The global fire protection systems market was US$ 72.1 billion in 2021. The global fire protection systems market is forecast to grow to US$ 123.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
Fire protection systems are deployed in commercial, industrial, governmental, and institutional sectors to suppress and control fire through automatic detectors. The fire protection systems contain fire detection, fire response, and fire management systems. It also includes fire analysis software.
Factors Influencing the Market
The rising demand for fire protection systems to reduce the possibility of fire will drive the industry forward. In addition, the rising incidences of fire breakouts in industries, residential and other sectors will upsurge the demand for fire protection systems in the coming years.
Fire protection systems are highly efficient in alarming people and reducing the probability of damage caused. Thus, the growing awareness about the necessity and benefits of fire protection systems will fuel the growth of the global fire protection systems market during the forecast period.
Growing residential & non-residential construction activities and rising number of government investments to ensure the safety of the consumers will also upsurge the demand for fire protection systems during the study period. For instance, the government of Canada invested nearly $34 million annually on fire protection services between 2018 and 2019. Thus, such investments are likely to benefit the global fire protection systems market.
Fluctuations in the cost of raw materials may limit the growth of the global fire protection systems market. On the contrary, growing technological advancements to ensure the safety & security of the place and people will upsurge the demand for fire protection systems. For instance, Securiton AG unveiled FidesNet, aspirating Smoke Detectors (ASD), in April 2020. Moreover, Gentex Corporation manufactured smart lighting technology in January 2020. More such advancements will gain significance in the coming years.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic halted industrial activities. As a result, it hampered the demand for fire protection systems. In addition, the fire protection system manufacturers also witnessed various obstacles, such as a shortage of raw materials and delays in R&D activities. Thus, all of these factors have negatively affected the global fire protection systems market.
Regional Analysis
The Asia-Pacific fire protection systems market is forecast to grow at the highest growth rate. The region registers the highest adoption of fire protection systems, majorly in developing countries like China, Japan, and India. Furthermore, growing industrialization and rapid urbanization will upsurge the demand for fire protection systems.
Competitors in the Market
Market Segmentation
The global fire protection systems market segmentation focuses on Product, Type, End-User, and Region.
By Product Type
By Type
By End-User
By Region
