monitored remotely through smartphones, enhancing the overall safety. The ABB Alarm-Stick can also be used where CO is produced, attributing market trend.
A few of the prominent fire protection systems market players include Viking Group Inc., ENCORE FIRE PROTECTION, Viking Automatic Sprinkler Company, Victaulic Co., Siemens AG, Securiton AG, SCHRACK SECONET AG, Schneider Electric, Robert Bosch GmbH, Raytheon Technologies, NAPCO SECURITY TECHNOLOGIES, Johnson Controls International PLC, Honeywell International Inc., Hochiki Corporation, Halma PLC, Gentex Corporation, FIRE SUPPRESSION LIMITED, and Fike Corporation.