MarketsandMarkets forecasts the fire protection systems market to grow from US$34.74 billion in 2013 to $66.56 billion in 2018. This represents a CAGR of 13.9%. Increase in spending for protecting assets from fire hazards, along with robust growth in the build of infrastructures, has led to the boom in fire protect
MarketsandMarkets forecasts the fire protection systems market to grow from US$34.74 billion in 2013 to $66.56 billion in 2018. This represents a CAGR of 13.9%.
Increase in spending for protecting assets from fire hazards, along with robust growth in the build of infrastructures, has led to the boom in fire protection systems market. Enterprises across the globe have increased their spending on fire protection for safeguarding infrastructure and for reducing human losses. Technologies, such as human machine interface solutions, smart building, wireless sensory networks, and nanotechnology, are making their launch in the fire protection systems market. New advanced sensors have been developed to give accurate data to the control units. Intelligent sensors have networking capabilities, wherein a group of sensors and detectors can communicate easily through control units, leading to more efficiency in the systems. Distant users can access these intelligent sensors by connecting through LAN/WAN networks.
Renovation conducts and implementation of recent building and fire safety codes is driving the growth for fire protection systems market. Growth of infrastructures in developed countries is bringing new opportunities in this market. Alongside, rise in fire incidents is leading to the increase in causalities and losses of humans and assets. In order to restrict these causalities and loss of assets from such hazards, demand for fire protection systems have increased in the recent past.
It is expected that enterprises will invest in fire protection systems in a much encouraging rate than in the past. Few sectors, such as oil and gas, mining, energy and power, have shown positive growth outlook in this market. These sectors have required adhering to stringent corporate compliance and regulation requirements. These sectors account for a major share in the overall fire protection systems market. These developments are not only ensuring that these sectors have good amounts of security to the various assets, but are also showcasing newer client success cases that make the fire protection systems market move forward towards further implementations across other verticals.