Global fire protection system market is forecast to grow at a CAGR of 6.7% from 2022 to 2028, reaching a value of USD 114.50 billion by 2028, up from USD 72.72 billion in 2021 according to a new report by SkyQuest.
Westford, USA, Dec. 09, 2022 (GLOBE NEWSWIRE) -- According to SkyQuest's analysis of data from the International Association of Fire and Rescue services, the total number of fire incidences around the globe has been on the decline in recent years. In 2021, there were an estimated 14,670,500 fire incidents worldwide, down from 15,700,000 in 2016. This decrease in the global fire protection system market is largely due to a reduction in the number of fires in developed countries. We attribute the decline in fire incidence to a variety of factors, including improved building codes and enforcement, more effective fire prevention campaigns, and better access to firefighting resources. Despite the overall trend, some regions still experience high rates of fire incidence. In particular, Africa and Asia continue to see large numbers of fires due to poor infrastructure and a lack of awareness about fire safety.
This growth will be driven by the increasing focus on safety and the need for compliance with stringent fire safety regulations. In addition, the growing construction industry, particularly in Asia-Pacific and the Middle East, is expected to provide a boost to market growth. The Asia-Pacific region is expected to be the fastest-growing fire protection system market, with a CAGR of 7.4% from 2022 to 2028. This growth will be driven by the expansive construction industry in China and India, as well as by the stringent fire safety regulations in place in many Asian countries.
In terms of product type, the market for automatic sprinklers to grow the fastest, at a compound annual growth rate of 7.4% between 2022 and 2028. This is followed by the market for smoke detectors, which is expected to grow at a compound annual growth rate of 6.9% during the same period. Sprinkler systems are expected to remain the largest segment of the fire protection system market, with a share of 47.8% until 2028. Sprinkler systems are widely used in commercial and industrial applications due to their effectiveness in suppressing fires. The report also provides an overview of the competitive landscape of the fire protection system market and profiles some of the leading players operating in the market including Johnson Controls, Robert Bosch, Honeywell International Inc., United Technologies Corporation, and Tyco International Ltd.
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Global Fire Protection System Market is Highly Fragmented: Top 10 Players Hold Less than 30% Market Share
The global fire protection system industry is highly fragmented, with the top 10 companies accounting for less than 30% of the market, according to a new report from SkyQuest. The report on the global fire protection system market, which analyzed the financial performance of 100 publicly-listed fire protection companies around the world, found that the industry is "highly competitive" with low barriers to entry. The top 10 companies in the industry are led by United Technologies (UTC), which has a market share of 7.5%. UTC is followed by Tyco International, Johnson Controls, Honeywell International, and 3M. The remaining companies in the top 10 include Robert Bosch (2.4%), Siemens (2.3%), Schneider Electric (2.2%), and Daikin Industries (1.7%).
There are also a number of regional players that have significant market shares in their respective regions. The report found that the North American fire protection system market is the most consolidated, with the top 10 companies accounting for around 60% of the total market. In Europe, the industry is more fragmented, with the top 10 companies accounting for less than 30% of the market. Asia-Pacific is the most fragmented region, with the top 10 companies only accounting for around 10% of the total market. The report attributed the high degree of fragmentation to the fact that fire protection systems are typically installed during construction or renovation projects and there are no major barriers to entry into the market. There are also a large number of local and regional fire code requirements that need to be met, which further fragments the market.
Global fire protection system market is expected to grow at a CAGR of 6.7% over the next seven years, driven by strong demand from the commercial and industrial sectors. This has resulted in a large number of small, regional players competing for market share. The industry is also highly competitive, with a large number of players offering similar products and services. This has put pressure on prices, margins and profitability. consolidation is likely to continue in the fire protection system industry as companies look to gain scale and efficiency.
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SkyQuest’s Trends Analysis Says Global Fire Protection System Market is Currently in the State of Change
Today, SkyQuest released its analysis of the fire protection system market. The report provides an in-depth look at the current state of the industry and offers insights on where it is headed. The fire protection system industry is currently in a state of change. consolidation is occurring across the global market as companies look to take advantage of economies of scale and scope. In addition, new technologies are emerging that are changing the way that fire protection systems are designed, installed, and monitored.
The Asia-Pacific region is the fastest-growing market, with a compound annual growth rate (CAGR) of 7.4%. The fire protection system industry comprises a wide range of products and services, from sprinklers and fire extinguishers to alarm systems and consulting services. Fire protection systems are used in both commercial and residential buildings. The report highlights several trends that are driving growth in the fire protection system industry, including the following:
• The increasing prevalence of wildfires around the world
• The growing awareness of the importance of fire safety
• The stringent regulations being implemented by governments globally
• The advances being made in fire detection and suppression technology
As a result, the fire protection system market is expected to continue to experience strong growth in the coming years. Our report provides a detailed analysis of the current state of the market and offers insights on where it is headed. The report includes an overview of the industry, a description of the major players, an analysis of recent trends, and a discussion of future prospects.
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Key Players in Global Fire Protection System Market
Johnson Controls (Europe)
Halma plc (UK)
HOCHIKI Corporation (Japan)
Hitachi, Ltd. (Japan)
Honeywell International, Inc. (US)
Iteris, Inc. (US)
Raytheon Technologies Corporation (US)
GENTEX CORPORATION (US)
Robert Bosch Gmbh (Germany
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