Fire Protection System Market Growth & Trends
The global fire protection system market size is expected to reach USD 130.37 billion by 2030, expanding at a CAGR of 6.6% from 2023 to 2030, according to a new study by Grand View Research Inc.Modern fire alarm and detection systems are expected to see increased demand due to the ongoing development of new buildings around the world, including both residential and non-residential constructions. Modern technologies like artificial intelligence, the Internet of Things, and smart sensors being incorporated are also anticipated to drive the market. In addition, as mandatory fire safety regulations are implemented in sectors including oil & gas, manufacturing, and mining, the use of fire prevention systems is expanding. The adoption of fire protection systems is being fuelled by a variety of end-use sectors as well as escalating safety concerns and improved awareness of preventative actions.
Access the Fire Protection System Market Size, Share & Trends Analysis Report By Product (Detection, Suppression, Response, Analysis, Sprinkler System), By Service (Managed Service, Maintenance Service), By Application, And Segment Forecasts, 2023 - 2030
A fire prevention system is one of the most crucial systems that must be installed in every structure or organization. A fire protection system is employed to control, recognize, and safeguard occupants of a building or establishment from fire hazards. These tools aid in extinguishing fires or smoke, alerting occupants of buildings, and reducing property damage and casualties. Fire protection systems contain a variety of apparatus, such as fire detectors, fire response systems, fire analysis software, fire suppression systems, and fire sprinkler systems.
Governments in the area hold manufacturers of fire safety equipment operating in the area to a number of standards and regulations. This has inspired several value chain participants to create reliable fire safety systems and intelligent components with wireless communication capabilities. Consumer demand has steadily increased over the past few years in developed nations like Europe and North America, and this growth tendency is likewise anticipated to continue in the next years. However, the markets in developing areas and countries remain largely untapped due to lax laws and the high cost of sophisticated fire protection equipment. Nevertheless, it is anticipated that the need for fire safety equipment would increase as the economy in nations like Brazil and India continues to improve.
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Fire Protection System Market Report Highlights
· The commercial application segment is predicted to dominate and generate a fire protection systems market revenue of 39,486.7 by the end of 2023
· Asia Pacific fire protection systems market is estimated to grow at a CAGR of 9.2%
· The aggressive campaigns being carried out by various public safety associations and prominent manufacturers of fire safety equipment and subsequently, the growing awareness among the end-users to ensure fire safety is expected to drive the growth of the market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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