The Global Fire Protection System Market size is expected to reach $122.7 billion by 2030, rising at a market growth of 6.5% CAGR during the forecast period

Jul 01, 2023

Residential constructions are growing globally due to the rising population and standard of living, therefore, the residential sector would register approximately 1/5th share of the market by 2023.

New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Fire Protection System Market Size, Share & Industry Trends Analysis Report By Offering, By Application, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481289/?utm_source=GNW For example, the UN’s data stated that only 30% of the world’s population resided in urban areas in 1950; by 2018, that number had increased to 55%. According to projections, 2.5 billion people could live in urban areas by 2050 due to urbanization, which is the gradual shift of people from rural to urban areas, nearly 90% of this increase would occur in Asia and Africa, according to a new United Nations data set released in 2018. When fire protection systems have not been installed or turned on while flammable items are being transported into the structure, fires during construction may break out quickly. The expanding construction sector would consequently increase the demand for fire protection systems, leading to market growth in the forecast period.The major strategies followed by the market participants are Product Launches as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In September, 2021, Iteris announced the launch of Vantage Apex, a high-definition video and four-dimensional radar sensor with integrated artificial intelligence algorithms. The Vantage Apex system allows decision-zone safety functions, collision avoidance, and advanced lane-by-lane detection that provides specific traffic detection and data. Additionally, In February, 2023, Eaton introduced xDetect, the latest fire alarm and detection control panel that decreases cost and installation time. The product eases control of fire alarms and other peripherals in commercial buildings, allowing a faster response in the case of a fire or other emergency.Based on the Analysis presented in the KBV Cardinal matrix; Honeywell International, Inc., Siemens AG, Hitachi, Ltd. (Hitachi Energy Ltd.) and Raytheon Technologies Corporation are the forerunners in the Market. In April, 2023, Honeywell released a Morley-IAS Max fire detection and alarm system that helps improve building and occupant safety. The system is designed to remove the time-taking and technically difficult installation of add-on components. Companies such as Robert Bosch GmbH, Johnson Controls International PLC and Eaton Corporation PLC are some of the key innovators in the Market.Market Growth FactorsStringent regulations for fire safetyFire protection involves the combined efforts of federal custodians, tenants, building owners in the private sector, and local fire agencies. Policies and regulations vary by region and are designed to protect human life and property. The Australian Building Codes Board (ABCB) is an example of this which oversees safety, health, amenity, accessibility, and sustainability issues in buildings. To expand the current deemed-to-satisfy (DTS) provisions for sprinkler protection to medium-rise multistorey residential buildings, ABCB is collaborating with Fire and Rescue New South Wales (FRNSW), the Australasian Fire and Emergency Services Authorities Council (AFAC), and the Fire Protection Association of Australia (FPAA). The market is expected to expand due to the strict regulations by these authorities along with the funding for fire protection the governments of several nations is providing.Increasing use of water mist systemsFoam-based fire detection systems can be used as a fire control, prevention, or extinguishing agent in processing industrial areas, such as refineries, oil & gas areas, and commercial areas. Foam-based fire detection systems are efficient & effective when used properly and have no negative impact on the environment. The foaming agent in this system is readily biodegradable in natural ecosystems and effluent treatment facilities. Foam-based fire suppression systems can cover larger areas, quickly filling a vast warehouse. These systems are perfect when an extinguishing agent must swiftly cover a large area. From an installation and maintenance perspective, foam-based suppression systems are more cost-effective. Because of this, their demand is expanding so quickly on the market and thereby resulting in overall market growth.Market Restraining FactorsInsufficient integration and configuration of fire protection solutionsThe integration of user interfaces when numerous solutions are being utilized in a control mechanism is a significant challenge for the fire protection system market. Fire protection systems can be efficient and cost-effective if they are directly integrated into a centralized building control system so that information can be retrieved from a central location and emergency regulatory measures can be implemented automatically. By combining these systems, a user can monitor the status of multiple systems from a single location or access features, such as remote notification, trending, or maintenance management, that may not be available through a fire protection system. This factor poses a challenge to the growth of the market.Offering OutlookBased on offering, the market is segmented into product and service. In 2022, the service segment projected a prominent revenue share in the market. Fire protection services collaborate with businesses to establish a safe environment replete with fire suppression as well as detection systems. Working with experts who can guarantee the finest protection is crucial because different kinds of organizations and structures will also have particular needs for fire suppression.Product Type OutlookUnder product type, the market is divided into fire detection, fire suppression, fire response, fire analysis and fire sprinkler system. In 2022, the fire detection segment held the highest revenue share in the market. The fire detection segment comprises several equipment that works collectively to detect fires, smoke, carbon monoxide, and other crises and to alert people using audio and video appliances. Installing fire detection system has been mandated by legislative requirements from several nations, such as the National Fire Protection Association in the US and the Australian Building Code, which has increased demand for these devices.Service Type OutlookBy service type, the market is classified into managed service, installation & design service, maintenance service, and others. In 2022, the installation & design service segment witnessed the largest revenue share in the market. The practice of outsourcing the fire protection system’s design, development, updates, documentation, and installation operations is referred to as "installation and design service." As inhabitants become aware of the advantages of fire protection systems in small, mid-size, and large buildings, they are being implemented in all types of buildings. This is driving the demand for installation and design services in the market.Application OutlookBased on application, the market is segmented into commercial, industrial, and residential. In 2022, the commercial segment dominated the market with the maximum revenue share. The commercial application segment consists of healthcare, BFSI, retail, government, telecom, and IT educational institution applications. The development of strict government regulations for fire prevention and control around the world has led to an increase in the demand for fire protection systems in commercial applications.Regional OutlookRegion wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America segment recorded the largest revenue share in the market in 2022. The demand from various end-use industries, including residential, commercial, and industrial, as well as a growth in strategic cooperation and creativity among market competitors, have propelled the demand for these pipes in the North America market. The important variables influencing the North American market are increased awareness of fire safety systems and regulatory requirements.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eaton Corporation PLC, Siemens AG, Johnson Controls International PLC, Robert Bosch GmbH, Iteris, Inc., Honeywell International, Inc., Gentex Corporation, Raytheon Technologies Corporation, Halma PLC and Hitachi, Ltd. (Hitachi Energy Ltd.).Recent Strategies Deployed in Fire Protection System MarketPartnerships, Collaborations and Agreements:Aug-2021: Iteris, Inc. signed an agreement with The UK’s Wejo, a company engaged in connected vehicle data. Under this agreement, both companies would deliver improved connected vehicle data content to Iteris’ public-sector and commercial customers across North America.Product Launches and Product Expansions:Apr-2023: Honeywell released a Morley-IAS Max fire detection and alarm system that helps improve building and occupant safety. The system is designed to remove the time-taking and technically difficult installation of add-on components.Mar-2023: Honeywell unveiled The NOTIFIER INSPIRE fire alarm system, a fire alarm system with UL-approved self-testing smoke detectors. This launch equips service providers with digital self-testing tools that streamline maintenance and support regulatory compliance and system uptime.Feb-2023: Eaton introduced xDetect, the latest fire alarm and detection control panel that decreases cost and installation time. The product eases control of fire alarms and other peripherals in commercial buildings, allowing a faster response in the case of a fire or other emergency.Jan-2023: Siemens announced the launch of FDA261 and FDA262, the two latest aspirating smoke detectors. The devices play an important role in the protection of the infrastructure required to allow global megatrends that includes digitalization or energy transition.Nov-2022: Hitachi Energy released The new Wireless SPU Indicator, a new digital solution developed to enhance grid resilience against wildfires. The launched product helps utilities to keep key assets available by allowing remote monitoring and better maintenance and replacement planning.Sep-2022: Siemens released Fire Safety Digital Services, an in-market suite of digital and managed Services. With this launch, Siemens aims to embrace digital services in operation, event handling and maintenance, customers would enhance hazard prevention and identification, make better risk-control decision, and offer a safe environment for assets and people.Aug-2022: Honeywell launched the Morley Max Fire Detection and Alarm system, a compact, powerful, and performance-driven Intelligent fire alarm control panel with user-friendly features. The Morley Max Fire Detection and Alarm system provides installers and ends users with a technically advanced range of functions which is simple to install, deploy and maintain.Jun-2022: Siemens introduced IP8, the new version of the Cerberus PRO fire alarm system. The product’s feature consists of a 1.5 A per line high power driver that importantly enables more devices to be installed on a single loop, and by that means enhancing flexibility and efficiency.May-2022: Hitachi, Ltd. unveiled Lumada Inspection Insights, an end-to-end offering of digital solutions for the optimization, inspection, and monitoring of critical assets. The product allows customers to improve physical security, automate asset inspection, reduce risks, and support sustainability goals.Sep-2021: Iteris announced the launch of Vantage Apex, a high-definition video and four-dimensional radar sensor with integrated artificial intelligence algorithms. The Vantage Apex system allows decision-zone safety functions, collision avoidance, and advanced lane-by-lane detection that provides specific traffic detection and data.Sep-2021: Raytheon Intelligence & Space, a Raytheon Technologies business, launched Active Electronically Scanned Array (AESA), an affordable, compact, and lightweight radar. The AESA harnesses the ability of a heavyweight AESA fire control radar in its lightest form factor- at the minimum cost.Aug-2021: Johnson Controls launched FC602S and FC604S, the FireClass FC600 line of addressable fire control panels, across the Indian market. The features of both panels Includes shallow ancillary housing for a smooth appearance and enhanced fit in smaller areas.Apr-2021: Siemens Smart Infrastructure launched the Cerberus FIT fire protection system. The product delivers a simple and cost-efficient solution to the small to medium-sized buildings market. Moreover, the solution enhances fire safety because of greater functionality and provides improved productivity for those working on protecting buildings.Acquisitions and Mergers:Mar-2023: Halma today announces that it has acquired FirePro, a leading designer, and manufacturer of aerosol fire suppression systems. Following this acquisition, Firepro expands the range of fire safety technologies within Halma’s safety sector. Additionally, the acquisition of Firepro shows a valuable addition to the suite of fire detection and suppression solutions.Feb-2023: Halma took over Thermocable, a manufacturer of quality linear detection technologies. This acquisition is for Halm’s subsidiary - Apollo Fire Detectors Limited, to address a wider range of Customer requirements in niche applications for a variety of sectors that includes urban infrastructure and transportation, natural resources, and logistics.Apr-2022: Johnson Controls completed the acquisition of Xcell Misting Ltd, a company specializing in fire protection. Following this acquisition, Johnson Controls’ customers would benefit from Xcell’s experience in fire protection and security, with access to the new fire suppression technologies.Dec-2021: Honeywell acquired US Digital Designs, Inc., a company specializing in mission-critical systems for Fire Departments globally. Under this acquisition, the combined product portfolio of both companies would enhance communications for first responders, remove manual processes and allow faster emergency response times.Dec-2021: Bosch Building Technologies completed the acquisition of Protec Fire and Security Group Ltd., the UK’s leading system integrator for security and fire detection technology. This acquisition aims to jointly bring the latest advanced solutions to the market for its customers.Sep-2021: Gentex Corporation completed the acquisition of Guardian Optical Technologies, an innovative Israeli startup developing an advanced 3D sensor. This acquisition would Gentex’s cabin monitoring expertise. Through the acquisition, the company would offer integrated displays, cameras, and various advanced driver-assistance systems into its smart rearview mirrors.Mar-2021: Honeywell signed an agreement to acquire Fiplex, a worldwide recognized designer and manufacturer of highly innovative telecommunication products. Through this acquisition, Honeywell would expand the in-building connectivity and communications solutions. The addition of Fiplex’s products and software would enable the company to make the next generation of fire & life safety solutions to keep the building occupants & first responders safer.Scope of the StudyMarket Segments covered in the Report:By Offering• Producto Fire Detectiono Fire Suppressiono Fire Sprinkler Systemo Fire Responseo Others• Serviceso Installation & Design Serviceo Maintenance Serviceo Managed Serviceo OthersBy Application• Commercial• Industrial• ResidentialBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Eaton Corporation PLC• Siemens AG• Johnson Controls International PLC• Robert Bosch GmbH• Iteris, Inc.• Honeywell International, Inc.• Gentex Corporation• Raytheon Technologies Corporation• Halma PLC• Hitachi, Ltd. (Hitachi Energy Ltd.)Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06481289/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________