The North America fire protection systems market size is expected to reach USD 37.36 billion by 2030, according to a new study by Grand View Research Inc., registering a CAGR of 3.6% over the forecast period. A rapid increase in residential and commercial construction activities across the globe, coupled with stringent government regulations pertaining to employee and people safety is anticipated to drive the market growth. AI- and ML-based fire systems can analyze data from various sensors and detectors in real-time to detect and predict fires more accurately and quickly than traditional systems. This can significantly reduce response times and help prevent fires from spreading, potentially saving lives, and reducing property damage.
Thus, the major players’ approach toward the introduction of advanced fire protection systems is expected to support the target market growth. The high cost of installing advanced fire alarm and detection systems and their expensive maintenance can hinder the market growth. This discourages building owners, particularly those with limited budgets or smaller buildings, from investing in fire protection systems. In addition, the availability of alternative fire protection solutions, such as water mist and gaseous suppression systems, creates competition for traditional systems, further constraining the growth of the market. Moreover, the healthcare sector’s demand for fire safety equipment has increased significantly due to the pandemic.
Gather more insights about the market drivers, restrains and growth of the North America Fire Protection System Market
Hospitals and other healthcare facilities require specialized fire safety equipment to ensure the safety of patients and healthcare workers. The healthcare industry’s strict fire safety regulations have led to an increase in demand for specialized equipment like smoke evacuation systems and fire-rated doors. This is due to the higher likelihood of fires in healthcare settings and the necessity of safeguarding vulnerable patients and healthcare staff. Hence, these factors are expected to provide lucrative opportunities for the growth of the overall market.
North America Fire Protection Systems Market Report Highlights
The fire analysis segment is expected to register the highest CAGR over the forecast periodThe need for fire analysis aids in wise judgments during fire prevention, which can be ascribed to the growth of the segmentThe maintenance services segment is expected to register a significant CAGR over the forecast periodEffective fire protection systems are crucial in detecting and alerting individuals in the event of smoke or fireThe industrial application segment is expected to register the highest CAGR over the forecast periodThe industrial application covers major sectors, such as oil & gas, energy & power, mining, and manufacturingKey North America Fire Protection System Company Insights
The fire protection system industry in North America includes several established players that are focusing on strategic initiatives such as new product launches to address customer requirements. Furthermore, companies are also aiming to enhance their geographical footprint by acquiring smaller regional companies serving a particular area, or undertaking distributor agreements to expand their customer base.
For instance, in November 2020, Johnson Controls expanded its ‘Johnson Controls OpenBlue’ digital solutions portfolio with the introduction of its ‘Smart Connected Fire Sprinkler Monitoring’ solution. This monitoring system offers insights regarding the health of the fire sprinkler system in real time so that preventative actions can be taken instantly. The solution gathers information such as temperature, pressure, and water presence for measuring the overall sprinkler system health, which is displayed via cloud to the customer’s dashboard. Such advanced offerings are expected to drive regional market expansion.
List of Key Players in North America Fire Protection Systems Market
EatonGENTEX CORPORATIONHalma plcHitachi Ltd.Honeywell International, Inc.Iteris, Inc.Johnson ControlsRaytheon Technologies Corp.Robert Bosch GmbHSiemensOrder a free sample PDF of the North America Fire Protection System Market Intelligence Study, published by Grand View Research.
