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Fire Protection Systems Market Segmented By Flame Detectors, Smoke Detectors as Fire Detection Systems, Water Extinguishers, Foam Extinguishers, Dry Chemical Extinguishers, CO2 Extinguishers as Fire Extinguishers, Water Fire Suppression Systems, Gaseous/Clean Agent Fire Suppression Systems, Foam Fire Suppression Systems, Powder Fire Suppression Systems as Fire Suppression Systems, Fire Alarm Devices, Emergency Lighting as Fire Response Systems
FPS (Fire Protection Systems) are emergency response equipment used in case of a fire of any kind. FPS (Fire Protection Systems) covered under the scope of this research are fire detection systems, fire extinguishers, fire suppression systems, fire response systems and their respective sub-segments in the global FPS (Fire Protection Systems) market.
The global FPS (Fire Protection Systems) market is estimated to be valued at US$ 41,735.1 Mn by the end of 2018 and is anticipated to reach US$ 83,507.3 Mn by the end of 2026 while expanding at a CAGR of 9.1% over the forecast period. The global FPS (Fire Protection Systems) market is anticipated to create incremental opportunity of US$ 41,772.2 Mn between 2018 and 2026.
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Due to the strong growth being witnessed by various industries, including mining, automotive, construction, manufacturing, utilities and petrochemical, demand for FPS (Fire Protection Systems) in the global market is expected to increase during the forecast period. Owing to these reasons, several companies are entering the market in Latin America, Asia-Pacific and Africa regions with an aim to exploit this demand and expand their geographical footprint.
The global FPS (Fire Protection Systems) market in the emerging regions is expected to be driven by foreign direct investments in the industrial sector. According to the Global Finance Magazine, in India, the contribution of the industrial sector to the GDP of the country increased from 24.8% in 2012 to 25.8% in 2015. Thus, companies are focusing on developing FPS (Fire Protection Systems) which comply with the safety regulations of the domestic markets. With effective research, development and innovation, the global manufacturers of FPS (Fire Protection Systems) will witness vast opportunities to capture the unexploited market and increase their market share in the FPS (Fire Protection Systems) market.
Increased focus on safety will fuel the growth of FPS (Fire Protection Systems) during the forecast period. FPS are especially useful in extremely hazardous environments, such as oil & gas and chemical industries. Such industries are among the most safety-conscious end-user industries for FPS (Fire Protection Systems) equipment. Due to the high risks involved in upstream activities, this industry, globally, will create potential business opportunities for FPS (Fire Protection Systems) vendors in the global market. Within the oil and gas industry, workers are exposed to high risks of injuries and accidents. In the event of an accident, litigation costs and employee compensation costs are very high within this industry.
Furthermore, loss of working days for each worker results in loss of productivity, which weighs heavily on the overall production of the company. Thus, abiding by the safety regulations and issuing suitable FPS (Fire Protection Systems) are considered wise investment decisions in the oil & gas & chemical industry. This particular factor is expected to pave way for potential revenue opportunities for the global FPS (Fire Protection Systems) market during the forecast period.
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Get a Customized VersionThe global FPS (Fire Protection Systems) market can be divided on the basis of product type, end use and region/country. On the basis of product type, the global FPS (Fire Protection Systems) market can be segmented into fire detection systems, fire extinguishers, fire suppression systems and fire response systems. Based on end use, the FPS (Fire Protection Systems) market can be segmented into residential, commercial and industrial segments.
Significant regions covered in the FPS (Fire Protection Systems) report include North America, Latin America, Europe, South East Asia & Pacific, Middle East & Africa and China
By region, the North America FPS (Fire Protection Systems) market is estimated to dominate the global FPS (Fire Protection Systems) market. The Europe FPS (Fire Protection Systems) market is expected to hold around one-fourth of the market value share in the global FPS (Fire Protection Systems) market.
Moreover, the South East Asia & Pacific region is estimated to remain a high growth market throughout the forecast period in the global FPS (Fire Protection Systems) market. It is projected to grow at a CAGR of 11.1% over the forecast period, predominantly owing to the vast presence of all industrial and commercial organizations.
By product type, in terms of volume, the fire response system segment is estimated to lead the global FPS (Fire Protection Systems) market throughout the forecast period. Furthermore, in terms of value, the fire suppression system segment is estimated to dominate the market with almost one-half of the market value by 2026. The fire extinguishers FPS (Fire Protection Systems) market is expected to create incremental $ opportunity worthUS$ 4,545.7 Mn between 2018 and 2026 in the global FPS (Fire Protection Systems) market. PMR forecasts that the fire suppression system segment is projected to represent a compound annual growth rate (CAGR) of 10.1% from 2018 to 2026.
By end use, in terms of volume, the commercial segment is estimated to be pegged at 313,188 ‘000 units in 2018. This segment is expected to grow at a CAGR of 6.0% between 2018 and 2026 in the global FPS (Fire Protection Systems) market. The Industrial FPS (Fire Protection Systems) segment is projected to create incremental $ opportunity of US$ 16,974.8 Mn over the forecast period.
Some of the key market participants reported in this study of the global FPS (Fire Protection Systems) market are Gentex Corporation, United Technologies Corporation, Siemens AG, Robert Bosch GmbH, NAFFCO, GUNNEBO AB, Johnson Controls, Honeywell International, Hochiki Corporation, Halma plc, Consilium AB, DESAUTEL SAS, Yamato Protec Corporation, Swastik Synergy Engineering Private Limited and Solas Fire Safety Equipment (P) Ltd., among others.
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