Global Fire Protection Systems (FPS) Market is expected to grow at a CAGR of 8.81% over the forecast period to reach US$86.328 billion by 2021. Increasing cases of fire hazards worldwide coupled with stringent safety regulations is forcing enterprises and organizations to escalate the fire safety related spending, thereby positively impacting the global fire protection systems market growth. Increased technological advancements is further fueling the demand for advanced fire protection systems both for commercial and domestic purposes. The manufacturers are investing significantly on R&D to offer advanced and automated fire protection systems to their customers. However, rising cases of failure of FPS in detecting fire, high capital investment, and high installation and maintenance costs will hinder the market growth during the forecast period.
Companies within different industry verticals are required to borne high initial investment in setting up the entire infrastructure for installing the fire protection systems. Moreover, it requires periodic maintenance to sustain the continuity of achieving the most efficient results. This augments the operational costs which further places a financial burden on the industry using the system.
Especially small and medium sized organizations find it difficult to afford the installation as well as the maintenance of this system due to lack of resources and limited budget for such high investment, thereby hindering the growth of global fire protection system market.we have covered all segments of this market in market research and growth report.
Fire Protection System Market By System Type
By system type, the global fire protection system market is segmented as fire detection system, fire management system, fire response system, software and others. The market size of these services has been discussed in detail in this chapter.
Fire management system segment dominates the market share as the demand for sprinklers and extinguishers are expected to grow extensively in the commercial vertical over the projected period. Various end user industries worldwide are installing advanced fire detection and suppression systems. Since mist-based fire suppression system can reduce the flame and gases along with rising oxygen levels by evaporation, it is significantly replacing water sprinkler systems in various organizations and enterprises to provide a safe working environment.
Fire Protection Systems Market By Region
Geographically, the global fire protection systems market is segmented as Americas, Europe Middle East and Africa, and Asia Pacific. The market size of these major regions has been discussed in detail in this chapter. Americas is expected to register a favorable regional market growth during the forecast period owing to the rising expenditure on oil and gas sector in the region. European market for fire protection systems will grow at considerable CAGR of X.XX% during the forecast period owing to huge demand from end-use industries in the region.
Americas market for fire protection systems is projected to grow from US$X.XXX billion in 2015 to US$X.XXX billion by 2021. The market is further segmented into North America and South America. North America accounted for the bulk of the market share in 2015, owing to increasing expenditure on oil and gas sector which is boosting the demand for fire detection and fire suppression systems in the region. Moreover, developed economies like the U.S. and Canada have developed infrastructure that needs existing fire protection systems to be replaced by advanced fire protection systems, thereby positively impacting the FPS market growth.
Increase in the production of shale gas in the U.S. due to adoption of horizontal drilling and hydraulic fracturing techniques is also bolstering the FPS market growth. This is because workers in the oil and gas sector are more prone to large scale fire explosion, that is, fire incidents both in offshore and onshore oil and gas facilities need to be brought under control as quickly as possible.
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