The latest published report from Marketsandmarkets predicts that the size of the global fire protection systems market is expected to more than double in value from USD 47.96 Billion in 2015 to USD 98.24 Billion by 2022, at a CAGR of 10.1% between 2016 and 2022. The findings suggest that the market for passive fire protection systems will be the highest growth rate sub-sector of the market during the forecast period. Passive fire protection systems work on the principle of strengthening building structure and helping to leverage the profitability by reducing the damages involved in fire accidents and one of the vital features of passive fire protection systems is a cluster of strict codes and regulations that have to be followed.
According to the analysts, fire management systems held the largest market share of the global fire protection market based on products in 2015 and are expected to dominate the market until 2022. Fire management systems such as sprinklers and extinguishers are expected to be used extensively in the commercial vertical during the forecast period. The market for fire analysis software is expected to grow at the highest rate in the fire protection systems product market during the forecast period. The high growth rate of fire analysis software is estimated due to the increasing need for sophisticated fire analysis which helps in proper decision making and fire prevention.
The commercial vertical is expected to hold the largest share of the fire protection systems market by 2022, while the fire protection systems market for the oil, gas, and mining vertical is expected to grow at the highest rate between 2016 and 2022. The reason for the high growth rate of the oil, gas, and mining vertical is the high risk of fire associated with these critical infrastructure industries.
Europe is expected to witness the highest growth rate, whilst North America is expected to hold the largest market share and dominate the fire protection systems market between 2016 and 2022. Researchers say that this is due to the increased awareness of the installation of fire safety systems and government fire safety regulations in the US.
