Fire Protection Systems Market worth USD 48.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Fire Protection Systems Market by Product Type (Fire Detection, Fire Response, Fire Suppression, and Fire Analysis), by Type (Active fire protection systems, and Passive fire protection systems), by End User (Commercial, Industrial, Governmental, Institutional, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global fire protection systems market was valued at USD 92,061.0 million in 2020 to USD 131,274.5 million by 2027, at a CAGR of 5.8% from 2021 to 2027. Fire protection products are majorly made up of raw materials such as metal, glass, and plastic. The price of raw materials has been fluctuating for the past few years, owing to a range of economic and speculative aspects. Government-led stringent laws, tariffs, and regulations against deforestation, metals, and other materials used in fire protection equipment have declined the revenues and profits of the manufacturers to a substantial extent. For instance, in 2018, the U.S. Government increased the tariffs on the import of metals (effective from February 2020) by 25% on steel and 10% on aluminum, which further escalated the costs of these metals in the U.S. Hence, the unstable and rising prices of metal and other materials are anticipated to restrict the growth of the fire protection systems industry during the forecast period.

Global Fire Protection Systems Market Segmentation

The study categorizes the fire protection systems market based on product type, end user, and regions.

• By Product Type (Fire Detection, Fire Response, Fire Suppression, and Fire Analysis)
• By Type (Active Fire Protection Systems and Passive Fire Protection Systems)
• By End User (Commercial, Industrial, Governmental, Institutional, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Commercial, by end-users, is estimated to hold the largest market share during the forecast period

On the basis of end-users, the global fire protection systems market is characterized into commercial, industrial, governmental, institutional, and others. In 2020, commercial accounted for the largest market share of 45.0% in the global fire protection systems market and had a CAGR of 6.0% during the forecast period. An increase in commercial construction activities and repair drives the growth of the fire protection systems market. The commercial sector deploys fire protection systems such as fire extinguishers and sprinklers on a large scale. Furthermore, the market is expected to witness significant growth in China and India, owing to the exponential increase in population.

Moreover, the construction of new official buildings, commercial complexes, and railway stations is expected to propel the market's growth in the commercial sectors. High acceptance of fire analysis systems from commercial buildings is anticipated to propel the growth of the market.

Don't miss out on business opportunities in Fire Protection Systems Market. Speak to our research analyst and gain crucial market insights that will benefit your business grow.

North America accounts for the largest market share during the forecast period in the fire protection systems market

Based on the regions, the global fire protection systems market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market share of 45.37% in the global fire protection systems market. It was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

The market in North America is analyzed across the U.S., Canada, and Mexico. The U.S. accounts for the highest share of the North America fire protection systems market, followed by Mexico. The government has imposed stringent fire safety regulations to deploy fire protection systems across North America, which is a key driving force of the North America fire protection systems market. In addition, an increase in commercial construction buildings is expected to boost the growth of the market. For instance, in 2018, the U.S. Government spent $358.9 billion on commercial construction buildings.

Furthermore, a rise in concerns about fire safety and security is expected to fuel the market's growth in the U.S. According to the U.S. Fire Administration, in 2018, around 1,318,500 fire cases were registered in the U.S., and nearly 3,655 civilians died from these fire accidents. Such instances are expected to drive the need to deploy fire protection systems, which, in turn, propels market growth.

Some of the major companies that operate in the global fire protection systems market are Gentex Corporation, Halma Plc, Hochiki Corporation, Honeywell International Inc., Johnson Controls International Plc., Minimax Viking GmbH, Robert Bosch GmbH, Securiton AG, Siemens AG, and Raytheon Technologies.

Browse complete report: https://www.marketstatsville.com/fire-protection-systems-market

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

MSG has an entire repository of research reports on more than 1,000 niche industries, 3,000 high-growth potentials markets, 5,000 data sets, and more than 12,000 company profiles.

Contact Us:

Market Statsville Group

416, East Standsberry Street, Perkins, Oklahoma 74059, USA

USA: +1-580-205-2707 | +91 702 496 8807

Email: sales@marketstatsville.com

Web: www.marketstatsville.com