Fire Protection System Market by Service (Engineering Services, Maintenance Services, Installation & Design Services, Managed Services, Others), Product (Fire Detection, Fire Suppression, Fire Response, Fire Analysis, Fire Sprinkler System), End-Use, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast to 2027

Newark, NJ, May 25, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global fire protection system market is expected to grow from USD 63.21 billion in 2019 to USD 109.42 billion by 2027, at a CAGR of 7.1% during the forecast period 2020-2027. The Asia-Pacific region stands as a promising market for fire protection systems and is expected to grow at the highest CAGR during the forecast period. Some of the key factors that are primarily driving growth in the APAC region are high governmental regulations regarding fire safety norms, rapid urbanization & construction activities, technological & economic growth etc. The markets in Japan, China, and South Korea are proliferating, commanding significant shares in the regional market. The North America region is expected to account for the largest market share in terms of revenue during the forecast period. This is thanks to increasing development of infrastructural growth in that region. In 2017, the US government provided a tax incentive for installing sprinklers.

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Key players in the global fire protection system market are Siemens, Robert Bosch, Honeywell, Fireline, Schrack Seconet, Hochiki, Halma, and Securiton, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global fire protection system market.

On the basis of service, the global fire protection system market has been segmented into engineering services, maintenance services, installation & design services, managed services, and others.

On the basis of product, the global fire protection system market has been segmented into fire detection, fire suppression, fire response, fire analysis, fire sprinkler system. The fire analysis segment is forecasted to grow at the highest CAGR during the forecast period. This growth is due to key factors such as the growing requirement for rigorous fire analysis, higher efficiency & effectiveness, and informed decision making.

On the basis of end-use, the global fire protection system market has been segmented into energy & power, oil, gas & mining, manufacturing, commercial, residential, transportation & logistics, government, and others. The demand for oil, gas, & mining end-use is forecasted to grow at the highest rate during the projected period owing to the use of highly flammable gases & materials in the sector.

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About the report:

The global fire protection system market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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