$88.94 Billion Fire Protection System Market by Product, Fire Suppression, Fire Sprinkler, Service, Vertical - Global Forecast to 2024 - ResearchAndMarkets.com
The "Fire Protection System Market by Product, Fire Suppression, Fire Sprinkler, Service, Vertical - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The fire protection system market is expected to grow from USD 57.33 billion in 2018 to USD 88.94 billion by 2024, at a CAGR of 7.6% from 2018 to 2024.
The growth of the market is fueled by rise in deaths and loss of property due to fire breakouts, stringent government regulations and mandates, rising demand for wireless technologies for fire detection, and technological advancements in the construction industry.
However, unexpected failure of fire alarm systems, high installation and maintenance costs of fire protection systems, and high costs involved in replacing traditional fire detectors with smart detectors are hindering the growth of the market.
Market Dynamics
Drivers
- Modernization and Technological Advancements in Construction Industry
- Rise in Deaths and Loss of Property Due to Fire Breakouts
- Stringent Government Regulations and Mandates
- Rapid Development in Wireless Technologies for Fire Detection
Restraints
- High Installation and Maintenance Costs of Fire Protection Systems
- Unexpected Failure of Fire Alarm Systems
- High Costs Involved in Replacing Traditional Fire Detectors With Smart Detectors
Opportunities
- Increasing Use of Water Mist Systems
- Rapid Development of Smoke Detectors, Along With IoT and Big Data
- Revision of Codes and Mandatory Standards
Challenge
- Amalgamation of User Interfaces With Fire Protection Solutions
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Fire Protection System Types
8 Fire Protection System Market, By Product
9 Fire Protection System Market, By Service
10 Fire Protection System Market, By Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
Key Players
- Johnson Controls
- United Technologies
- Honeywell
- Siemens
- Halma
- Robert Bosch
- Hochiki
- Minimax Viking
- Gentex
- Securiton AG
Other Key Players
- Encore Fire Protection
- Sterling Safety Systems
- Fire Suppression Limited
- Schrack Seconet AG
- Napco Security Technologies
- VFP Fire Systems
- S&S Fire Suppression Systems
- Fireline Corporation
- ORR Protection
- Argus Fire Protection Company Ltd
- Firetrol Protection Systems, Inc
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View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005552/en/