Global fire protection systems market predicted to reach $66.56 billion in 2018
DALLAS—The global fire protection systems market—products and services—will climb from $34.7 billion currently to $66.56 billion by 2018, according to a new report from MarketsandMarkets.
That’s an increase of more than 90 percent and represents a compound annual growth rate of 13.9 percent during that five-year period, says the research and consulting company, based here.
The North America market is expected to have the largest share of the total market—between 40-50 percent—by the end of this year, Rahul Pandey, a MarketsandMarkets research associate, told Security Systems News in telephone and email interviews.
However, over the next five years, the “North America market is expected to grow at a lesser rate as compared to the growth rate of the overall fire protection systems market,” Pandey said. That’s because there will be a greater growth rate in the Asia Pacific region and “other developing economies in the next five years,” he said.
The new report is titled “Fire Protection Systems Market: Fire Alarm, Sensor, RFID, Control Panel, Interface, Modeling and Simulation Software, Public Alerts and Warning, Emergency Lighting, Secure Communication, Managed Service - Worldwide Forecasts & Analysis (2013 - 2018).”
The global market “has gained traction in the recent years owing to the recent rise in accidents and the loss of assets, due to fire hazards. Alongside, demand for a comprehensive solution in fire protection is rising, leading to an increase in the global spending for fire protection systems. Technologies, such as human machine interface solutions, smart building, and wireless sensory networks, are making their launch in the fire protection systems market.”
Service and maintenance is the category in the service segment that is expected to grow at the highest CAGR in the global market over the five-year period, Pandey said. When it comes to components, “fire mapping and analysis software” are predicted to have the highest CAGR in the world market. Fire mapping helps “provide a spatial representation of data, presenting grouping and associations, which are not clear in a standard data view.”
In the North America market, Pandey said the main drivers for growth are adoption of newer technologies and “increasing demand for advanced fire protection components,” such as intelligent sensors that have networking capabilities. Also, he said, a push for regulations “amidst the ever-increasing complexity of the end-user environments” will help drive growth.