COVID-19 Impact on the Global Fire Protection System Market

The latest Fire Protection System market study offers an all-inclusive analysis of the major strategies, corporate models, and market shares of the players in this market. The Fire Protection System Market size is expected to reach USD $84.6 billion by 2026 from $62.1 billion in 2021, at a CAGR of 6.4% during the forecast period.

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The growth of the fire protection system and consumer demand for fire protection systems declined in 2020 post the outbreak of COVID-19, as component manufacturing has reduced due to shutdown of the majority of the product manufacturing facilities of fire protection systems globally. In 2020, there was a considerable product supply disruption due to the COVID-19 outbreak, as the majority of the manufacturing facilities were shut down. The demand for fire protection systems from various verticals, such as commercial and residential, was affected across the world as many projects were on halt and expected to restart at a slower rate post the COVID-19 crisis or by the end of FY 2021.

High initial investments are required for the implementation of fire protection systems. This is due to the complexity of networks and the need to develop sophisticated tools to counter a fire situation. Due to this, vendors need to upgrade their solutions and develop new technologies regularly. Companies are spending a large amount of money on developing these advanced technologies, thereby increasing the cost of procurement for enterprises and government agencies to provide complete fire protection to infrastructure.

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With the rapid development of smoke detectors, along with IoT and big data technologies, the concept of smart smoke detectors has come to the fore, leading to the expansion of the smoke detector market. Smart smoke detectors are programmable and can be easily connected to Wi-Fi networks in homes and commercial spaces. These detectors provide smoke detection alerts and easy control through mobile devices, and facilitate easy monitoring of the battery status.

A key challenge for the fire protection system market is the integration of user interfaces when multiple solutions are being used in a control mechanism. Fire protection systems can be efficient and cost-efficient if integrated directly into a centralized building control system so that the information can be obtained from a central point, and corresponding follow-up regulatory measures can proceed automatically in an emergency.

The demand for oil, gas, and mining vertical is expected to grow at the highest CAGR during the forecast period. The oil, gas, and mining vertical involves materials such as petroleum, crude oil, flammable gases (such as butane), and coal. These materials are flammable; therefore, to avoid fire accidents, advanced fire protection systems are used in this vertical. Highly efficient fire detection and prevention systems are required in this sector to prevent accidents. Clean agent fire suppression systems, dry chemical fire suppression systems, and water and foam sprinklers are used in the mining sector. Gas-based suppression systems (CO2, FM200, Novec, and Inert) and sprinkler systems are used in the oil & gas sector.

Top Key Players in fire protection system market:

• Johnson Controls (Ireland),
• Carrier Global Corporation (US),
• Honeywell International (US),
• Siemens (Germany),
• Halma (UK),
• Robert Bosch (Germany), and…

Hochiki (Japan), Gentex Corporation (US), Minimax Viking (Germany), and Securiton (Switzerland) are the major players in the global fire protection system market.

The study includes an in-depth competitive analysis of these key players in the wireless charging market with their company profiles, recent developments, and key market strategies.

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