DUBLIN, Sept. 10, 2021 /PRNewswire/ -- The "Fire Protection System Market" report has been added to ResearchAndMarkets.com's offering.
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%.
The growth of this market is attributed to the growth in the construction industry, stringent regulations, and rising adoption of wireless technology in fire detection. However, factors such as high initial costs, concerns related to false alarms and detection failure, and high cost of upgrading traditional fire detectors to smart detectors are restraining the market growth.
Fire analysis segment to grow at highest CAGR during the forecast period in the fire protection system market.
A fire protection system can work effectively if a proper analysis of events is done. Fire analysis is an essential 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 growth of this market can be attributed to the increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention.
Maintenance services to grow at the highest CAGR in the fire protection system market during the forecast period.
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.
North America to be the largest market for fire protection system during the forecast period.
North America is expected to lead the global fire protection system industry from 2021 to 2026. The US and Canada dominate the North American fire protection system market. These countries have witnessed significant infrastructural developments owing to the high population growth rate, due to which the demand for fire protection systems is also increasing.
Increased awareness about fire safety systems and fire safety regulations laid by governments is among the significant factors that drive the market in North America.
Key players in the market include Johnson Controls (Ireland), Carrier Global Corporation (US), Honeywell International, Inc. (US), Siemens (Germany), Halma Plc (UK), Robert Bosch Gmbh (Germany), Hochiki (Japan), Gentex Corporation (US), Minimax Viking (Germany), and Securiton (Switzerland).
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