According to the report published by Allied Market Research, the global market for fire protection systems generated US$96.50bn in 2019 and is estimated to reach US$131.27bn by 2027, with a CAGR of 5.2% between 2020 and 2027
Growing awareness of fire safety, rapid urbanisation and industrialisation, and an increase in residential and non-residential construction are driving the growth of the global market for fire protection systems. On the other hand, high initial costs and predictive maintenance and fluctuating prices of raw materials hinder growth to some extent.
However, technological advancements to ensure safety and security and government investment in the construction infrastructure sector will create new opportunities in the coming years.
COVID-19 scenario
The novel coronavirus outbreak has had a significant impact on the trade-in fire protection systems industry due to disruptions in the supply chain and a shortage of raw materials. However, government bodies in various regions have relaxed certain restrictions and allowed a number of industries to re-initiate their projects and plans.
The commercial segment dominated the market in 2019
Based on end-users, the commercial segment contributed to the largest share in 2019, accounting for more than two-fifths of the global market for fire protection systems, and is estimated to retain its dominant position during the forecast period. In addition, the segment is expected to register the highest CAGR of 6.0% between 2020 and 2027.
The construction of new official buildings, commercial complexes, railway stations and others is expected to boost the growth of the segment. Moreover, the high acceptance of fire analysis systems from commercial buildings further boosts the growth of the segment.
The supermarket hypermarket to lead the trail throughout 2027
Based on the type, the active fire protection segment accounted for the largest share in 2019, holding more than three-fifths of the global market for fire protection systems, and is expected to retain the largest share throughout the forecast period. In addition, the segment is estimated to have the highest CAGR of 5.8% during the forecast period.
The stricter government regulations for compulsory installation of active fire protection products such as fire extinguisher and others in new building premises in countries such as the US and the UK drives the segment growth. Furthermore, a rise in demand for fire sprinklers from commercial areas, owing to an increase in awareness regarding building fire safety among individuals also supplements the growth.
