MarketResearch.biz announces the publication of its most recently generated research report titled, “Global Fire Detection and Suppression Systems Market by Product Type (Fire Detection & Fire Suppression), Application (Commercial, Industrial, Residential & Other Applications), and Region – Global Forecast to 2028.”, which offers a holistic view of the global fire detection and suppression systems market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2020–2024) is projected to be over US$ 373 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
Fire detection systems are usually designed and installed to provide alerts about possible fires. The provided alarm can be evacuated early to protect lives, and if necessary, emergency firefighting can be carried out to prevent further expansion of fire protection performance. Fire protection system includes fire alarm, automatic fire detection and fire suppression system.
Global Fire Detection and Suppression Systems Market: Market Dynamics
Strict government regulations and orders on the safety of industrial plant workers in developed and developing countries will drive market growth. The recovery of the construction industry in developed regions, coupled with the strong growth of the construction industry in developing regions, is another key factor, which is expected to increase the installation of fire detection and fire suppression systems in this end-use industry, thereby promoting the growth and suppression of global fire detection System Market. The increasing number of deaths and property damages caused by fire accidents is another key factor that is expected to help market growth.
The high cost required to replace traditional fire detectors with smart detectors may challenge the growth of the target market.The strong development of wireless technology and sensors in early fire detection and rapid development of smoke detectors and other systems that integrate with the Internet of Things and big data is expected to provide rich opportunities for major players in the market.
Global Fire Detection and Suppression Systems Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global fire detection and suppression systems market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global fire detection and suppression systems market is estimated to expand at a moderate CAGR of 6.7% during the forecast period.
Global Fire Detection and Suppression Systems Market: Segmental Snapshot
The market report has been segmented on the basis of component type, application, and region. The product type segment includes fire detection & fire suppression. The application segment includes commercial, industrial, residential & other applications. The region covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The fire suppression segment is expected to register a CAGR of over 7.1%, thereby accounting for the highest revenue share among the product type segments.
By application: The industrial segment is expected to register a CAGR of over 7.1% over the forecast period, thereby accounting for highest revenue share among the application segments.
By region: The market in Asia-Pacific accounted for highest revenue share in the global fire detection and suppression systems market in 2020, and is estimated to register a CAGR of over 7.8% between 2020 and 2028.
Global Fire Detection and Suppression Systems Market: Competitive Analysis
The research report on the global fire detection and suppression systems market includes profiles of major companies such as Johnson Controls International plc (Tyco International), United Technologies Corporation (Fogmaker International), Siemens Aktiengesellschaft, Honeywell International Inc, Dafo Brand Ab, McWane, Inc. (Amerex), Halma plc, Fogmaker International AB, Rotarex S.A., Gentex Corporation.
The Global Fire Detection and Suppression Systems Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2020–2028 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global Fire Detection and Suppression Systems Market for 2020–2028.
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