Fire Protection System Market to 2025 – Global Analysis and Forecast by type, product, and end-use industry. Fire protection system market is expected to grow to US$ 116.51 billion by 2025 from US$ 52.64 billion in 2017. The global fire protection system market is experiencing a steady growth in the current scenario and is anticipated to rise in the coming years. The market for fire protection system consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced technology to the customers. This factor is helping the market for fire protection system to surge over the period.
APAC is the fastest growing region in the fire protection system market. The major reason for this is the high reconstruction process in China and India. China is the most populated country in the world, and a country with a large number of companies established. As the population is increasing, the need for new constructions as well as reconstruction of older buildings for turning to high rise towers is increasing, leading to increasing demand for safe and secure fire protection systems integrated into the buildings, office spaces, national heritage sites, manufacturing industries and other building utilities spaces.
Apart from this, the development of smart cities in India is leading to infrastructure development and renovation in many major cities of India, leading to increasing demand for integration of high technology-based intelligent fire protection systems. These new installations and reconstructions are expected to continue during the forecast period, contributing to the high growth of fire protection systems market in the region. Geographically, North America contributed the maximum market share in 2017 in the fire protection system market, owing to rapid technological developments, numerous high rise buildings, and commercial buildings in the region.
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Apart from these issues, the building owners also must be concerned with downtimes individual passengers have to face while modernization is under process. Longer downtimes result in bigger frustrations for the individual passengers and might force tenants to opt out of the property. Hence, front-end planning is essential to reduce potential losses in this way.
The global fire protection system market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa and South America. The key players profiled in the report are Honeywell International, Inc., Johnson Controls, Inc., Robert Bosch GmBH, Siemens AG, and United Technologies Corporation. Also, Hochiki Corporation, Minimax Viking GmbH, Gentex Corporation, VFP Fire Systems, Inc., and Halma PLC are other key companies in the fire protection system market.
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