Fire Protection System Market is expected to reach US$ 112.42 Billion by 2031|Key Players- Consilium AB, DESAUTEL SAS
Global Fire Protection System Market is expected to register a 9.1% CAGR, witnessing substantial growth during the forecast period.
NEW YORK, NEW YORK, UNITED STATES, December 13, 2022 /EINPresswire.com/ — Fire Protection System Market
The global market for fire protection systems is anticipated to expand significantly over the forecast period, with a CAGR of 9.1%. The market was estimated to be worth US$ 57.3 billion in 2021, and by 2031, it is anticipated to be worth US$ 112.42 billion.
The Fire Protection System Market refers to the industry concerned with the design, installation, and maintenance of fire protection systems for commercial, industrial, and residential buildings. These systems include fire sprinkler systems, fire alarms, and fire suppression systems.
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The global fire protection system market is expected to witness significant growth in the coming years, owing to the increasing focus on public safety and the stringent government regulations mandating the installation of fire protection systems in buildings. In addition, the growing construction industry and the increasing adoption of smart technologies in fire protection systems are also expected to drive the market growth.
Logistics and warehousing solutions witnessing substantial demand from the E-commerce industry that involves the integration of material handling, stocking, packaging, transportation, inventory management, supply chain management, procurement and shipping security aspects, is triggering the sales of fire protection systems, at a global level.
Key Players-
• Consilium AB
• DESAUTEL SAS
• HALMA PLC
• Hochiki Corporation
• Johnson Controls International Plc
• United Technologies Corporation
• Yamato Protec Corporation
• Robert Bosch GmbH
• Siemens AG
• Honeywell International, Inc.
• Swastik Synergy Engineering Private Limited and more
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The fire protection system market can be segmented based on the type of system, end-use industry, and geography.
Based on the type of system, the market can be divided into
• Fire sprinkler systems
• Fire alarms
• Fire suppression systems
and others. Among these, the fire sprinkler systems segment is expected to hold the largest share of the market, due to their high efficiency and reliability in extinguishing fires.
Based on the end-use industry, the fire protection system market can be segmented into
• Commercial
• Industrial
• Residential.
The commercial segment is expected to hold the largest share of the market, due to the large number of commercial buildings and the increasing focus on public safety in these buildings.
Geographically, the fire protection system market can be segmented into
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa.
North America and Europe are expected to hold the largest share of the market, due to the presence of a large number of key market players and the stringent government regulations in these regions.
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High-Level Market Fragmentation to Deter Growth
The global fire protection systems market showcases a high fragmented competitor landscape owing to widespread presence of small and medium-sized tier-2 players, holding nearly 80 percent market share. Tier-2 players, on the other side, occupy approximately 20 percent of the market share. Although the presence of large-size fire protection systems manufacturers is limited, they are anticipated to pump more revenue than smaller fire protection systems manufacturers, estimated to stand at more than US$ 600 Mn.
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