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Fact.MR predicts the sales of the fire protection systems to exceed US$ 138 Bn by registering a positive CAGR of 6.3% in the forecast period 2022-2032. Increasing urbanization and changing designs of commercial infrastructure have given a rise to fire instances. Thus, to avoid the same, demand for fire protection systems has increased.
Historically, from 2015 to 2021, the global sales of fire protection systems surged at a CAGR of 6%, surpassing US$ 70 Bn by the end of the aforementioned period. The onset of the COVID-19 pandemic affected the supply and demand chain across the globe. As most of the commercial sectors were shut, the demand for fire protection systems dipped in the initial quarter of the pandemic. As most commercial sectors are fully functioning, the sales of fire protection systems are expected to upsurge.
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Furthermore, governments across the globe have made it mandatory to install fire protection systems to safeguard human life and property. Owing to this, commercial sectors have installed the same on a large scale. In addition, instances of forests catching fires has increased over the past few years. Thus, government authorities are installing detection systems that help to alarm early in case of danger.
Key Takeaways from the Market Study
“Integration of technology to get alarmed in lesser time is driving the demand for fire protection systems,” opines a Fact.MR analyst
Key Segments Covered in the Fire Protection Industry Report
By Product
By Service
By Application
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Competitive Landscape
Prominent fire protection system manufacturers are reliant on a plethora of expansion strategies aimed at enhancing their global footprint. Acquisitions, mergers, collaborations and new product launches are some of these approaches. Some notable developments are as follows:
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Importance of Precautionary Measures Surging Demand for Fire Protection Systems?
Fire protection system is one of the most important systems required to be installed in any building or establishment. It is used to detect, control, and safeguard inhabitants in a building or an establishment from fire hazards. These systems help extinguish smoke or fire and alarm the building occupants. This, in turn, reduces the chances of loss of property and life.
In addition, fire protection systems include equipment consisting of fire detectors, fire analysis software, fire suppression systems, fire response systems and fire sprinkler systems. These fire protection systems are installed in various infrastructure that includes residential buildings, industrial buildings, and commercial buildings. This helps to save lives and infrastructure as people are alerted at the correct time.
The efforts from various systems integrators, manufacturers, and dealers have created widespread awareness among users. The launch of fire safety programs and the use of targeted marketing explaining the benefits of a fire protection system have drawn the attention of large as well as small and medium enterprises. This has led to steady market growth over the past few years.
Rapid Urbanization Key Reason to Escalate Sales of Fire Protection Systems?
Rapid urbanization has led to the construction of new properties that consists of residential and non-residential sectors. This, in turn, is expected to create lucrative opportunities for fire protection system manufacturers. In addition, the industrial and commercial areas majorly use fire protection systems for employee safety.
Moreover, an increase in the number of property damage due to fire accidents is driving the sales of fire protection systems. In addition, the market for fire protection systems is driven by government regulations, standards, and codes. As the growing standard for safety has impelled organizations to install fire protection systems, the sales of the same are expected to grow.
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