Fire Protection Systems Market to Garner $131.27 Billion by 2027: Allied Market Research
Rise in residential & non-residential construction, growing awareness regarding safety from fires, and rapid urbanization & industrialization have boosted the growth of the global fire protection system market. The market across Asia-Pacific is projected to manifest the highest CAGR of 8.0% during the forecast period. However, several countries have relaxed certain restrictions regarding industrial manufacturing to reinitiate projects.
Portland, OR, Sept. 16, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global *fire protection systems market* pegged at $96.50 billion in 2019, and is projected to hit $131.27 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027.
Rise in residential & non-residential construction, growing awareness regarding safety from fires, and rapid urbanization & industrialization have boosted the growth of the global fire protection system market. However, predictive maintenance, high initial costs, and fluctuation of raw materials prices hamper the market. On the contrary, advancements in technologies to ensure safety & security and increasing government investments in developing infrastructure sectors are expected to create lucrative opportunities in the coming years.
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*Covid-19 scenario:*
· The Covid-19 outbreak has greatly affected the fire protection systems market, due to supply chain disruption and shortage of raw material.
· Several countries have relaxed certain restrictions regarding industrial manufacturing to reinitiate projects.
The global fire protection systems market is segmented on the basis of product type, type, end user, and geography. Based on product type, the market across fire detection, fire response, fire suppression, and fire analysis. The commercial segment is estimated to register the highest CAGR of 6.0% during the forecast period. Moreover, the segment held the largest share in 2019, contributing to more than two-fifths of the market.
On the basis of type, the market is segmented into active fire protection systems and passive fire protection systems. The active fire protection systems segment is expected to register the highest CAGR of 5.8% during the forecast period. Moreover, the segment held the largest share in 2019, accounting for more than three-fifths of the market.
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Based on end user, the market is categorized into commercial, industrial, governmental, institutional, and others. The global fire protection systems market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to manifest the highest CAGR of 8.0% during the forecast period. However, the market across North America held the largest share in 2019, contributing to more than half of the market.
The global fire protection systems market report includes an in-depth analysis of the major market players such as Honeywell International Inc., VT MAK, United Technologies Corporation, London Security PLC, Bosch Security Systems, Gentex Corporation, Hochiki Corporation, Halma PLC, Tyco International Limited, and Johnson Controls, Inc.
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