The latest report on the Fire Protection Systems Market from Marketsandmarkets shows that this sector is expected to grow from USD 52.19 Billion in 2016 to USD 93.46 billion by 2022, at a CAGR of 9.7% between 2017 and 2022.
According to the researchers, as a result of the increase in fire hazards, government agencies across the globe are implementing stringent measures to reduce the losses from fire. The increase in fire-related spending by a number of enterprises and SMEs across the globe is driving the demand for fire protection systems. There has been a tremendous advancement in the facilities management environment of developing nations over the past several years, especially in the area of building automation. Various security aspects of building automation include monitoring & control systems such as HVAC, power production, lighting, safety, and security systems and elevators, among others.
The market for passive fire protection systems is expected to grow at the highest rate during the forecast period. Passive fire protection systems work on the principle of strengthening building structure and helping in leveraging the profitability by reducing the damages involved in fire accidents. One of the vital features of the passive fire protection system is a cluster of codes and regulations to be followed.
The fire suppression systems held the largest share of the global fire protection market based on products in 2016. The fire suppression systems such as sprinklers and extinguishers are expected to be used extensively in the commercial vertical during the forecast period. The market for fire analysis software is expected to grow at the highest rate in the fire protection systems product market during the forecast period. The high growth rate of fire analysis software is owing to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention.
The commercial vertical is expected to hold the largest share of the fire protection systems market by 2022, while the fire protection systems market for the oil, gas, and mining vertical is expected to grow at the highest rate between 2017 and 2022 due to the high risk of fire associated with this sub-sector.
North America is expected to hold the largest market share and dominate the fire protection systems market between 2017 and 2022, mainly due to the increased awareness of the installation of fire safety systems and government fire safety regulations. In this region, there are numerous fire protection systems and equipment manufacturers that offer different fire protection systems such as smoke detectors, flame detectors, heat detectors, sprinklers, extinguishers, fire alarms, sirens, control panels & interfaces, fire analysis software, and many other products, along with fire service providers.
Among the major players in the fire protection systems market Is Honeywell International Inc. and others.