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Ready To Use Fire protection systems market size and forecast, 2022-2032

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Ready To Use Fire protection systems market size and forecast, 2022-2032

Fact.MR predicts the sales of the fire protection systems to exceed US$ 138 Bn by registering a positive CAGR of 6.3% in the forecast period 2022-2032. Increasing urbanization and changing designs of commercial infrastructure have given a rise to fire instances. Thus, to avoid the same, demand for fire protection systems has increased.

Historically, from 2015 to 2021, the global sales of fire protection systems surged at a CAGR of 6%, surpassing US$ 70 Bn by the end of the aforementioned period. The onset of the COVID-19 pandemic affected the supply and demand chain across the globe. As most of the commercial sectors were shut, the demand for fire protection systems dipped in the initial quarter of the pandemic. As most commercial sectors are fully functioning, the sales of fire protection systems are expected to upsurge.

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Furthermore, governments across the globe have made it mandatory to install fire protection systems to safeguard human life and property. Owing to this, commercial sectors have installed the same on a large scale. In addition, instances of forests catching fires has increased over the past few years. Thus, government authorities are installing detection systems that help to alarm early in case of danger.

Key Takeaways from the Market Study

  • By product, fire detection systems expected to gain more than 50% market share for fire protection system market.
  • By application, commercial sectors expected to hold more than 45% market share for fire protection system market.
  • Fire protection system industry expected to possess nearly 33% market share throughout North America.
  • Fire protection system industry expected to possess nearly 40% market share throughout Asia Pacific.

“Integration of technology to get alarmed in lesser time is driving the demand for fire protection systems,” opines a Fact.MR analyst

Competitive Landscape

Prominent fire protection system manufacturers are reliant on a plethora of expansion strategies aimed at enhancing their global footprint. Acquisitions, mergers, collaborations and new product launches are some of these approaches. Some notable developments are as follows:

  • In November 2021, Robert Bosch GmbH acquired Protec Fire and security group. The company is focusing on strengthening its presence in the European region.
  • Likewise, that same month, Johnson Controls launched the Smart Fire Sprinkler Monitoring solution. This solution offered 24/7 monitoring capabilities via cloud, supported operational downtime, reduced building damage, and prevented system failure.
  • Furthermore, in October 2020, Honeywell launched a new cloud platform for fire safety systems. This platform enabled technicians to minimize the disruption, aid in compliance, and reduced the time required to design, install, commission, and maintain the safety of systems.

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More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global fire protection system market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.

The study indulges essential insights on the market on the basis of product type (fire analysis, fire detection, fire suppression, fire sprinkler system and fire response), service (managed service, maintenance service, installation and design service and others), application (commercial, industrial and residential) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

Key Segments Covered in the Fire Protection Industry Report

·        By Product

  • Fire Analysis
  • Fire Detection
  • Fire Suppression
  • Fire Sprinkler System
  • Fire Response

·        By Service

  • Managed Fire Protection Service
  • Fire Protection Systems Maintenance Service
  • Fire Protection System Installation and Design Service
  • Other Fire Protection System Services

·        By Application

  • Fire Protection Systems for Commercial Applications
  • Fire Protection Systems for Industrial Applications
  • Fire Protection Systems for Residential Applications

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

 

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