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The fire protection system is the standardized products installed in the building for detecting the fire outbreak. The system detects and extinguishes the fire using a smoke detector, flame detectors, and more. The fire protection systems detect, controls, and track real-time data. The integration of advanced technologies such as artificial intelligence, the Internet of Things, smart sensors is likely to drive the fire protection system market.
The adoption of the fire protection system is expanding across industries such as oil & gas, manufacturing, mining, among others, where fire safety and protection are necessary. According to the global national building codes and the US National Fire Protection Association, it is mandatory for an industrial and commercial building to install fire detectors.
Key Market Driver -
• Stringent fire safety government regulation is likely to drive the market growth
Key Market Restraint -
• The high cost installation is likely to hamper the market growth
Some of the key players in the global fire protection system market are Johnson Controls, Eaton, Halma plc, Hochiki Corporation, Hitachi, Ltd., Gentex Corporation, Robert Bosch GmbH, Siemens, Honeywell International Inc., Argus Fire Protection Company Ltd., Carrier among others. The companies are investing in innovative solutions to offer advanced fire protection systems. Also, the companies are acquiring small and medium enterprises to expand its geographical footprints.
North America is expected to gain maximum revenue share during the forecast period. The significant presence of the key providers in the region is likely to drive the market growth. US is likely to gain traction owing to stringent government rules regarding fire disaster prevention. US has implemented the National Fire Protection Association (NFPA) to deal with fire accidents and disasters. This is expected to boost the fire protection system market.
Europe is likely to rank second in the fire protection system market share. The industries across the region are adopting the system to control the increasing fire accidents. The country governments under National Fire Protection Regulations, provider’s certificates to the building with proper installation of fire protection systems. This is boosting the demand across the consumers for the fire protection system market.
Asia Pacific is likely to gain rapid growth during the forecast period. The increasing urbanization in countries like China, India, Japan is boosting the demand for fire protection systems. The increasing smart cities in the region are driving the demand for proper fire safety measurements. In China, the government has provided building designing codes to provide fire protection. In India, according to the report of 2015 Accidental Deaths and Suicides in India, residential building is more prone to fire disasters. Also, according to the Indian Insurance Companies maximum claims are registered due to fire losses. This is likely to boost the demand for fire protection systems.
Latin America and Middle East and Africa are likely to witness steady growth. The increasing fire accidents and strict government policy are likely to lift the demand for a fire protection system in the region.
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