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Fire Protection System Market Size Worth $95.22 Billion by 2028 | CAGR: 6.3% : Polaris Market Research

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Fire Protection System Market Size Worth $95.22 Billion by 2028 | CAGR: 6.3% : Polaris Market Research

December 07
12:05 2021
Fire Protection System Market Size Worth $95.22 Billion by 2028 | CAGR: 6.3% : Polaris Market Research
Polaris Market Research
According to a new study by Polaris Market Research the global fire protection system market was valued at USD 65.98 billion in 2020 and is expected to reach USD 95.22 billion by 2028 to grow at a CAGR of 6.3% during the forecast period

The global fire protection system market size is expected to reach USD 95.22 billion by 2028 according to a new study by Polaris Market Research. The report “Fire Protection System Market Share, Size, Trends, Industry Analysis Report, By Product, By Service, By Application (Commercial, Industrial, Residential), By Region; Segment Forecast, 2021–2028” gives a detailed insight into the current market dynamics and provides analysis on future market growth.

The prominent factors of the market, such as the increasing penetration of the integrated smoke detectors with the Internet of Things (IoT) and big data, coupled with a growing number of government policies and norms pertaining to flame protection, are propelling the demand. Besides, the rising volume of human and property losses because of flame breakdown and escalating construction activities across various industries fuels the industry growth.

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Fire Protection System Market Size

Competitive Insight:

Industry participants such as Eaton, Carrier Global, Fike Corporation, GENTEX CORPORATION, Fire Suppression Ltd, Halma plc, HOCHIKI Corporation, Hitachi, Ltd., Honeywell International Inc., Johnson Controls, Iteris, Inc., Minimax Viking GmbH, Napco Security Technologies, Inc., MSA, Robert Bosch GmbH, Raytheon Technologies Corporation, Securiton AG, Schrack Seconet AG, and Siemens are some of the key players operating in the global market.

Several players in the industry are upgrading and advancing their products to survive in the fierce market competition and offer modernized features that contribute to the market growth. For instance, in April 2021, Siemens Smart Infrastructure introduced the company’s novel upgraded version of the Cerberus FIT flame protection system for the small to the medium-sized buildings industry. It is a pocket-friendly, and straightforward solution that maximizes flame safety offers better productivity and presents superior functionality.

Market Insight: 

Furthermore, the launch of multiple solutions in the flame protection solution also attributes to the industry growth. For instance, in November 2020, Johnson Controls introduced the company’s Smart Fire Sprinkler Monitoring solution, which presents a 24/7 monitoring facility with the help of the cloud, decreases building damage, manages operational downtime, and avert system breakdown.

Based on application, the commercial application segment held the largest revenue share in the global industry in 2020 due to the increasing number of government norms for controlling and preventing flame disasters. Whereas, the industrial application segment is projected to rise at a significant pace in the forecasting period due to the rising need for protecting automated systems from flame accidents. 

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Implementation of flame protection solutions enhances the safety of workforces along with lessens the chances of property damage. For instance, in Europe, a minimum of 5,000 flame incidents take place everyday day; consequently, flame safety in buildings is a significant measure across the region. 

Polaris Market research has segmented the fire protection system market report on the basis of product, service, application, and region:

Fire Protection System, Product Outlook (Revenue – USD Billion, 2016 – 2028)

  • Fire Detection
  • Fire Suppression
  • Fire Response
  • Fire Analysis
  • Fire Sprinkler System

Fire Protection System, Service Outlook (Revenue – USD Billion, 2016 – 2028)

  • Managed Service
  • Installation and Design Service
  • Maintenance Service
  • Other Services

Fire Protection System, Application Outlook (Revenue – USD Billion, 2016 – 2028)

  • Commercial
  • Industrial
  • Residential

Fire Protection System, Regional Outlook (Revenue – USD Billion, 2016 – 2028)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • Italy
    • France
    • Spain
    • Austria
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • India
    • Indonesia
    • Malaysia
    • South Korea
  • Latin America
    • Mexico
    • Brazil
    • Argentina
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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Other Studies Relevant to this industry: https://www.polarismarketresearch.com/industry/Information-and-Communication-Technology

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavour to deliver value-added business solutions to our customers.

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