As per a latest published market study report by Fact.MR, a market research and competitive intelligence firm, the global fire protection system market is estimated to reach a value of US$ 70.48 billion in 2024 and is also expected to grow at an impressive CAGR of 9.1% from 2024 to 2034.

Major players are increasingly integrating IoT, AI, and smart technology to enhance their smartness and responsiveness. Smart sensors analyze environmental conditions to identify fires even before they spread, and IoT-connected devices enable real-time monitoring and communication of the system. AI-driven fire analytics optimizes preventive measures by detecting potential fire hazards with predictive models.

Wireless monitoring technologies are enabling remote and rapid monitoring of fire safety at multiple locations. Coupling these advancements enhances the accuracy and speed of fire detection and prevention and reduces reaction times and damage, making them more attractive to a variety of industries.

East Asia is leading in terms of market share because due to the rising number of residential and commercial buildings in China, Japan, and South Korea, along with the growth of industrial industries. The North American market is demonstrating positive sentiments because of the adoption of stringent fire safety legislation and regulations, especially in the United States.

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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:

Fire alarm systems have a significant function in early fire diagnosis and prevention, so they are highly sought after as opposed to other product types. Heat or smoke detection by fire alarm systems minimizes damage and maximizes safety through providing valuable monitoring functions. Early detection technology is mandated by law in many countries for use in commercial and residential buildings, so proactive safety devices are becoming more vital.

Fire alarm systems utilize the latest technology in smart devices that connect with IoT devices. Due to these technologies, fire alarm systems are being more integrated, as they become more efficient and reliable.

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.

Source: https://www.globenewswire.com/news-release/2024/11/19/2983413/0/en/Fire-Protection-System-Market-Size-Worth-US-168-4-Billion-by-2034-at-a-CAGR-of-9-1-Fact-MR-Report.html#:~:text=2034%20at...-,Fire%20Protection%20System%20Market%20Size%20Worth%20US%24%20168.4%20Billion%20by,9.1%25%20%7C%20Fact.MR%20Report