DUBLIN--(BUSINESS WIRE)--The "Fire Protection System Market by Product (Fire Suspension, Fire Sprinkler, Fire Analysis, Fire Response, Fire Detection), Service (Engineering, Installation and Design, Maintenance, Managed), Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The fire protection system market was valued at USD 62.5 billion in 2019 and is expected to reach USD 95.4 billion by 2025; it is projected to grow at a CAGR of 7.1% from 2020 to 2025.
The growth of this market is attributed to the growth in the construction industry, increasing human and property loss due to fire breakouts, stringent regulations, and rising adoption of wireless technology in fire detection. However, factors such as high initial costs, concerns related to false alarms and detection failure, and high cost of upgrading traditional fire detectors to smart detectors are restraining the market growth.
Fire analysis segment to grow at the highest CAGR during the forecast period in the fire protection system market.
A fire protection system can work effectively if a proper analysis of events is done. Fire analysis is an essential part of fire protection, which facilitates informed decisions that lead to maximum efficiency. Fire analysis uses fire mapping and analysis software, and fire modeling and simulation software. The growth of this market can be attributed to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention.
Maintenance services to grow at the highest CAGR in the fire protection system market during the forecast period.
Maintenance services include timely servicing and auditing of fire protection systems to ensure that fire protection systems meet all required fire safety standards and function appropriately during an emergency. Maintenance services include inspection, testing, servicing, and repair of components, and monitoring of fire protection systems and their components. The services comprise equipment supply, system testing and commissioning, and regular preventative maintenance.
North America to be the largest market for the fire protection system during the forecast period.
North America is expected to lead the global fire protection system industry from 2020 to 2025. The US and Canada dominate the North American fire protection system market. These countries have witnessed significant infrastructural developments owing to the high population growth rate, due to which the demand for fire protection systems is also increasing. Increased awareness about fire safety systems and fire safety regulations laid by governments is among the significant factors that drive the market in North America.
- Growth in Construction Industry
- Increasing Human and Property Loss Due To Fire Breakouts
- Stringent Regulations
- Increasing Adoption of Wireless Technology in Fire Detection
- High Initial Costs
- Concerns Related To False Alarms and Detection Failure
- High Cost of Upgrading Traditional Fire Detectors To Smart Detectors
- Increasing Adoption of Water Mist Systems
- Integration of Smoke Detectors With Iot and Big Data
- Periodic Revision of Regulatory Compliances
- Integration of User Interfaces With Fire Protection Solutions
- Johnson Controls
- United Technologies
- Robert Bosch
- Minimax Viking
- Securiton Ag
- Encore Fire Protection
- Fire Suppression Limited
- Schrack Seconet Ag
- Napco Security Technologies
- VFP Fire Systems
- S&S Fire Suppression Systems
- Fireline Corporation
- Orr Protection
- Argus Fire Protection Company Ltd
- Firetrol Protection Systems, Inc
For more information about this report visit https://www.researchandmarkets.com/r/pg668v