Businesses Are Capitalizing on Surging Demand for Fire Protection Systems Equipped with Artificial Intelligence

Fact.MR's latest report on the fire protection systems market investigates major growth variables that influence sales. The report continues by describing key market aspects such as market drivers, challenges, and opportunities. To present the information in a vivid way, the report was segmented into product, service, application, and region.

NEW YORK, Aug. 25, 2022 /PRNewswire/ -- The global fire protection systems market is expected to grow at a CAGR of 6.3%, reaching a valuation of US$ 138 Billion in 2032. As per Fact.MR, the global sales of fire protection systems increased at a CAGR of 6% during the historical period of 2015 to 2021.

Implementation of stringent fire safety norms across the globe has contributed significantly to growth. Surging adoption of targeted marketing by renowned companies to explain the benefits of a fire protection system is also expected to attract the attention of small and medium, as well as large enterprises.

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Ongoing construction of new properties globally, including non-residential and residential projects is anticipated to create growth opportunities for installing cutting-edge fire alarms and detection systems. Incorporation of modern technologies such as artificial intelligence, the internet of things, and smart sensors is also expected to propel the market.

Moreover, the use of fire protection systems is growing in industries such as oil & gas, manufacturing, and mining, where fire safety norms are to be followed mandatorily. Growing concerns about safety and better understanding of precautionary measures are also driving the use of fire protection systems in a wide range of end-use sectors.

Key Takeaways:

• In 2021, the global fire protection systems market reached a valuation of US$ 70 Billion.
• The commercial application segment is predicted to dominate and generate a fire protection systems market share of more than 45% by the end of 2032.
• Asia Pacific fire protection systems market is estimated to hold more than 2/5^th revenue in the assessment period.
• North America is predicted to lead the market for fire protection systems, with a share of more than 40% in the forecast period.
• The global fire protection systems market is likely to reach a valuation of US$ 75 Billion by the end of 2022.

Growth Drivers:

• Increasing demand for advanced fire analysis, which would help in fire prevention and boost quick decision-making, is set to aid growth.
• Periodic revision of regulatory compliances and surging adoption of wireless technology are anticipated to fuel growth.

Restraints:

• Fire alarm systems are intended to notify in the event of a fire, however, they do not guarantee warning or protection against fire, which may limit market expansion.
• Particles of smoke from a developing fire may not reach the sensors and thus detectors will not ring the alarm, which can hamper their demand.

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Competitive Landscape:

Leading players are undertaking various measures and adopting strategic initiatives to gain benefits from new opportunities in the global market. They are launching innovative products to meet the surging demand from clients. A few other key players are also entering into strategic collaborations to expand their customer base and improve their existing product offerings.

For instance,

• In April 2021, Marioff agreed to supply HI-FOG high-pressure water mist fire suppression systems to four new Pohjanmaa-class multi-purpose corvettes as part of the Finnish Navy's Squadron 2020 program.
• In March 2020, Johnson Controls introduced TYCO corrosion treatments for fire sprinkler systems. The product extends the life of wet and dry fire sprinkler systems. It also incorporates an in-line detector that monitors the system and provides early warning signs of corrosion.
• In June 2019, Ampac, a fire and evacuation systems firm based in Australia, was bought by Halma plc. The acquisition allowed Halma plc to extend its operations across the world. It will also provide technical competence and an established market in Australia.

Key Companies Profiled by Fact.MR

• Eaton Corporation
• Johnson Controls
• Halma Plc.
• HOCHIKI Corporation
• Hitachi Ltd.
• Honeywell International Inc.
• Iteris Inc.
• Raytheon Technologies Corporation
• GENTEX Corporation
• Siemens AG

More Valuable Insights on Fire Protection Systems Market

In the latest study, Fact.MR offers a detailed study on the global fire protection systems market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of fire protection systems through detailed segmentation as follows:

By Product:

• Fire Analysis
• Fire Detection
• Fire Suppression
• Fire Sprinkler System
• Fire Response

By Service

• Managed
• Maintenance Service
• Installation and Design Service
• Other

By Application

• Commercial Applications
• Industrial Applications
• Residential Applications

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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Key Questions Covered in the Fire Protection Systems Market Report

• What is the projected value of the fire protection systems market in 2022?
• At what rate will the global fire protection systems market grow until 2032?
• Which are the factors hampering the growth in the fire protection systems market?
• Which region is expected to lead in the global fire protection systems market during 2022-2032?
• Which are the factors driving the fire protection systems market during the forecast period?
• What is the expected market value of the fire protection systems market during the forecast period?

Explore Fact.MR's Coverage on the Industrial Goods Domain

Fire Suppression Systems Market: The market for fire suppression systems was valued at nearly US$ 17 Billion in 2021. Increasing need for fire suppression systems from manufacturing units and incumbents in various industry verticals such as oil & gas, energy, and electricity is anticipated to boost growth.

Fire Alarm Battery Market: The global fire alarm battery market is set to be valued at nearly US$ 302.3 Million in 2022 and is likely to exhibit growth at a CAGR of 3.6% from 2022-2032. Increasing use of smoke detectors in commercial buildings like schools, offices, malls, and hospitals to help reduce fatalities and injuries related to fire incidents would aid growth.

Fire Alarm Systems Market: The global fire alarm systems market is set to be worth US$ 30.12 Billion by the end of 2022 and is expected to reach a valuation of US$ 57.08 Billion by 2032. Growth is mainly attributed to increasing government initiatives to encourage the automotive, energy, and oil & gas industries to install smoke alarms and detection systems worldwide.

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About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.

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