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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