Fire Protection System Market: Current Analysis and Forecast (2021-2027)

Report Description

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Global Fire Protection System Market is anticipated to display a CAGR of around ~6% over the forecast period (2021-2027). One of the most important systems that must be implemented in every building or organization is a fire protection system. A fire protection system is used to protect people in a building or institution from fire threats by controlling, detecting, and controlling the spread of fire. These systems assist in the extinguishment of smoke or fire and the alerting of building inhabitants, reducing property and life damage. Equipment such as fire detectors, fire response systems, fire analysis software, and fire suppression systems are all part of a fire protection system. These fire protection systems are implemented in a variety of infrastructures, including industrial, residential, and commercial buildings, to protect people and decrease the loss of property due to fire dangers. Additional properties, both residential and non-residential, are likely to provide new prospects for fire alarm and detection system installation. For employee safety, fire protection systems are commonly used in commercial and industrial settings. Furthermore, the market is driven by an increase in the number of property losses owing to fire incidents. Furthermore, regulations, standards, and codes established by various regulatory agencies drive the market for fire prevention systems. Organizations have been compelled to build fire prevention systems as a result of the rising norm. Over the forecast period, these factors are expected to support market growth.

Insights Presented in the Report

“Amongst Product Type, Fire Detection segment dominated the market in 2020”

Based on product type, the market is segmented into Fire Detection, Fire Response, Fire Suppression, and Fire Analysis. The Fire Detection segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. During an incident involving smoke, carbon monoxide, fire, or other situations, a fire detection system consists of numerous devices that work together to detect and alert people via video and audio equipment. Regulatory requirements imposed by various organizations, such as the National Fire Protection Association in the United States and the Building Code Australia, have increased the demand for fire detection systems. Also, Petroleum, crude oil, combustible gases (such as butane), and coal are all part of the oil, gas, and mining sectors. Because these materials are flammable, extremely effective fire detection and prevention systems are necessary for this industry to avert fire mishaps, which further propels segment expansion

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“Amongst type, Active Fire Protection Systems segment dominated the market in 2020.”

Based on type, the market is segmented into Active Fire Protection Systems and Passive Fire Protection Systems. The Active Fire Protection Systems segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Buildings, equipment, and people are all protected by active and passive fire protection. The difference between passive and active fire protection is that passive fire protection focuses on controlling the fire while active fire protection focuses on extinguishing it. While the systems work independently, both must be operational in order to suppress and extinguish a fire

“Amongst End-User, Commercial segment dominated the market in 2020.”

Based on end-user, the market is segmented into Commercial, Industrial and Residential. The Commercial segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Retail, BFSI, government, healthcare, telecom, and IT educational institutions are all represented in the commercial application segment. Due to the creation of severe regulatory standards for fire prevention and control around the world, the demand for fire protection systems in commercial applications is expanding. Furthermore, rising corporate investments to avoid property and life damage and protect infrastructure are likely to increase demand for fire protection systems

“North America represents as the largest market.”

During the projection period, the North America region led the market for Fire Protection systems, whereas Asia-Pacific is expected to grow at a higher CAGR. The Asia Pacific is a booming region, with countries like India, China, and Japan projected to fuel regional demand. Following fire protection industry developments such as automatic fire prevention systems, the Asia Pacific area is expected to see some of the quickest growth. Infrastructural development is a priority in Asia-Pacific, which presents a number of prospects for fire system protection firms. The demand for fire prevention systems is increasing as countries such as China, India, and Japan become more urbanized. The region’s growing number of smart cities is pushing the demand for effective fire safety measures. The Chinese government has established building design codes to ensure fire safety. Residential buildings are particularly prone to fire disasters in India. Also, according to the Indian Insurance Companies, fire damages account for the majority of claims. The need for fire prevention systems is projected to increase as a result of this. Some of the major players operating in the market includes Napco Security Technologies Inc., Halma PLC, Johnson Controls International Plc., Raytheon Technologies Corporation, Robert Bosch GmbH, Honeywell International Inc., Hochiki Corporation, Siemens AG, Gentex Corporation, Eaton Corporation PLC etc.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

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Research Methodology

Advanced fire safety systems in the fire protection industry are the factors driving the global fire protection system market. Automobile power and utilities, mining petrol, chemicals, and oil and gas exploration are also in demand. These factors have the potential to shape the industry in the years ahead, from 2020 to 2027. It is an urgent requirement for fire safety solutions, which has increased somewhat in the year 2020. In addition to these issues, detection has become a vital part of building projects, allowing for safety across several structures. As a result, the number of construction-related projects that occur as a result of the industry’s expansion rises. In reaction to the passage of time, technology has progressed, opening the path for future development. In addition, the government has a systematic policy for installing fire protection systems. A high incidence of fire protection systems has also come from the rapid development of technological developments in numerous areas.

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During the projection period, an increased focus on safety will fuel the rise of FPS (Fire Protection Systems). FPS are particularly beneficial in high-risk environments, such as the oil and gas and chemical industries. These are some of the most safety-conscious end-user businesses for Fire Protection Systems (FPS) equipment. This industry will generate prospective business prospects for FPS (Fire Protection Systems) vendors in the global market due to the high hazards involved in upstream activities. Workers in the oil and gas business are at significant risk for injuries and accidents. Litigation and employee compensation costs are extremely expensive in this industry in the case of an accident. Over the projected period, the rising use of wireless technology in fire detection is expected to have an impact on the growth of the fire protection system market. Stringent restrictions, as well as an increase in the number of people and property lost as a result of fires, are expected to boost the market for fire protection systems. Furthermore, the market’s growth is expected to be aided by the construction industry’s rapid expansion and increased awareness of asset safety and security.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Fire Protection System through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Fire Protection System, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are product type, type, end-user. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Fire Protection System in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing government incentives and demand for eco-friendly transportation etc. Historical trends and their year-on-year impact on the market size and share were analyzed. Demand and the supply-side scenario were also thoroughly studied.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Fire Protection System across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Fire Protection System in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Fire Protection System. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of elevation system, type, product type, structure, and region.

The main objective of the Fire Protection System Study

The current & future market trends of the Fire Protection System were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Fire Protection System in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include sub-system and vehicle type
• Defined analysis of the regulatory framework for the Global Fire Protection System industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Fire Protection System for the major regions & countries
• Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Fire Protection System players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country-level analysis of the industry