Fire Protection System Market Size Worth $155.03 Billion by 2027: Grand View Research, Inc.

Fire Protection System Market Size Worth $155.03 Billion by 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, July 23, 2020

SAN FRANCISCO, July 23, 2020 /PRNewswire/ -- The global fire protection systems market size is expected to reach USD 155.03 billion by 2027, expanding at a CAGR of 7.5% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing adoption of wireless technology, growing human and property loss owing to fire breakouts, and stringent fire safety regulations are projected to fuel the market growth.

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Increasing implementation of building safety codes and renovation projects is also anticipated to be a major factor positively influencing the market growth. The application and usage of the fire protection systems are anticipated to increase continuously with the developments of commercial entities and corporations. Furthermore, technology enhancements such as extinguishing technology based on mist and products such as laser optical/infrared smoke detectors, alarms with embedded voice evacuation announcements, hypoxic air fire suppression systems, and wireless fire alarm systems are expected to gain traction in the market globally. Moreover, in 2020, the market will be hampered due to the COVID-19 outbreak, which has interrupted production, impacted demand, and caused supply chain disruption.

Key suggestions from the report:

Read 130 page research report with ToC on "Fire Protection Systems Market Size, Share & Trends Analysis Report By Product (Fire Detection, Fire Suppression, Fire Response, Fire Analysis, Fire Sprinkler System), By Services, By Application, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/fire-protection-systems-market

The growing trend of integrating fire alarm and detection systems with building automation systems offers vast growth opportunities to market growth. Connectivity with building automation systems is increasingly becoming a major feature of fire protection systems in commercial, industrial, and residential applications. This can be attributed to the fact that such integration allows for the development of systems that are capable of sharing and gathering data, which can help in alerting individuals about fire safety issues in the premises. A notable rise in investments in smart building automation technologies across several regions is expected to lead to new opportunities for building automation systems in the industrial and commercial sectors.

Consumers in developed regions such as Europe and North America have seen a steady rise in demand over the past few years, and the growth trend is also projected to continue over the next few years. However, a lack of stringent regulations and high cost of advanced fire protection systems has kept the markets in emerging countries largely untapped. Nevertheless, improving economic conditions in countries, including Brazil, and India, are anticipated to boost the demand.

Infrastructural development activities across the Asia Pacific region owing to the rising demand for new transport and utility infrastructure will drive demand. The high rate of urbanization is placing increased pressure on under-invested, weak city infrastructure. The consecutive rise in focus on new residential and infrastructural development projects is expected to propel the demand across this region; thus, such factors fueling market growth.

Grand View Research has segmented the global fire protection system market based on product, service, application, and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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