CHICAGO, October 21, 2022 /PRNewswire/ — Fire Protection Systems Market the size should go from $66.8 billion in 2022 at $92.1 billion by 2027 at a CAGR of 6.6% over the forecast period according to a new report from MarketsandMarkets™. Currently, the construction industry is focused on connected construction technology which is defined as an ecosystem of connected construction sites, workers and machines that promote operational efficiency and the safety of assets, property and workers on the workplace. In this connected construction technology, safety sensors and detectors are linked to job sites, machines and workers, giving managers real-time visibility into safety and security. So, with the technological developments in this industry, the demand for smart fire detection systems is expected to increase.
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Browse in-depth TOC on “Fire Protection Systems Market”
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Fire sprinkler market is expected to grow at a significant CAGR during the forecast period
Fire sprinkler systems are effective in controlling or extinguishing fires. Sprinkler systems include a network of pipes in walls and ceilings with sprinkler heads, providing protection to hallways, rooms, stairways and other areas of the building. Although fire sprinkler systems are primarily used in commercial and industrial buildings, they are also increasingly being used in smart buildings and homes. A fire sprinkler system is a fire protection system consisting of fire sprinkler heads, alarm test valves, alarm valves, shut-off valves and motorized alarm bells . Sprinkler systems provide important protection against fire hazards. According to the National Fire Protection Association (NFPA), sprinklers help reduce the impact of fires. When fires were reported at properties without an automatic sprinkler system (AES), the loss was relatively low when sprinklers were present.
Retail Segment Expected to Grow at Highest CAGR from 2022 to 2027
The business vertical has been segmented into Healthcare, Universities & Institutions, Hospitality, Retail, and BFSI. Among these, the retail segment is expected to grow at the highest CAGR from 2022 to 2027, owing to the growing awareness of fire protection systems. The Retail segment includes shopping malls, grocery stores, department stores, multi-location drugstores and specialty stores, convenience stores, etc. storage tanks, fire extinguishers and fume hood extinguishing systems. The number of retail stores and shopping malls in urban areas has increased significantly in recent years.
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North America is expected to hold a substantial share of the global fire protection market over the forecast period
North America is expected to hold a substantial share of the global fire protection market over the forecast period. Increased awareness of fire safety systems and regulations set by governments are some of the significant factors driving the North America market. The North American market for fire protection systems is dominated by the United States and Canada. These countries have seen significant infrastructural developments due to the high population growth rate, due to which the demand for fire protection systems is also increasing. In the United States, the Staffing for Adequate Fire and Emergency Response (SAFER) grant program provides funding directly to fire departments. Additionally, national, state, tribal, or local organizations representing the interests of firefighters are willing to voluntarily assist them in increasing the number of firefighters to assist the fire department.
The main players are Carrier Global Corporation (USA), Honeywell International Inc. (USA), Johnson Controls (Ireland), Robert Bosch GmbH (Germany) and Siemens (Germany).
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