Surge in demand ahead for fire protection systems


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The global fire protection systems market is expected to grow at a compound annual growth rate (CAGR) of 6.3%, reaching a valuation of US$ 138 Billion in 2032. This is a rise on the 6% CAGR seen across the 2015 to 2021 period.

The implementation of stringent fire safety norms across the globe has already contributed significantly to growth and the surging adoption of targeted marketing by renowned companies to explain the benefits of a fire protection system is expected to further attract the attention of small, medium and large enterprises.

Ongoing construction of new properties globally both non-residential and residential projects are anticipated to create growth opportunities for the installation of fire alarms and detection systems. The incorporation of modern technologies such as artificial intelligence, the internet of things, and smart sensors are also expected to drive the market.

The use of fire protection systems is also growing in industries such as oil and gas, manufacturing, and mining, where fire safety norms are followed mandatorily. Growing concerns about safety and better understanding of precautionary measures are also driving the use of fire protection systems in a wide range of end-use sectors.

Commercial application is predicted to dominate and generate a fire protection systems market share of more than 45% by the end of 2032. Asia Pacific fire protection systems market is estimated to hold more than two fifth of the revenue in the assessment period.

North America is predicted to lead the market for fire protection systems, with a share of more than 40% in the forecast period. And the global fire protection systems market is likely to reach a valuation of US$ 75 Billion by the end of 2022.

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