The global fire protection system market size is expected to reach USD 95.22 billion by 2028 according to a new study by Polaris Market Research. The report “Fire Protection System Market Share, Size, Trends, Industry Analysis Report, By Product, By Service, By Application (Commercial, Industrial, Residential), By Region; Segment Forecast, 2021–2028” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
The prominent factors of the market, such as the increasing penetration of the integrated smoke detectors with the Internet of Things (IoT) and big data, coupled with a growing number of government policies and norms pertaining to flame protection, are propelling the demand. Besides, the rising volume of human and property losses because of flame breakdown and escalating construction activities across various industries fuels the industry growth.
Furthermore, the launch of multiple solutions in the flame protection solution also attributes to the industry growth. For instance, in November 2020, Johnson Controls introduced the company’s Smart Fire Sprinkler Monitoring solution, which presents a 24/7 monitoring facility with the help of the cloud, decreases building damage, manages operational downtime, and avert system breakdown.
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Based on application, the commercial application segment held the largest revenue share in the global industry in 2020 due to the increasing number of government norms for controlling and preventing flame disasters. Whereas, the industrial application segment is projected to rise at a significant pace in the forecasting period due to the rising need for protecting automated systems from flame accidents.
Implementation of flame protection solutions enhances the safety of workforces along with lessens the chances of property damage. For instance, in Europe, a minimum of 5,000 flame incidents take place everyday day; consequently, flame safety in buildings is a significant measure across the region.
Industry participants such as Eaton, Carrier Global, Fike Corporation, GENTEX CORPORATION, Fire Suppression Ltd, Halma plc, HOCHIKI Corporation, Hitachi, Ltd., Honeywell International Inc., Johnson Controls, Iteris, Inc., Minimax Viking GmbH, Napco Security Technologies, Inc., MSA, Robert Bosch GmbH, Raytheon Technologies Corporation, Securiton AG, Schrack Seconet AG, and Siemens are some of the key players operating in the global market.
Several players in the industry are upgrading and advancing their products to survive in the fierce market competition and offer modernized features that contribute to the market growth. For instance, in April 2021, Siemens Smart Infrastructure introduced the company’s novel upgraded version of the Cerberus FIT flame protection system for the small to the medium-sized buildings industry. It is a pocket-friendly, and straightforward solution that maximizes flame safety offers better productivity, and presents superior functionality.
Polaris Market research has segmented the fire protection system market report on the basis of product, service, application, and region:
Fire Protection System, Product Outlook (Revenue - USD Billion, 2016 - 2028)
Fire Protection System, Service Outlook (Revenue - USD Billion, 2016 - 2028)
Fire Protection System, Application Outlook (Revenue - USD Billion, 2016 - 2028)
Fire Protection System, Regional Outlook (Revenue - USD Billion, 2016 - 2028)