The global fire protection systems market is projected to reach 1.31 billion USD by 2027
Recent market research reveals that the global fire protection systems market size was valued at $96,500.0 million in 2019, and is projected to reach $1,31,274.5 million by 2027, registering a CAGR of 5.2% from 2020 to 2027.
A fire protection system is used to suppress and control fire with the help of manual and automatic detectors. The fire protection systems include fire detection systems, fire management systems, fire response systems, and fire analysis & software.
Fire protection is a field wherein precautions are taken to minimize the possibility of fire that may result in injury, death, or property damage. A fire protection system is used to alert people present in a building or the area of fire and reduce the damage caused. Fire safety measures include procedures planned during the construction of a building or implemented in structures and taught to occupants of the building.
The factors such as surge in awareness regarding safety from fire and rise in residential & nonresidential construction activates drive the growth of the market. In addition, increase in government investments in the building infrastructure sector is fueling the demand for fire protection systems. However, fluctuating raw material prices is expected to hamper the market growth. Furthermore, the technological advancements to ensure safety & security is anticipated to offer lucrative growth opportunities for the market players during the forecast period.
The key companies included include Gentex Corporation, Halma Plc., Hochiki Corporation, Honeywell International Inc., Johnson Controls International Plc., Minimax Viking GmbH, Robert Bosch GmbH, Securiton AG, Siemens AG, and Raytheon Technologies.
The report can be obtained here.