The Fire Protection System Market's Growth to $97.2 Billion by 2029

(IT-NEWSWIRE.COM, March 06, 2024 ) The Global Fire Protection System Market size is anticipated to grow from USD 71.6 billion in 2024 to USD 97.2 billion by 2029, at a CAGR of 6.3% from 2024 to 2029. A fire protection system is a network of products designed to detect, prevent, suppress, or control fires in various settings, such as residential, commercial, industrial, and public spaces. These systems typically include fire alarms, smoke detectors, sprinkler systems, fire extinguishers, fire doors, and fire suppression systems, all aimed at minimizing the risk of fire-related damage, injuries, and loss of life.

Key Market Players

Carrier (US), Honeywell International Inc. (US), Johnson Controls (Ireland), Robert Bosch GmbH (Germany), and Siemens (Germany) are among a few top players in the fire protection system companies.

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By product, the fire sprinkler segment is expected to gain a significant market share during the forecast period. Fire sprinklers are effective in controlling or suppressing fire. These systems comprise a network of pipes in walls and ceilings with sprinkler heads, protecting hallways, rooms, stairways, and other building areas. Although primarily used in commercial and industrial buildings, they are increasingly gaining traction in smart buildings and homes. A fire sprinkler is a fire protection system consisting of fire sprinkler heads, alarm test valves, alarm valves, stop valves, and motorized alarm bells. It provides significant protection from fire-related hazards.

Installation & design services segment to grow at an impressive CAGR during the forecast period. Fire safety systems are crucial for ensuring the safety of occupants during emergencies in commercial, industrial, and public buildings. Designers collaborate with architects, electricians, owners, and contractors to create customized fire protection systems that detect and respond to fires. The design process includes system integration services, open protocol options, energy divisions, fire safety training, exports, and other services. In the fire protection system market, installation and design services are indispensable for establishing effective and compliant safety measures tailored to specific needs.

The academia & institutional commercial vertical is projected to grow at a significant CAGR during the forecast period. Robust fire protection systems are critical in academic & institutional settings, such as schools, universities, museums, libraries, and government buildings. These buildings serve distinct purposes but share a common need for comprehensive fire safety measures. Addressing fire risks is essential to preserving life, heritage, and knowledge within these vital spaces. Fire protection systems are installed in these buildings to ensure the safety of occupants and safeguard valuable collections and artifacts. Typically, water-based fire sprinkler systems, along with fire suppression, detection, and sprinkler systems, are used in this space, all of which contribute to overall fire protection in educational institutions.

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The Fire Protection System Market's Growth to $97.2 Billion by 2029