Study: Fire Protection System Sales to Reach $138 Billion by 2032
Fact.MR predicts the sales of the fire protection systems to exceed $138 billion 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 $70 billion 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.
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.
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.