According to a report from market research company, Fact.MR, rising industrial growth is leading to greater demand for fire protection systems. Market sales are set to exceed $138 billion, with positive CAGR of 6.3% in the period between 2022-2032. Fact.MR believes that increasing urbanisation and changing designs of commercial infrastructure have given rise to an increased risk of fire incidents. Demand for fire protection systems has consequently increased.
Historically, from 2015 to 2021, the global sales of fire protection systems surged at a CAGR of 6%, surpassing $70bn by the end of the 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 now returning to full functionality, the sales of fire protection systems are expected to upsurge.
Furthermore, greater government regulation across the globe, making it mandatory to install fire protection systems to safeguard human life and property, has continued. 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 raise early alarms in case of danger.
Key takeaways from the new market study from Fact.MR include:
• By product, fire detection systems are expected to gain more than 50% market share for fire protection system market
• By application, commercial sectors are expected to hold more than 45% market share for the fire protection system market
• The fire protection system industry is expected to possess nearly 33% market share throughout North America
• The fire protection system industry is expected to possess nearly 40% market share throughout Asia Pacific.
The research company underlines that 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 minimise the disruption, aid in compliance, and reduced the time required to design, install, commission, and maintain the safety of systems.
