According to a new market research report the total market is expected to reach $79.18 Billion by 2020, at a CAGR of 11.53 %.
Emerging passive fire protection technologies have been foreshowing the growth of FPS market with the higher safety regulations being implemented by the government in the different regions across the globe especially in the European countries followed by the growth in the Asia-pacific countries. The active FPS is already being implemented rigorously in all the sectors including manufacturing, oil, gas and mining and others majorly supported by the fire detectors, sprinklers and extinguishers. The fire analysis products of FPS are growing highly with the higher usage and benefits from the fire mapping and simulation software for analyzing the fire protection systems being used in various verticals.
The global FPS market is certainly a fragmented one with local players being dominating the market, for FPS process has found use in these major fields – consumer goods and retail; energy and power; government; healthcare; manufacturing; oil; gas and mining; transportation and logistics; and others. The manufacturing field offers a huge potential for fire protection systems market to grow, especially due to advanced & suitable features offered by FPS technologies in different manufacturing facilities. Oil, Gas and Mining is the primary field responsible for commercial birth of fire protection systems in a large scale, while consumer goods and retail field is still an emerging market offering lots of space for FPS technologies to penetrate.
The report segments the Fire protection systems (FPS) market on the basis of types of different technologies, products, services, verticals, and geographies. Further, it contains revenue forecasting, and analyses trends in the market. The geographical analysis contains the in-depth classification for North America, Europe, and APAC which contains the major countries covering the market. Further, Middle-East and Africa have been classified under ROW. Each of these geographies has been further split by the major countries existing in this market. The sections and sub-segments in the report would contain drivers, restraints, opportunities, current market trends, and the technology expected to revolutionize the fire protection system (FPS) domain.
The fire protection systems (FPS) market revenue market is expected to grow from $33.58 billion in 2013 to $79.18 billion in 2020 at a CAGR of 11.53%. The global fire protection systems market exhibits a lucrative growth potential for the next six years. The growth of the market is propelled by the government mandates and political support, increased fire protection expenditure from the enterprise segment, and technological innovations in equipment and networking. The lack of integrity in system interfaces and higher initial investments for the fire protection systems’ installation are restraining the growth of fire protection systems globally
Innovations in the wireless sensor networks, increasing rules and mandatory standards, and improved HMI solutions are the huge opportunities for the higher growth of the FPS market. Advanced solutions for fire protection by government is the challenge that is to be faced for the FPS in the market.
Some of the major players in this market include Gentex Corporation (U.S.), Halma PLC (U.K.), Hochiki Corporation (Japan), Honeywell International Inc. (U.S.), Johnson Controls (U.S.), Robert Bosch GmbH (Germany), Siemens AG (Germany), Tyco (Switzerland), United Technologies Corporation (U.S.), VT MAK (U.S.).
Source: ASDReports - Market Research
Date: Jan 14, 2015