The global fire protection system market is experiencing a steady growth in the current scenario and is anticipated to rise in the coming years. The fire protection system market consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced technology to the customers. The aircraft manufacturers on the other hand, are procuring the advanced technologies from the aircraft component manufacturers to deliver passengers with additional value-added services and thus, empower the passenger with a superior travel experience. This factor is helping the fire protection system market to surge over the period.
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Fire Protection Systems Market: Strategic Insights
The 21st century has witnessed huge influx of population in the urban cities of developed and developing economies in search of better life. Higher standards of living, higher job opportunities, access to modern amenities and services are the few major factors that have contributed in the migration of rural population to the urban areas around the world. Developing economies witnessed a steady growth in the post-recession era and thus there was rise in the disposable incomes by consumers. As per the data from Worldbank, currently 54% of the entire globe’s population resides in the urban areas while the remaining percentages are still residing in the rural areas. Hence, close to 4 billion of the world’s population houses in the urban areas piling up pressure on the infrastructures in the urban areas. As a result, density of population in these areas has reached unprecedented levels.
Thus, the need for a robust fire protection system in order to be prepared to handle any critical situation and avoid fire losses is evident. Thus, the demand for a safer, efficient and quicker response fire protection system have been driving the fire protection system market in the recent times.
Majority of the advanced and developing economies have laid down stringent fire regulations regarding the construction of new buildings in order to ensure safety for occupants. Countries such as North America, Australia, Canada, Mexico, UK, Germany, Spain, Italy and India have laid down stringent regulations. Also, the concerned authorities have laid down heavy punishments in case of violence of the codes. Virtually every building, process, service, design, and installation is affected by NFPA’s codes and standards. These codes and standards, reflect changing industry needs and evolving technologies, supported by research and development, and practical experience. The laying of such rules and regulations have been driving the adoptions of fire protection system market globally.
Few of the recent strategies by some of the players in fire protection system market landscape are listed below-
2018:The Southern Branch of National Palace Museum, situated in (Taiwan), installed Honeywell’s Notifier fire alarm system, to provide integrate system integration with in minimum operational costs and facilitates customization as per the museum’s future needs. Notifier system is paired with another system to help in evacuations by giving signal through a different sound.
2018:Siemens AG is working with Skanska Walsh under a joint venture to install Siemens Intelligent Infrastructure Solution into the new central terminal complex at LaGuardia International Airport (US). The intelligent solution comprises of fire and life safety system and integrated building automation.
2018:Viking announced the plans for new R&D centers and headquarter in Caledonia Township, West Michigan. This expansion will create high-tech training skill for supporting the organization’s aim for maintaining its position as a leader in fire protection services.
The regional trends and factors influencing the Fire Protection Systems Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Fire Protection Systems Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2017 | US$ 52.64 Billion |
| Market Size by 2025 | US$ 116.51 Billion |
| Global CAGR (2017 - 2025) | 10.5% |
| Historical Data | 2015-2016 |
| Forecast period | 2018-2025 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Fire Protection Systems Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Fire Protection Systems Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Fire Protection Systems Market