Fire Protection System Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

Posted August 25, 2021 by jackmartin011

Fire Protection System Market with COVID-19 Impact by Product (Fire Suppression, Fire Analysis, Fire Response, Fire Detection), Service (Engineering, Installation and Design, Maintenance, Managed), Type, Vertical, and Region
The global fire protection system market size is estimated to reach USD 84.6 billion by 2026 from USD 62.1 billion in 2021, growing at a CAGR of 6.4%. Fire protection systems are a set of connected devices or systems that are used to prevent fire accidents. These systems also reduce the impact of uncontrolled fires, thus saving lives and property. Fire protection systems comprise fire detection, fire suppression, fire sprinkler, fire analysis, and fire response systems that are required in emergencies.

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The market for fire analysis is expected to grow at the highest CAGR from 2021 to 2026 within the global fire protection system market. This growth can be attributed to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention. A fire protection system can work effectively if an appropriate analysis of events is done. Fire analysis is an important part of fire protection, which facilitates informed decisions that lead to maximum efficiency. Fire analysis uses fire mapping and analysis software, and fire modeling and simulation software.

The maintenance services segment in the fire protection system market is estimated to grow at the highest CAGR, as compared to other segments, from 2021 to 2026. Maintenance services include timely servicing and auditing of fire protection systems to ensure that fire protection systems meet all required fire safety standards and function appropriately during an emergency. Maintenance services include inspection, testing, servicing, and repair of components, and monitoring of fire protection systems and their components. The services comprise equipment supply, system testing and commissioning, and regular preventative maintenance. The types of maintenance services include reactive maintenance, preventive maintenance, informative maintenance, and real-time monitoring. These services are vital for industry verticals such as oil, gas, and mining; energy & power; commercial; and transportation & logistics.

The oil, gas, and mining industries are expected to register the highest CAGR in the fire protection system market during the forecast period. The market for oil, gas, and mining vertical is expected to grow at the highest CAGR during the forecast period. The oil, gas, and mining vertical involves materials such as petroleum, crude oil, flammable gases (such as butane), and coal. These materials are flammable; therefore, to avoid fire accidents, advanced fire protection systems are used in this vertical. Highly efficient fire detection and prevention systems are required in this sector to avoid accidents. Clean agent fire suppression systems, dry chemical fire suppression systems, and water and foam sprinklers are used mainly in the mining sector. Gas-based suppression systems (CO2, FM200, Novec, and Inert) and sprinkler systems are used in the oil & gas sector.

APAC is expected to be the fastest-growing fire protection system market during 2021—2026. Growing urbanization has increased construction activities, which are contributing significantly to the growth of the fire protection system industry in this region. APAC is a developing region, and countries such as China, Japan, and South Korea are driving the overall growth of the fire protection system sector in this region.

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The demand for fire protection systems is expected to increase with technological and economic advancements. Moreover, growing urbanization in this region has increased construction activities, contributing significantly to the growth of the market. Governments in this region have laid down fire safety norms, and the fire protection system market is expected to grow with the execution of these policies.
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Last Updated August 25, 2021