According to a new market research report published by Acute Market Reports, “Fire Protection Systems Market (by End-use Vertical (Residential, Commercial, Oil & Gas, Industrial Manufacturing, Energy & Mining, Transportation, Government, and Other Verticals), by Product Type (Fire Suppression Systems, Fire Alarm Systems, Fire Standpipe Systems, and Others), by Technology (Active Fire Protection Systems and Passive Fire Protection Systems), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2021 -2029”, the global fire protection systems market is expected to expand at a CAGR of 7.8% during the forecast from 2021 to 2029.
Browse the full “Fire Protection Systems Market - Growth, Future Prospects, and Competitive Landscape, 2021 -2029 report at https://www.acutemarketreports.com/report/fire-protection-system-market
Market Insights
Fire protection systems are equipment used to either prevent or control & extinguish fire. Ideally, fire detectors and heat detectors are coupled with an alarm system that sounds alert to workforce/personnel regarding a potential risk of fire break or explosion due to possible gas leakage. In wake of rising occurrences of fire outbreaks at workplace and resulting loss of assets, companies across verticals have realized the importance of installing state-of-the-art safety automated solutions including fire protection units. In addition to this apprehension, stringent regulations and codes promoting occupational health and personnel safety are instrumental in driving demand for fire protection systems worldwide. Thus, need for life and equipment safety at workplace remains the overriding factor driving market demand worldwide. With perpetually growing energy demands, oil & gas exploration activities are on the rise, thereby leading to fire protection system installations at sites. In addition, with substantial number of floating liquefied natural gas vessels proposed to be established in Asia Pacific, the demand for fire suppression systems is expected to surge in the coming years. The on-going trends including modernization of existing civil infrastructure, surge in industrialization, and growing popularity of green offices and eco-friendly buildings are collectively driving demand for sensing technologies for safety applications across verticals. All these factors are expected to contribute positively towards a CAGR of 7.8% during the forecast period from 2021 to 2029.
On the other hand, in wake of unstable oil prices worldwide, negative impact on cash flows of oil producers can be seen. In case this situation remains unchanged, it may lead to a negative impact on the count of upcoming oil & gas projects and associated demand for safety solutions. The global fire protection systems market is fragmented and competitive with large number of players active in the market. Major manufacturers profiled in the research report include ABB Ltd, Siemens AG, Honeywell International Inc., Johnson Controls, Inc., United Technologies, Robert Bosch GmbH, Hochiki Corporation, Gentex Corporation, Minimax Viking GmbH, VFP Fire Systems, Inc., and Halma PLC among others.
