Global Fire Protection System Market Analysis 2024 – Estimated Market Size And Key Drivers

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The Fire Protection System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Fire Protection System Global Market Report 2024, The fire protection system market size has grown strongly in recent years. It will grow from $75.72 billion in 2023 to $81.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to building construction boom, stringent safety regulations, industrialization and urbanization, insurance industry requirements, increased awareness and education.

The fire protection system market size is expected to see strong growth in the next few years. It will grow to $113.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to rising urban infrastructure development, global focus on life safety, expanding commercial and residential construction, climate change impact, changes in insurance policies. Major trends in the forecast period include adoption of video fire detection systems, focus on human behavior analysis in fire evacuation, compliance with stricter fire safety regulations, application of drones for fire monitoring, growing market for fire protection as a service (fpaas).

The increased human and property loss because of fire outbreaks is expected to propel the growth of the fire protection system market in the coming future. Property loss refers to the financial or material harm done to tangible assets or property. It often refers to the loss or destruction of tangible goods, structures, or assets because of numerous events or risks such as fires, theft, natural disasters, accidents, or vandalism. Fire protection system which includes smoke detectors and heat sensors, is intended to detect fires early on that could save property loss. For instance, in February 2023, according to a report published by the Government of the UK, the number of fire-related fatalities in England increased from 249 to 276 in the year ending September 2022. 99 of the 276 fire-related fatalities occurred in the final three months of 2021. In addition, 620,758 incidents were responded by fire and rescue services (FRSs) in England in the year ending September 2022, a 16% increase from the year before (537,423). There were 185,437 fires among these events, a 28% increase over the 145,313 fires recorded in the previous year. Therefore, increased human and property loss because of fire outbreaks is driving the fire protection system market.

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The fire protection system market covered in this report is segmented –

1) By Type: Active Fire Protection Systems, Passive Fire Protection Systems

2) By Services: Managed Service, Installation And Design Service, Maintenance Service, Other Services

3) By End-User: Commercial, Industrial, Governmental, Institutional, Other End-Users

Innovative technologies are a key trend gaining popularity in the fire protection system market. Major companies operating in the fire protection system market are focused on developing innovative products with advanced technologies to strengthen their position in the market. For instance, in August 2022, Honeywell International Inc., a US-based engineering and technology company, announced the launch of the Morley MAx fire detection and alarm system, which enhances occupant and building safety. A highly sophisticated range of capabilities that are simple to install, commission, and maintain are offered to installers and end users by the small, powerful, performance-driven intelligent fire alarm control panel. The device has a cutting-edge 7-inch touchscreen panel that offers a very user-friendly and ergonomic user interface. The panel shows visual icons and events that are color-coded. Modern features like multi-Boolean logic and the CANBus protocol across panels, which facilitate quicker communication, are included.

The fire protection system market report table of contents includes: