A new research report released by Fact.MR projects that the global market for fire prevention systems will reach a value of US$ 70.48 billion in 2024. By the end of 2034, demand is expected to have grown at a noteworthy CAGR of 9.1% to reach a valuation of US$ 168.4 billion.
Key players frequently mix IoT, AI, and smart technology to increase their intelligence and responsiveness. IoT-enabled devices offer real-time system monitoring and communication, and smart detectors use environmental data to detect fires before they become unmanageable. By employing predictive algorithms to assess possible fire hazards, AI-driven fire analytics enhances preventive measures.
Wireless monitoring technologies are making it possible to conveniently and remotely monitor fire safety at several places. Combining these developments makes them more appealing to a range of industries by increasing the precision and speed of fire detection and prevention while reducing reaction times and damage.
The increasing number of commercial and residential developments in China, Japan, and South Korea, along with the burgeoning industrial sectors, have made East Asia the industry leader in terms of market share. The adoption of strict fire safety legislation and regulations, particularly in the United States, is causing the North American market to exhibit bullish emotions.
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Key Takeaways from Market Study:
- Turnover of the global market for fire protection systems is projected to touch US$ 168.4 billion by 2034-end.
- East Asia is estimated to hold 1% of the global market share in 2024.
- The market in North America is analyzed to reach a valuation of US$ 38.23 billion by 2034.
- The United States is projected to generate revenue worth US$ 12.78 billion in 2024.
- Based on application, the commercial segment is evaluated to account for 1% of the revenue share by 2034.
- The market in Japan is evaluated to expand at 4% CAGR from 2024 to 2034.
- Demand for fire detection systems is forecasted to reach a worth of US$ 71.23 billion by 2034.
“Leading companies offering fire protection systems are funding R&D initiatives to create advanced technologies such as smart systems that better utilize IoT and AI for detection and response,” says a Fact.MR analyst
Leading Players Driving Innovation in the Fire Protection System Market:
Key players in the fire protection system market are Eaton Corporation, Johnson Controls, Halma Plc., HOCHIKI Corporation, Hitachi Ltd., Honeywell International Inc., Iteris Inc., Raytheon Technologies Corporation, GENTEX Corporation, Siemens AG, Johnson Controls, Siemens, Robert Bosch GmbH, Comelit-PAC
Increasing Demand for Fire Detection Systems:
Compared to other product kinds, fire detection systems are in high demand because of their crucial function in early fire diagnosis and prevention. By offering crucial monitoring capabilities, fire detection systems reduce damage and guarantee safety when heat or smoke is detected. Proactive safety measures are becoming more and more important as a result of laws in various countries requiring early detection technology in residential and commercial structures.
Fire detection systems make use of the latest advancements in smart gadgets that communicate with Internet of Things devices. These advancements have made fire detection systems more reliable and effective, which has led to their widespread integration.
Fire Protection System Industry News:
- The Pench Tiger Reserve in Maharashtra, India, introduced a new artificial intelligence (AI) technology in June 2024 to help identify forest fires early.
- Building on the success of the LogiFire system, Comelit-PAC launched a new wireless fire detection series in April 2024 as part of its wide range of alarm systems. For areas where a wired solution is impractical, Comelit-PAC's new line of wireless devices is ideal. A system can be expanded by adding transceivers, which are made to be easily installed.
- Protec Fire and Security Group was bought by Robert Bosch GmbH in November 2021. The company's primary goal is to increase its visibility in the European market.
More Valuable Insights on Offer:
In its latest product, Fact.MR offers an objective evaluation of the market for fire safety systems, including demand data from 2019 to 2023 and projections for 2024 to 2034.
Across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA), the study provides crucial insights into the market based on product (analysis, detection, suppression, sprinkler systems, fire response), service (managed fire protection, fire protection systems maintenance, fire protection system installation & design), and application (commercial, industrial, residential).
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