Fire is an eminent danger, which enquires implementation of effective safety measures. Governments all over the world are introducing stern fire safety policies. Specific safety codes and standards have been introduced to effectively tackle fire emergencies. This has led to an increased installation of fire protection system. The system is a combination of equipment, which include fire extinguishers, fire hydrant systems, fire detectors, automatic sprinkler systems and fire hose reels. Due the system’s high efficacy, it is witnessing a fast uptake in various types of infrastructures such residential apartments, offices, stadiums, railway stations, airports etc.
Market Research Future (MRFR) shed light on multiple issues on the Global Fire Protection System Market 2020. A detailed analysis of the influence of COVID 19 outbreak on the fire protection system market is illustrated in the report. As per MRFR evaluation, the fire protection system can thrive at 9.34% across the analysis period. The fire protection system market value is likely to touch USD 97,594.4 Million by 2025. The increase in fire-related accidents across residential and commercial spaces resulting in high fatality rate is creating the demand for fire protection systems. This is like to impel the rise of the fire protection market across the analysis period. The growing requirement for fire protection system can impel the expansion of the market.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/4676
Global Fire Protection System Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC) and the Rest of the World (RoW). Of these, North America has emerged as the most attractive market for fire protection. Further, the region is expected to maintain its dominance throughout the assessment period. Market growth in North America is driven the faster uptake of advanced fire protection systems along with a higher level of awareness among consumers. Moreover, presence of stricter fire safety policies is viewed as important market driver in North America. The North America fire protection system market stood at a valuation of USD 18,775.1 Mn in 2018 and is projected to post a CAGR of 12.10% during the assessment period.
Global Fire Protection System Market: Competition Analysis
Honeywell International Inc. (US), Tyco International PLC (Ireland), United Technologies Corporation (US), Hochiki Corporation (Japan), Minimax Viking GmbH (Germany), Siemens AG (Germany), Gentex Corporation (US), Johnson Controls International PLC (US), Halma PLC (UK) and Robert Bosch GmbH (Germany) are among the leading companies operating the global market for fire protection system.
Trends of the fire protection system market are studied across APAC, North America and others, MEA, and EU. The rise in architectural requirement for the installation of robust fire protection systems can promote the rise of the fire protection market through the review period. The rise in the need for protection from fire hazards in residential, commercial, and industrial space can promote the fire protection market in the years to come. In EU, the easy availability of fire alarms, sprinkler systems, and extinguishers can promote the expansion of the fire protection system market through the study period. In APAC, the increase in the installation of equipment for fire safety across factories, public places, living areas, and public vehicles can spur the rise of the market through the analysis period. The increased engineering, maintenance, managed, and installation & design services adoption are also observed to promote the growth of the market through the analysis period.