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New report: Global fire protection system market forecast to 2024

New report: Global fire protection system market forecast to 2024

Global Fire Protection System Market, By Geography; Product, Technology, Service, System, Vertical – Industry Trends and Forecast to 2024

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Fire protection system includes the measures taken to prevent fire from becoming critical, decrease the influence of unrestrained fire and save lives and property. It has its wide application in energy and power, oil, gas, and mining, transportation and logistics and others.

Enhanced technology may act as a major factor in the growth of fire protection system. On the other side, lack of integrity in system interfaces may hamper the market.

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The Global Fire Protection System Market accounted for USD 50.85 billion in 2016 growing at a CAGR of 10.1% during the forecast period of 2017 to 2024.

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Market Segmentation:

On the basis of product the market is further segmented into

  • fire detection
  • fire suppression
  • fire analysis
  • fire response

The sensors and detectors segment are categorized into flame detectors, smoke detectors by product type, smoke detectors by power source, heat detectors, and others.

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On the basis of technology the global fire protection system market is further segmented into

  • coating
  • bulkheads
  • sealant

On the basis of service, the global fire protection system market is further segmented into

  • engineering services
  • installation
  • design services
  • maintenance services
  • managed services

On the basis of system, the global fire protection system market is categorized into

  • detection systems
  • alarm systems
  • suppression systems

On the basis of vertical, the global fire protection system market is further categorized into

  • BFSI
  • hospitality & travel
  • healthcare
  • transportation & logistics
  • manufacturing
  • retail
  • mining
  • oil & gas

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 On the basis of geography, the global fire protection system market report covers data points for 28 countries across multiple geographies such as

  • North America
  • South America
  • Europe
  • Asia-Pacific
  • Middle East & Africa

Major market drivers & restraints:

  • Rise in technological advancements and innovations in equipment
  • Inflexible regulatory norms for fire protection systems
  • Increasing trend of automation in commercial buildings and smart homes
  • Increased fire-related expenditure of various enterprises, and rise in deaths and loss of property
  • Lack of reliability in system interfaces
  • High application and maintenance cost

 Major Market Competitors:

Some of the major players of the global fire protection system market are Amerex Corporation, Ceasefire Industries Pvt. Ltd, Eaton Corporation PLC, Emerson Electric Co., EMS Security Group Ltd,  Fike Corporation, Firefly AB, Gentex Corporation,  Halma PLC, Hochiki Corporation, Honeywell International Inc., Johnson Controls, Micro pack Engineering Ltd, Minimax Viking GmbH, MSA Safety Inc., National Fire Fighting Manufacturing Company (Naffco), Nitin Fire Protection Industries Ltd., Panasonic Corporation, Robert Bosch GmbH, Schneider Electric, Siemens AG, Sterling Safety Systems, Tyco International PLC, United Technologies, VT Mak, and others.

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