According to a new market research report published by Credence Research, “Fire Protection Systems Market – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global market for fire protection systems is expected to expand to CAGR by 7.8% between 2018 and 2026.
Fire protection systems are devices used to prevent or control and extinguish fire. Ideally, fire detectors and heat detectors are coupled with an alarm system that alerts the workforce / staff to the potential risk of fire or explosion due to possible gas leakage. Following the increasing occurrence of fire outbreaks at the workplace and the resulting loss of assets, companies across vertical lines have realized the importance of installing state-of – the-art automated safety solutions, including fire protection units. In addition to this apprehension, stringent regulations and codes promoting occupational health and personnel safety are instrumental in driving demand for fire protection systems worldwide.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/fire-protection-system-market
As a result, the need for safety at work for life and equipment remains a key factor driving market demand worldwide. With ever-increasing energy demands, oil & gas exploration activities are on the rise, leading to fire protection systems on site. In addition, with a significant number of floating liquefied natural gas vessels proposed to be established in Asia Pacific, demand for fire suppression systems is expected to increase in the coming years. Ongoing trends, including the modernization of existing civil infrastructure, an increase in industrialization and a growing popularity of green offices and eco-friendly buildings, are collectively driving demand for safety sensing technologies across vertical lines. All of these factors are expected to contribute positively to the CAGR of 7.8% over the forecast period from 2018 to 2026.
On the other hand, in wake of unstable oil prices worldwide, negative impact on cash flows of oil producers can be seen. In case this situation remains unchanged, it may lead to a negative impact on the count of upcoming oil & gas projects and associated demand for safety solutions. The global fire protection systems market is fragmented and competitive with large number of players active in the market. Major manufacturers profiled in the research report include ABB Ltd, Siemens AG, Honeywell International Inc., Johnson Controls, Inc., United Technologies, Robert Bosch GmbH, Hochiki Corporation, Gentex Corporation, Minimax Viking GmbH, VFP Fire Systems, Inc., and Halma PLC among others.
You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/58242
Report Scope by Segments
By End-use Vertical Segment
- Oil & Gas
- Industrial Manufacturing
- Mining & Energy
- Others (Education, Healthcare, etc.)
By Product Segment
- Fire Alarm Systems
- Fire Suppression Systems
- Fire Standpipe Systems
By Technology Segment
- Active Fire Protection Systems
- Passive Fire Protection Systems
By Geography Segment
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
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