Enhanced Fire Protection Market is Expected to Witness Speedy Growth of USD billion by 2032
The global enhanced fire protection market size was USD 62.64 Billion in 2022 and is expected to reach USD 125.94 Billion in 2032, and register a revenue CAGR of 8% during the forecast period. Rising fire incidents and increasing need for sophisticated fire prevention systems across various industries, including the building, automotive, and aerospace sectors, are the major factors driving market revenue growth.
Increased awareness of the significance of fire safety precautions brought on by rising fire incidents has created high demand for better fire protection systems. Revenue growth of the market is being driven by governments and regulatory organizations implementing strict fire safety requirements. Organizations such as the National Fire Protection Association (NFPA) have created different codes and standards, such as the NFPA 13: Standard for the Installation of Sprinkler Systems to guarantee public safety and reduce the damage brought on by fire accidents.
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The construction sector is one of the main end-users of improved fire protection systems due to increasing number of high-rise structures and the strict fire safety rules for public safety. In various nations, installing sophisticated fire protection systems, such as sprinkler systems, fire alarms, and fire suppression systems, in commercial and residential buildings is now required, which is driving revenue growth of the market.
In addition, the adoption of improved fire prevention systems is increasing rapidly in the automotive sector as a result of rising number of electric vehicles, which have a higher risk of fire accidents. The deployment of advanced fire protection technologies, such as fire suppression systems and fire-resistant materials, has become essential to reduce the damage caused by fire accidents in electric vehicles. The aerospace sector is seeing high demand for improved fire protection equipment due to rising fire-related air travel mishaps. It is now crucial to deploy modern fire protection measures, such as fire-resistant materials and fire suppression systems to safeguard the safety of passengers and crew.
Competitive Landscape:
Johnson Controls Honeywell International Inc. United Technologies Corporation Tyco International plc. Robert Bosch GmbH Kidde Fire Safety Gentex Corporation Hochiki Corporation Siemens AG Minimax Viking GmbH
The global market is further segmented into type and application:
By Product Type Outlook Fire Suppression Systems Fire Detection Systems Fire Analysis Software Others
By End-Use Outlook Residential Commercial Industrial Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
North America (U.S., Canada, Mexico) Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Rest of APAC) Latin America (Brazil, Rest of LATAM) Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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