Recent trends in the global fire protection systems market are driven by an upsurge in product launches by major fire safety equipment suppliers.
For instance, in October 2020, Honeywell rolled out the first tools from its new suite of CLSS (Connected Life Safety Services), the company’s first all-in-one cloud platform for fire protection systems. The organization’s CLSS line of tools, developed on the Honeywell Forge platform, allows fire technicians to provide compliance, minimize disruption, and decrease the time required for installation, design, maintenance, commissioning, and reporting of life safety systems.
According to Sameer Agrawal, Honeywell’s General Manager of Global Fire Software and Services, today’s global environment requires the life and fire safety industry to innovate solutions that allow system integrators and facility managers to diagnose issues and monitor their systems irrespective of the time and location.
Similar advancements are expected to boost the demand for fire protection equipment through the forthcoming years. On this note, the global fire protection systems market size is estimated to surpass USD 70 billion by 2027, cites the latest research by Global Market Insights, Inc.
This growth is attributed to the rising product demand in light of the surging number of fire accidents due to the lack of fire protection systems at heritage sites.
For exemplar, in 2019, the NCHA (National Cultural Heritage Administration) reported almost six fire accidents at heritage sites and buildings. For overcoming like issues, the Chinese government has started the deployment of fire protection systems as prevention measures.
Some major trends driving fire protection systems industry outlook comprise:
Increasing industrialization and urbanization in the APAC
The Asia Pacific fire protection systems market is set to exhibit an appreciable CAGR through 2027, considering the rising urbanization and industrialization in the region.
Various countries comprising India, Japan, and China are focusing on the implementation of numerous building guidelines and codes for the fire safety of structures, bolstering the demand for fire protection equipment in the region.
Rising corporate strategies by major industry participants
Prominent players in the fire protection systems market include Schneider Electric, Johnson Controls International PLC, Siemens AG, Fire Suppression Limited, Napco Security Technologies, Hochiki Corporation, Schrack Seconet AG, and others.
These fire safety equipment suppliers are focusing on various collaborative strategies such as acquisitions and mergers for the expansion of their geographical footprint.
For instance, in June 2018, Johnson Controls rolled out its fire protection system, Autocall, in the Middle East for its application in large as well as small projects in industries comprising oil & gas and chemical.
Surging product usage across the residential sector
An escalation in the loss of life and property damage on account of the rising residential fire accidents is slated to foster the growth of the residential segment in the fire protection systems industry through the ensuing years.
Furthermore, a rise in the demand for construction activities due to an increase in population is expected to boost the deployment of fire protection systems in buildings.
In a nutshell, surging government standards and regulations for the improvement of the safety of individuals and industrial, commercial and residential property during fire outbreaks will augment fire protection systems market share over the assessment period.
Source: Global Market Insights, Inc.
