Fire protection system market to cross US$70bn by 2027: Report

fire fighter 2098461 640The market valuation for fire protection systems will cross US$70bn by 2027, according to a new report by Global Market Insights

The growing demand for wireless fire protection systems, owing to connected fire alarm systems that send alerts in real-time to smartphones and smartwatches, thereby reducing property damage, is driving the market growth.

The rise in the development of smart buildings and homes is also propelling market growth as governments are implementing guidelines and regulations for installing fire protection systems.

The fast spread of the coronavirus across the globe has affected the market negatively with a reduction in sales. Governments across the globe have restricted trade and implemented lockdowns to reduce the effect of the virus, resulting in a gradual decline in market revenues. Several market players had to briefly suspend the production of fire protection systems and components during the initial quarters of 2020.

The rise in population, increasing demand for home and building, and rising government support to enhance awareness by implementing regulations and guidelines are expected to boost the fire protection systems market. The residential segment is expected to witness growth over the forecast timeline. The rise in residential fire accidents, property damage, and loss of life is increasing the demand for fire protection systems.

The fire protection systems in the Asia-Pacific are expected to grow with a high CAGR from 2021 to 2027, owing to growing industrialisation and urbanisation in the region. Countries, such as Japan, China and India, are implementing several building codes and guidelines for the fire safety of the structures, which is positively impacting the market.

The fire protection systems market players are emphasising strategic acquisitions, product launches, and partnerships to fortify their position. For instance, in June 2018, Johnson Controls launched a fire protection system in the Middle East, Autocall. This system was introduced for its application in small as well as large projects in industries including chemical and oil and gas.

Some major findings in the fire protection systems market report include:

-Growing government regulations and standards to improve the safety of individuals and industrial, residential and commercial property during fire outbreak are increasing the installation of fire protection systems across the sectors.

-Integration of AI and IoT into wireless fire detection systems to enhance the overall capability of the systems remotely is driving the market. IoT allows the connected fire alarm systems to send signals and alerts in real-time to smart devices, such as mobile phones and smartwatches, preventing fire injury and accidents, thereby increasing market growth.

-Increasing number of fire accidents due to the lack of fire protection systems at heritage sites is propelling the demand for these fire protection systems. For instance, in 2019, the National Cultural Heritage Administration (NCHA) reported around six fire accidents at heritage buildings and sites. To overcome similar issues, the Chinese government has started deploying fire protection systems as prevention measures that are positively impacting the industry growth.

-Some of the major players operating in the fire protection systems industry are Johnson Controls International PLC, Fire Suppression Limited, Napco Security Technologies, Schrack Seconet AG, Honeywell International Inc., Siemens AG, Robert Bosch GmbH, Halma PLC, Hochiki Corporation, Schneider Electric, and Viking Group Inc.

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