Fire Protection The global fire protection systems market expected to expand at a CAGR of 7.8% during the forecast period from 2018 to 2026. Increasing incidences of catastrophic fire accidents leading to number of casualties and loss of property across both industrial and non-industrial spaces is identified as the major factor driving demand for fire protection systems such as fire standpipes, fire suppressors, and fire alarm units among others.
Accidental fire outbreaks and resulting property loss and casualties has convinced companies across the globe to install automated solutions for end-to-end fire detection and control. In addition, advancements in technology coupled with stringent regulations supporting safety at industrial as well as non-industrial spaces bodes well for the market growth worldwide. On the contrary, challenges associated with design, standards, development cycle, and maintenance of these systems are limiting its adoption worldwide.
View Report: https://www.alchemymarketresearch.com/global-fire-protection-market/
Regulated Demand from Mining, Energy, and Oil & Gas Industries to Drive Growth Prospects
Industries prone to fire outbreaks such as oil & gas, energy & power, mining, and industrial manufacturing are some major end-users of fire protection systems. Considering high risk of fire outbreaks in these industry verticals, companies are compelled to install multiple automated safety solutions at their facility. Underlying threat to safety has triggered the need to install robust fire protection systems across upstream, midstream, and downstream operational fields in the oil & gas industry. With several forthcoming oil & gas projects, demand for new installations across these verticals will remain steady in the coming years. For instance, it is expected that over 125 crude and natural gas projects will start operations in Asia over the course of next seven years, driving market demand. Growth across these industries will also be driven by the replacement of conventional fire protection systems by state-of-the-art variants. For instance, the budding trend of replacing water sprinkler systems with mist-based fire suppression systems will drive market prospects during the forecast period from 2018 to 2026.
North America to Dominate, Europe to Register Steady Growth
In terms of value contribution, North America represented the largest fire protection systems market worldwide closely followed by Europe in 2017. Their collective contribution to the global fire protection systems was around two-third of the total market value in the same year. The U.S. was the largest fire protection systems market in North America and worldwide. Increasing shale gas exploration, upcoming deep-water drilling projects, and prevailing trend of refurbishing older high-rise buildings are identified as major factors driving demand for fire protection systems in the U.S. The fire protection systems market in North America is also expected to benefit from stringent regulations that promote workplace safety, driving installations of safety systems across industrial facilities. The fire protection systems market in Europe will continue to register steady growth on the back of replacement of conventional systems with state-of-the-art equivalents.
Key Players:
Some of the leading manufacturers profiled in the study include ABB Ltd, Honeywell International Inc., Siemens AG, Johnson Controls, Inc., Robert Bosch GmbH, United Technologies, Hochiki Corporation, Minimax Viking GmbH, Gentex Corporation, VFP Fire Systems, Inc., and Halma PLC among others.
Report Scope by Segments
Key segments covered in the report are as follows:
End-use Vertical Segment (2016–2026; US$ Bn)
- Residential
- Commercial
- Oil & Gas
- Industrial Manufacturing
- Transportation
- Government
- Mining & Energy
- Others (Education, Healthcare, etc.)
Product Segment (2016–2026; US$ Bn)
- Fire Alarm Systems
- Fire Suppression Systems
- Fire Standpipe Systems
- Others
Technology Segment (2016–2026; US$ Bn)
- Active Fire Protection Systems
- Passive Fire Protection Systems
Geography Segment (2016–2026; US$ Bn)
- North America
- United States
- Rest of North America
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- Rest of Asia Pacific
- Rest of the World (RoW)
- Middle East & Africa (MEA)
- Latin America
Get Sample Copy: https://www.alchemymarketresearch.com/global-fire-protection-market/#req
About Us:
Alchemy Market Research is an innovative market intelligence company, helping customers to enrich their business scenario and make superior decisions using future intelligence tools.
