Fire Protection System Market Worth $92.1 Billion USD by 2027 - Exclusive Report by MarketsandMarkets™

News provided by

Oct 21, 2022, 09:30 ET

CHICAGO, Oct. 21, 2022 /PRNewswire/ -- Fire protection system market size is projected to grow from USD 66.8 billion in 2022 to USD 92.1 billion by 2027 at CAGR of 6.6% during the forecast period according to a new report by MarketsandMarkets™. Presently, the construction industry is focused on connected construction technology which is defined as an ecosystem of connected job sites, workers, and machines that promote the operational effectiveness and safety of related assets, property, and workplace workers. In this connected construction technology, safety sensors and detectors link with job sites, machines, and workers, providing real-time safety and security visibility to managers. Thus, with technological developments in this industry, the demand for smart fire detection systems is expected to increase.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1018

Browse in-depth TOC on "Fire Protection System Market"
179 – Tables
65 – Figures
268 – Pages

The market for fire sprinkler is expected to grow at a significant CAGR during the forecast period

Fire sprinkler systems are effective in controlling or suppressing fire. Sprinkler systems comprise a network of pipes in the walls and ceilings with sprinkler heads, providing protection to hallways, rooms, stairways, and other building areas. Although fire sprinkler systems are mostly used in commercial and industrial buildings, they are also increasingly used in smart buildings and homes. A fire sprinkler system is a fire protection system consisting of fire sprinkler heads, alarm test valves, alarm valves, stop valves, and motorized alarm bells. Fire sprinkler systems provide significant protection from fire-related hazards. According to the National Fire Protection Association (NFPA), fire sprinklers help to reduce the impact of fires. When fires were reported in properties with no automatic extinguishing systems (AES), the loss was comparatively low when sprinklers were present.

The retail segment is expected to grow at the highest CAGR from 2022 to 2027

The commercial vertical has been segmented into healthcare, academia & institutional, hospitality, retail, and BFSI. Among these, the retail segment is expected to grow at the highest CAGR from 2022 to 2027, owing to the increasing awareness about fire protection systems. The retail segment covers shopping malls, grocery stores, department stores, multi-location drug and specialty stores, convenience stores, etc. Retail stores require fire protection systems that include fire suppression systems, fire sprinklers, fire and smoke detectors, fire pumps, water storage tanks, fire extinguishers, and hood suppression systems. The number of retail shops and malls in urban areas has increased drastically over the last few years.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1018

North America is expected to hold a substantial share of the global fire protection market during the forecast period

North America is expected to hold a substantial share of the global fire protection market during the forecast period. Increased awareness about fire safety systems and regulations laid down by governments are among the significant factors driving North Americas market. The North American fire protection system market is dominated by the US and Canada. 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. In the US, the Staffing for Adequate Fire and Emergency Response (SAFER) grant program provides funding directly to fire departments. In addition, the national, state, tribal or local organizations representing the interests of firefighters are ready voluntarily to assist them in increasing the count of firefighters to help the fire department.

The major players include Carrier Global Corporation (US), Honeywell International Inc. (US), Johnson Controls (Ireland), Robert Bosch GmbH (Germany), and Siemens (Germany).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1018

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports:

Industrial Safety Market by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region (2022-2027)

Process Automation and Instrumentation Market by Instrument (Field Instruments, Process Analyzers), Solution (PLC, DCS, SCADA, HMI, Functional Safety, MES), Industry and Region (2022-2027)

Smoke Detectors Market by Power Source (Battery-Powered, Hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel - Global Forecast to 2027

Home Security Systems Market by Home Type (Independent Homes, Apartments), Security (Professionally Installed & Monitored, Do-It-Yourself), Systems (Access Control Systems), Services (Security System Integration Services), Region (2022-2027)

Functional Safety Market by System (ESD, F&G, TMC, BMS, HIPPS, SCADA, DCS), Device (Safety Sensors, Safety Controllers, Programmable Safety Systems, Safety Switches, Emergency Stop Devices), Sales Channel, Industry & Region - Global Forecast to 2027

Industrial Cooking Fire Protection Systems Market for Food Manufacturing by Product (Fire Detection Systems (Flame, Smoke, Heat), Fire Management Systems), Service, Geography - Global Forecast to 2020

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/fire-protection-systems-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/fire-protection-systems.asp