Fire Protection Market
Global Forecast to nearly double by 2022
In late April a report came out detailing the fire protection systems market for the next seven years globally; And the report is good. Superior Fire, Inc. is proud to be a part of such a great industry where saving lives is top priority. An industry focused on ever advancing fire protection technologies for the increasing market is what’s driving this growth.
The fire protection systems market is driven by factors such as increasing government mandates, policies, regulations, and rising fire-related expenditure of various enterprises. Additional factors like a rise in deaths & loss of property due to the same. The technological advancements and innovations in equipment and networking are fostering the growth of the fire protection systems market as well.
A commercial vertical (an increase in commercial construction) is expected to hold the largest share of the fire protection systems market by 2022. The fire protection systems market size is expected to grow from USD 47.96 billion in 2015 to USD 98.24 billion by 2022, at a compound annual growth rate of 10.1% between 2016 and 2022.
The process of determining and verifying the market size for several segments and sub-segments were gathered through secondary research, extensive primary interviews were also conducted with key people. The breakdown of the profile of primary participants is given below:
• By Company Type: Tier 1 – 42%, Tier 2 – 37%, and Tier 3 – 21%
• By Region: North America – 45%, Europe – 26%, APAC – 15%, and RoW – 14%
• By Designation: C-Level – 30%, Director Level – 33%, and Others – 37%
Fire accidents cause damages that are irretrievable and result in the loss of assets, resources, and lives. To avoid fire damages, fire alarms, sprinklers, and extinguishers are installed in buildings which work as primary equipment in minimizing fire accidents if they occur. The increased risk of fire accidents is driving the demand for the fire protection systems (FPS) market, globally. The FPS market has experienced continuous technological advancements in fire protection systems. FPS manufacturers are investing significant amounts in R&D that are leading to innovative and efficient fire protection products.