Increasing number of deaths due to fire and growing concern among-st consumers regarding safety and security are some major factors which are anticipated to bolster the growth fire protection system market during the forecast period.
The global fire protection system market is segmented into product type such as fire management systems, fire response systems, fire detection systems, fire analysis software and others.
Global fire protection system market is expected to register 10.09% CAGR over the forecast period. Moreover, the global fire protection system market was valued at USD 48.6 Billion in 2015 and is expected to reach at notable revenue of 98.11 Billion by the end of 2021.
The market is poised to display substantial growth during the forecast period owing to a number of factors such as advancements in fire protection technology and increasing expenditure on fire protection in buildings.
The Oil, Gas, & Mining segment by verticals is likely to witness significant demand during the forecast period. Stringent government rules and regulation regarding installation of fire protection systems by oil and gas industry are projected to flourish the growth of oil and gas fire protection system market over the forecast period.
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Technological advancements with fire protection system
Continuous technological advancements with fire protection systems in order to control or stop any fire accidents in buildings are fuelling the demand for fire protection systems. Further, growing awareness amongst the consumers regarding fire safety coupled with mandatory building safety codes are also escalating the demand for advanced fire protection system.
Favourable government rules and regulations
Government’s strict fire safety norms regarding installation of fire protection system is envisioned to fuel the demand for fire protection system in commercial, industrial and residential buildings. Further, increasing constructional activities across the globe and consumer’s high spending on safety features are projected to drive the global fire protection system market.
Although, high installation and maintenance cost of fire protection system and low adoption rate of fire protection system in small and medium enterprises are some of the key factors that are likely to inhibit the growth of the fire protection system market in the near future.
The report titled “Fire Protection System Market : Global Demand Analysis & Opportunity Outlook 2021” delivers detailed overview of the global fire protection system market in terms of market segmentation by technology, by product type, by service, by vertical and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global fire protection system market which includes company profiling of Blaze Manufacturing Solutions Ltd., Consilium AB Publ., Deluge Offshore & Marine Pte Ltd., Drägerwerk AG & Co. KGaA, Emerson Electric Co., Bosch Security Systems, Tyco International, Cosco Fire Protection, Inc., Siemens AG, and API Group Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global fire protection system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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