The global fire protection system market size is expected to grow from USD 67.7 billion in 2020 to USD 95.4 billion by 2025, at a CAGR of 7.1%. The market growth is fueled by the growth in the construction industry, increasing human and property loss due to fire breakouts, stringent regulations, and rising adoption of wireless technology in fire detection.
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The fire protection system market for fire analysis to grow at the highest CAGR from 2020 to 2025
A fire protection system can work effectively if a proper analysis of events is done. Fire analysis is an integral part of fire protection, which facilitates informed decisions that lead to maximum efficiency. Fire analysis uses fire mapping and analysis software, and fire modeling and simulation software. The growth of this segment can be attributed to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention.
Fire protection system market for the oil, gas, and mining sector to exhibit high growth during the forecast period
The demand for oil, gas, and mining vertical is expected to grow at the highest CAGR during the forecast period. The oil, gas, and mining vertical involves materials such as petroleum, crude oil, flammable gases (such as butane), and coal. These materials are flammable; therefore, to avoid fire accidents, advanced fire protection systems are used in this vertical. Highly efficient fire detection and prevention systems are required in this sector to prevent accidents. Clean agent fire suppression systems, dry chemical fire suppression systems, and water and foam sprinklers are used in the mining sector. Gas-based suppression systems (CO2, FM200, Novec, and Inert) and sprinkler systems are used in the oil & gas sector.
APAC is expected to be the fastest-growing market for the fire protection system during 2020—2025
Growing urbanization has increased construction activities, which are contributing significantly to the growth of the market in this region. APAC is a developing region, and countries such as China, Japan, and South Korea are driving the overall growth of the fire protection system sector in this region. The demand for fire protection systems is expected to increase with technological and economic advancements. Moreover, growing urbanization in this region has increased construction activities, contributing significantly to the growth of the fire protection system sector. Governments in this region have laid down fire safety norms, and the fire protection system market is expected to grow with the execution of these policies.
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Key Market Players
As of 2019, Johnson Controls (Ireland), United Technologies (US), Honeywell (US), Siemens (Germany), Halma (UK), Robert Bosch (Germany), Hochiki (Japan), Gentex (US), Minimax Viking (Germany), Securiton (Switzerland) were the major players in the global fire protection system market.