The
competition in the global fire protection system is expected to heat up
in the coming years, notes Transparency Market Research (TMR). This is
mainly because of high demand from end user industries. Key players in
the global fire protection system are focusing on mergers and
acquisitions in order to strengthen their hold on the global fire protection systems market.
Apart from this, top players are increasing their product quality via
research and development activities. This is expected to help them
retain their loyal customers. Some of the key players operating in the
global fire protection systems market are Fike Corporation, Consilium AB
Publ., Emerson Electric Co., Gielle Srl, Danfoss Semco A/S, Drägerwerk
AG & Co. KGaA, KEVTA Fire Systems, Inc., Johnson Controls plc, Blaze
Manufacturing Solutions Ltd., and Honeywell International, Inc.
According to a research report by TMR,
the global fire protection systems market stood at US$5.08 bn in the
year 2014. The analysts predicted the market to attain a valuation of
US$8.93 bn by the end of 2023. During the forecast period, the global
fire protection systems market is estimated to grow at an impressive
6.48% CAGR.
Based on geography, North America is
anticipated to account for a large market share in the forecast period.
This is mainly because of tremendous rise in the oil and gas industry
and growing demand from countries like U.S. and Canada in the region. On
the basis of offshore platforms, fire suppression systems is likely to
lead the global fire protection systems market in the coming years.
The global fire protection systems market
is projected to expand on the back of rising demand for fire detection
equipment and fire suppression systems in the lucrative oil and gas
industry. Apart from this, the burgeoning construction industry in
several parts of the world is attributed to fuel the global fire
security system in near future. With new development plans and
projects, the use of construction equipment is expected to grow. The
installation of fire protection systems in buildings has become common.
This is because fire protection system
helps in effective detection, and extenuation of fires. Currently,
advanced technologies have been developed for carrying out communication
during fire situations. This enables quick deployment of response teams
to the affected site. This results in high acceptance of the fire
protection system. Along with this, increase in fire regimes, stringent
government laws, increasing consumer awareness, and rising investment
are some other factors which are projected to drive the global fire
protection systems market in the coming years.
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