North America Fire Protection System Market to Reach $25.58 Bn by 2023 at 8.5% CAGR, Says Allied Market Research
PORTLAND, Oregon, December 11, 2018 /PRNewswire/ --
High demand for fire protection systems across various industry domains, stringent government regulations, and rapid infrastructural developments would propel the growth of the North America fire protection system market
Allied Market Research published a report, titled, North America Fire Protection Systems Market by Product (Fire Detection Systems, Fire Management Systems, Fire Response System, Fire Analysis & Software, and Others), Service (Consulting & Design and Installation & Maintenance), and Industry Vertical (BFSI, Automotive & Transport, Manufacturing, Energy & Power, Healthcare, Oil & Gas and Mining, and Other Verticals) - North America Opportunity Analysis and Industry Forecast, 2016-2023. The report provides detailed analyses of the top winning strategies, market share & estimations, driving factors & opportunities, key market segments, and competitive landscape. According to the report, the North America fire protection system market accrued $13.79 billion in 2016, and is expected to reach $25.58 billion by 2023, registering a CAGR of 8.5% from 2017 to 2023.
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Growing requirement for fire protection systems across various industry domains and increasing need for automation in residential and commercial buildings drive the growth of the North America fire protection system market. Moreover, stringent government regulations and infrastructural developments in the sector supplement the market growth. However, higher costs of installation and maintenance hinder the growth of the market. On the other hand, technological advancements and innovations in equipment and networking would create new opportunities in the industry in future.
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Major categories of fire protection systems: Products & Services
The North America fire protection systems market is broadly segmented based on type into products and services.
In the product segment, fire detection systems segment accounted for about 30% share of the market in 2016, and is expected to retain its dominance through 2023. This is attributed to the enactment of stringent government norms and implementation of the NFPA fire security code for integrating security systems in ongoing and upcoming constructions for fire and general safety. However, the fire analysis & software segment is projected to register the fastest CAGR of 8.9% during 2017-2023, as simulation provides better understanding of the cause of fire during a mishap and fire sensor models and fire sensor signals facilitate automatic fire detection.
In the services segment, consulting & design segment accounted for more than two-thirds share of the total market. This is because such services help organizations to enhance safety & security by offering advanced, robust fire systems. On the other hand, installation & maintenance segment is poised to grow at the fastest CAGR of 10.8% during the study period, owing to the growing need to ensure rapid return-on-investment and facilitate faster delivery.
Manufacturing segment to dominate, oil & gas and mining to register fastest growth by 2023
The manufacturing segment accounted for more than one-fifth share of total market revenue in 2016 and would maintain this trend through the study period. This is because security and fire protection systems are highly adopted in the manufacturing sector to safeguard property, people, production, and assets. However, the oil & gas and mining sector would register the fastest CAGR of 10.3% from 2016 to 2023 due to the high risk of fire hazards in the oil & gas sector. The report also analyzes industries such as BFSI, automotive & transport, energy & power, government utilities, among others.
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U.S. to lead in terms of revenue, Mexico to attain the fastest CAGR
Among countries analyzed in the study, U.S. showed the highest market share of nearly 60% in 2016 and would continue to maintain its lead through the forecast period. This is because the key market players operating in the region have introduced advanced solutions and services for fire protection systems. However, the Mexico fire protection systems market is expected to achieve the fastest CAGR of 10.3% from 2016 to 2023. Companies in the region, such as F Tech Systems, strongly established themselves in the fire detection and prevention industry by introducing modern technology and equipment to manufacture high quality products. Furthermore, Canada is projected to witness steady growth during the forecast period.
Prominent players of the industry
The key market players analyzed in the research are Honeywell International Inc., Johnson Controls, Inc., Siemens AG, Orcus Fire & Risk, Inc., Halma PLC, Robert Bosch GmbH, United Technologies Corporation, Amerex Corporation, Gentex Corporation, and HOCHIKI Corporation. These market players have adopted different strategies such as collaborations, mergers & acquisitions, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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