Fire Protection System Market to Cross $70B by 2027, Global Market Insights, Inc.
SELBYVILLE, Del., Feb. 24, 2021 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the fire protection systems market, which estimates the market valuation for fire protection systems will cross US $70 billion by 2027. The growing demand for wireless fire protection systems, owing to connected fire alarm systems that send alerts in real-time to smartphones and smartwatches, thereby reducing the damage to property, is driving the market growth. The rise in the development of smart buildings and homes is also propelling market growth as governments are implementing guidelines and regulations for installing fire protection systems.
The fast spread of the coronavirus across the globe has affected the market negatively with a reduction in sales. Governments across the globe have restricted trade and implemented lockdowns to reduce the effect of the virus, resulting in the gradual decline in market revenues. Several market players had to briefly suspend the production of fire protection systems and components during the initial quarters of 2020.
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The rise in population, increasing demand for home & building, and rising government support to enhance awareness by implementing regulations and guidelines are expected to boost the fire protection systems market. The residential segment is expected to witness growth over the forecast timeline. The rise in residential fire accidents, property damage, and loss of life is increasing the demand for fire protection systems.
The fire protection systems in the Asia Pacific are expected to grow with a high CAGR during 2021 to 2027, owing to growing industrialization and urbanization in the region. Countries, such as Japan, China, and India, are implementing several building codes and guidelines for the fire safety of the structures, which is positively impacting the market.
The fire protection systems market players are emphasizing on strategic acquisitions, product launches, and partnerships to fortify their position. For instance, in June 2018, Johnson Controls launched a fire protection system in the Middle East, Autocall. This system was introduced for its application in small as well as large projects in industries including chemical and oil & gas.
Some major findings in the fire protection systms market report include:
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
Chapter 3. Industry Insights
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SOURCE Global Market Insights, Inc.