Research Nester published a report titled “Fire Protection System Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global fire protection system market in terms of market segmentation by product, technology, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Based on product the fire protection system market is segmented into fire detection, fire suspension, fire analysis, fire response, and others, out of which the segment for fire analysis systems is anticipated to grab a significant share in the market by the end of 2029, accounting to the state-of-the-art mapping and modelling software used in these type of machines and the increasing need for developing sophisticated techniques for fire analysis.
The global fire protection system market is projected to grow with a noteworthy CAGR during the forecast period, i.e., 2021-2029, on the back of growing incidences of injuries and deaths associated with fire hazards, and the rapid growth of construction activities. Furthermore, technological advancements in the development of effective Bluetooth based fire systems are also expected to contribute to the market growth.
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Geographically, the fire protection system market is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America and the Middle East & Africa, out of which the market in Asia Pacific is assessed to grow at the highest rate over the forecast period. This growth can be attributed to increasing government investments in countries namely, China and India, to expand industries and manufacturing factories.
Rising Awareness to Tackle Fire Hazards Effectively
Owing to the increasing incidences of loss of property and lives involved with inappropriate handling of equipment or chemicals prone to catching fire, and stringent government regulations to prevent such accidents are projected to result in increase in demand for fire protection systems, further driving the growth of the market.
However, cost of raw materials, and expensive installation and maintenance are expected to operate as key restraints to the growth of the fire protection system market over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
This report also provides the existing competitive scenario of some of the key players of the global fire protection system market which includes company profiling of Honeywell International Inc. (NYSE: HON), Johnson Controls, Inc. (NYSE: JCI), Siemens Aktiengesellschaft (ETR: SIE), Gentex Corporation (NASDAQ: GNTX), Raytheon Technologies Corporation (NYSE: RTX), Robert Bosch GmbH (NSE: BOSCHLTD), HOCHIKI Corporation (TYO: 6745), Securiton AG, Encore Fire Protection, Halma plc (LON: HLMA) and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the fire protection system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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