The global fire protection system market size is anticipated to grow from USD 66.8 billion in 2022 to USD 92.1 billion by 2027, at a CAGR of 6.6% from 2022 to 2027. Construction industryâ€™s growth is one of the key drivers for this market. Fire protection products can be categorized into fire detection, fire suppression, fire sprinkler, fire analysis, and fire response. These products collectively provide reliable fire prevention and protection. The growth of this market is driven by technological advancements and innovations in the global construction industry and a rise in the number of policies, regulations, and government mandates.
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By product, the fire suppression segment is expected to lead the market for fire protection systems during the forecast period. The growth of this market is propelled by technological advancements and innovations in the construction industry; a rise in the number of policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts. A fire suppression system starts operating once it receives fire alerts from sensors and detectors. The fire suppression system includes fire sprinklers, nozzles, caps, and control heads; fire suppressor materials; and fire detectors and control panels. The section covers various types of fire extinguishers that use water, foam, carbon dioxide (CO2), and other fire-resistant materials to control the fire.
Managed services segment to grow at an impressive CAGR during the forecast period. Management services help manage fire safety and security in an emergency or fire. Presently, companies provide round-the-clock electronic surveillance of buildingsâ€™ safety systems, which includes video surveillance and security management. Companies offering video surveillance and security management systems include Honeywell International Inc., Robert Bosch GmbH, Securiton AG, and Fire & Gas Detection Technologies, Inc. Managed services are provided through smart electronic interfaces that allow integrated and semi- or fully automated management of the situation when a fire breaks out. Managed service providers not only ensure the security of business information but also ensure the smooth functioning of business operations. The market for managed security services is dominated by vendors, such as Ericsson, IBM, and Accenture. These vendors offer services ranging from design and consultation and upgrade and integration to maintenance and support of processes associated with setting up fire protection infrastructure.
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The industrial vertical is projected to grow at the highest CAGR during the forecast period. As a subsegment of this vertical, the oil, gas, and mining vertical is expected to grow at the highest CAGR during the forecast period. This subsegment deals in materials, such as petroleum, crude oil, flammable gases (such as butane), and coal. Since these materials are flammable, to avoid fire accidents, there is a need for advanced fire protection systems in these sectors. The industrial vertical comprises energy & power; government; oil, gas, & mining; manufacturing; transportation & logistics; and other industries. Other industries include IT and telecom, pharmaceuticals, chemicals, and pulp & paper.