Fire Protection System Market worth $95.52 billion by 2025 with a growing CAGR of 7.6%

(IT-NEWSWIRE.COM, December 14, 2019 ) 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 2025", the fire protection system market is expected to grow from USD 52.72 billion in 2018 to USD 95.52 billion by 2025, at a CAGR of 7.6% from 2018 to 2025.

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Fire protection systems help prevent fire accidents and subsequently the damages caused by them, reduce the impact of uncontrolled fires, and thus save lives and property. These systems are used in a wide range of sectors, such as residential, commercial, manufacturing, oil & gas, and energy & power. The growth of the market is fueled by rise in deaths and loss of property due to fire breakouts, stringent government regulations and mandates, and technological advancements in the construction industry.

Based on product, fire analysis to register fastest CAGR between 2018 and 2025

Based on product, fire suppression systems held the largest market size in 2017. The growth of fire suppression systems is propelled by 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. However, the market for fire analysis is likely to grow at the highest CAGR between 2018 and 2025 owing to the increase in fire protection-related expenditure of various enterprises, rise in fire-related deaths, and governmental norms. Fire protection systems demand real-time information and analysis of the situation to allocate resources properly for minimal damage. Fire mapping and analysis software provides an interactive map display with a real-time system for decision makers to efficiently and quickly make decisions during fire-related situations.

Oil & gas and mining vertical to grow at highest CAGR from 2018 to 2025

In 2017, the oil & gas and mining vertical grew at fastest CAGR in the fire protection system market, and a similar trend is likely to continue during 2018–2025. In the oil, gas, and mining vertical, flammable and combustible materials such as petroleum, crude oil, flammable gases (such as butane), and coal are used. These materials are susceptible to fire; therefore, to avoid fire accidents, advanced fire protection systems are installed in this vertical. Suitable fire detection and prevention systems are required in this sector to avoid accidents. Clean agent fire suppression systems, dry chemical fire suppression systems, and water and foam sprinklers are mainly used in the mining sector. Gas-based suppression systems (CO2, FM200, Novec, and Inert) and sprinkler systems are used in the oil & gas sector.

Based on service, maintenance services are likely to register fastest CAGR between 2018 and 2025

Fire protection systems are useful only if they are properly engineered, designed, installed, managed, and maintained. Fire protection systems require regular servicing to run at optimum performance and effectively control fire. Maintenance includes timely servicing and auditing of fire protection systems to ensure these systems meet all required fire safety standards and ensure their appropriate functioning at the time of emergency. Maintenance services held the largest size of the fire protection system market and likely to dominate the market with highest growth among other services such as engineering, installation & design, managed, and tenancy and refurbishment upgrade services

Asia Pacific to register highest CAGR from 2018 to 2025

In 2017, North America held the largest size of the overall fire protection system market. The increased awareness of fire safety systems and government fire safety regulations are the 2 significant factors that drive the market in North America. However, the market in Asia Pacific region is expected to grow at the highest CAGR from 2018 to 2025. Growing urbanization in Asia Pacific has increased construction activities, contributing significantly to the highest growth of the fire protection system market. Governments in this region have laid down fire safety norms, and the fire protection system market is expected to grow with the execution of these policies. China Fire Protection Association, Fire and Security Association of India (FSAI), and Japan Fire Retardant Association (JFRA) have developed fire safety norms.

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).

Study Coverage

In this research report, the fire protection system market has been segmented on the basis of products (fire detection, fire suppression, fire sprinkler, fire analysis, and fire response), services (engineering, installation and design, maintenance, and managed), and verticals (commercial; residential; energy & power; government; manufacturing; oil, gas, and mining; and transportation & logistics).

This report describes drivers, restraints, opportunities, and challenges pertaining to the fire protection system market. The report also provides a detailed view of the market across different regions—North America, Europe, APAC, and RoW. Strategic profiling of market leaders and their competitive landscape have also been included in the report.

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Fire Protection System Market worth $95.52 billion by 2025 with a growing CAGR of 7.6%