Fire Protection System Market size is expected to reach USD 92.1 billion by 2027 from USD 66.8 billion in 2022 to at CAGR of 6.6% during the forecast period.
According to the new market research report "Fire Protection System Market by Product (Fire Suppression, Fire Detection, Fire Sprinkler, Fire Analysis, Fire Response), Services (Engineering, Installation and Design, Managed, Maintenance) and Region - Global Forecast to 2027" The global fire protection system market size is projected to grow from USD 66.8 billion in 2022 to USD 92.1 billion by 2027 at CAGR of 6.6% during the forecast period. Presently, the construction industry is focused on connected construction technology which is defined as an ecosystem of connected job sites, workers, and machines that promote the operational effectiveness and safety of related assets, property, and workplace workers. In this connected construction technology, safety sensors and detectors link with job sites, machines, and workers, providing real-time safety and security visibility to managers. Thus, with technological developments in this industry, the demand for smart fire detection systems is expected to increase.
Fire sprinkler systems are effective in controlling or suppressing fire. Sprinkler systems comprise a network of pipes in the walls and ceilings with sprinkler heads, providing protection to hallways, rooms, stairways, and other building areas. Although fire sprinkler systems are mostly used in commercial and industrial buildings, they are also increasingly used in smart buildings and homes. A fire sprinkler system is a fire protection system consisting of fire sprinkler heads, alarm test valves, alarm valves, stop valves, and motorized alarm bells. Fire sprinkler systems provide significant protection from fire-related hazards. According to the National Fire Protection Association (NFPA), fire sprinklers help to reduce the impact of fires. When fires were reported in properties with no automatic extinguishing systems (AES), the loss was comparatively low when sprinklers were present.
The retail segment is expected to grow at the highest CAGR from 2022 to 2027
The commercial vertical has been segmented into healthcare, academia & institutional, hospitality, retail, and BFSI. Among these, the retail segment is expected to grow at the highest CAGR from 2022 to 2027, owing to the increasing awareness about fire protection systems. The retail segment covers shopping malls, grocery stores, department stores, multi-location drug and specialty stores, convenience stores, etc. Retail stores require fire protection systems that include fire suppression systems, fire sprinklers, fire and smoke detectors, fire pumps, water storage tanks, fire extinguishers, and hood suppression systems. The number of retail shops and malls in urban areas has increased drastically over the last few years.
North America is expected to hold a substantial share of the global fire protection market during the forecast period
North America is expected to hold a substantial share of the global fire protection market during the forecast period. Increased awareness about fire safety systems and regulations laid down by governments are among the significant factors driving North America's market. The North American fire protection system market is dominated by the US and Canada. These countries have witnessed significant infrastructural developments owing to the high population growth rate, due to which the demand for fire protection systems is also increasing. In the US, the Staffing for Adequate Fire and Emergency Response (SAFER) grant program provides funding directly to fire departments. In addition, the national, state, tribal or local organizations representing the interests of firefighters are ready voluntarily to assist them in increasing the count of firefighters to help the fire department.