The Fire Protection Systems Market Was Estimated to Be US$ 52.64 Billion in 2017 And Is Expected to Reach US$ 116.51 Billion by 2025.
The importance of smart buildings and Building Information Modelling (BIM) systems coupled with the rapid developments in the wireless technology is enabling exponential growth of fire protection system market
Advancing technologies and advancements in the field of electronics, as well as semiconductors, has led to a whirlwind of changes in the electronics and semiconductor-based products. Also, there has been a considerable rise in the number of skyscrapers, high-rise buildings, and commercial infrastructures in the developed as well as developing nations as a result of industrialization. Although in these buildings the fire protection systems have been integrated two decades back, with rising number of fire incidents globally, the existing systems have proven to be inadequate and inefficient to either avoid the occurrence of fire or properly warn the occupants in case of occurrence of a fire event.
Over the years of operation, the old and existing fire protection system market suffer performance issues and get outdated in terms of technology. As the fire detector, fire sprinklers and fire alarm get older, the owners of buildings are put to higher risks of fire events. A failure of detection of a fire by the detector could lead up to the failure of alarm system in warning and also the fire sprinkler to extinguish the fire. The market for fire protection systems market is moderately fragmented market with the top ten companies accounting for approximately 50% of the market share. The fire protection systems market is anticipated to grow at a CAGR of 10.5% between 2018 and 2025.
Business experts all over the globe perceive that developing economies project the best investment opportunities for the infrastructure development, as their economic conditions are improving, these countries are tending to invest a massive amount of capital for the development of their overall infrastructure. As the capability of these developing nations enhances in terms of technological development, the market for fire protection systems is anticipated to witness remarkable growth, owing to rising concern of these regions regarding the security and safety of these properties. The integration of fire protection systems ensures the building owner as well as the building occupants of safety from fires. In the high rise buildings, the number of occupants is high and a small occurrence of fire in any corner of the building can lead to panic amongst the residents and also put the property as well as lives to risk. The need of the hour in such buildings is the integration of an efficient and robust fire protection system, that can warn the building occupants about the fire well in advance and ensure sufficient time for building evacuation. Thus, the concerns around the safety have led to implementations of more sophisticated and up to date fire protection systems equipped with latest wireless technologies.
Geographically the Fire Protection Systems Market is presently dominated by developed regions like North America and Europe, however, the market is expected to be in favor of Asia Pacific, as the region is anticipated to witness tremendous development in infrastructure renovation and smart city concept over the coming years. China and India being some of the key countries contributing to the APAC market growth. The companies are taking initiatives product development, new technologies, or introduction of new services in a portfolio to enhance productivity in terms of revenue, technology, products and to attract a new customer base. Many other companies put their focus on funding and investment which can be used for product development, expansion, acquisition or for other goals. These investments from high profile investing companies help the players to further increase its market share and brand image in the fire protection system market.
Some of the major players influencing fire protection system market are United Technologies Corporation, Honeywell International, Inc., Johnson Controls, Inc., Robert Bosch GmBH, and Siemens AG. Also Hochiki Corporation, Minimax Viking GmbH, Gentex Corporation, VFP Fire Systems, Inc., and Halma PLC are other key companies in the fire protection system market.
