Implementation of stringent regulations to install fire protection systems in residential and nonresidential buildings globally is expected to drive the market.
PORTLAND, OR, UNITED STATES, September 17, 2021 /EINPresswire.com/ — Fire protection system is a certified product, developed according to the standards specified by the government authorities and regulatory bodies to control fire outbreaks. This system is equipped with flame detectors and smoke control devices that aid during fire emergency.
The global fire protection systems market size was valued at $96.5 billion in 2019, and is projected to reach $131.2 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.
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North America generated the highest revenue in 2019, however, Asia-Pacific is expected to grow at a highest CAGR during the forecast period, followed by LAMEA. In addition, increase in fire casualty rate, property damage, and rise in public safety concerns in the developing countries such as India, Vietnam, and Indonesia during fire accidents is expected to propel the fire protection systems industry growth.
Covid-19 Impact Analysis
COVID-19 has affected the demand for new fire protection systems in the first quarter of 2020 and is likely to cause a negative impact on the fire protection systems market growth throughout the year. The demand for fire protection products and equipment has drastically declined in the developing countries, including India, Brazil, Vietnam, and China, thereby halting the production of new fire protection products. Furthermore, the disruption of supply chains is causing hindrance in installation of new fire protection systems across the globe.
Key Market Players
Honeywell International Inc.
Johnson Controls International Plc.
Minimax Viking GmbH
Robert Bosch GmbH
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Key Market Segments
By Product Type
Active Fire Protection Systems
Passive Fire Protection Systems
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Source: EIN Presswire