(MENAFN- Comserve) New York, United States, Oct 23, 2020, 18:55 /Comserve / -- The global fire protection system market is anticipated to expand from USD 48.06 Billion in 2015 to USD 98.11 Billion by 2023, registering a compound annual growth (CAGR) of 10.09% over the period of 2020-2023
Fire protection systems Overview:
Fire protection systems assists in controlling and putting-off fire, preventing destruction of property and people. These systems work by reducing oxygen content of fire affected area and promote supply of nitrogen in that area to build a 'fire safe zone.
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Market Size and Forecast
The global fire protection system market is anticipated to expand from USD 48.06 Billion in 2015 to USD 98.11 Billion by 2021, registering a compound annual growth (CAGR) of 10.09% over the period of 2015-2023. In recent years, North America led the market in global fire protection system and the market is further estimated to grow at a healthy rate owing to stringent government regulation and high demand from industrial sector in this region.
The European fire protection system market was valued at USD 9.12 Billion in the year 2015 and it will grow at 14.4% annually to reach USD 20.2 Billion by the end of the year 2023. The Europe fire protection system market accounted 28.52% of the global fire protection system market in the year 2015.
In 2015, the Asia-Pacific fire protection system market was valued at USD 8.93 Billion and is growing at 21.4% annually to reach USD 22.78 Billion by 2021.The Asia-Pacific fire protection system market contributes 22.21% of the global fire protection system market and it is projected that it will reach 32.15% by 2023.
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Market Segmentation
By Technology
On the basis of technology, Global fire protection system market is segment into:
Active Fire Protection Systems
Passive Fire Protection Systems
By Product
On the basis of product, Global fire protection system market can be divided into:
Fire Management Systems
Fire Response Systemss
Fire Detection Systems
Fire Analysis Software
Other
By Service
Based on service, Global fire protection system market can be segregated as:
Engineering Services
Managed Services
Installation & Design Services
Maintenance Services
Other Services
By Vertical
On the basis of application, Global fire protection system market is segment as follows:
Oil, Gas, & Mining
Energy & Power
Transportation & Logistics
Residential
Commercial
Government
Manufacturing
Other Verticals
By Region
On the basis of region, Global fire protection system market is segment as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
'The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).
Growth Drivers and challenges
Augmentation in expenditure by enterprises for fire protection, stringent government policies and regulations, political pressure to condense the losses from fire and rise in fire threats are the major growth drivers for the global fire protection system market over the forecasted period i.e. 2015-2021. High maintenance cost of fire protection systems and special skills required to manage the fire protection system are some factors which restraints the growth of global fire protection system in the upcoming years.
Key Players
The key players of the global fortified food market are as follows:
Blaze Manufacturing Solutions Ltd.
Consilium AB Publ.
Deluge Offshore & Marine Pte Ltd.
Drägerwerk AG & Co. KGaA
Emerson Electric Co.
Bosch Security Systems
Tyco International
'The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).
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