International. The global fire protection systems market size is expected to grow from US$62.1 billion in 2021 to US$84.6 billion by 2026, at a compound annual growth rate of 6.4%.
These market figures are driven by the growth of the construction industry, stringent regulations, and the increasing adoption of wireless technology in fire detection.
Impact of COVID-19 on the Fire Protection Systems Market
The growth of fire protection systems and consumer demand for them slowed in 2020 after the COVID-19 outbreak, as component manufacturing was reduced due to the closure of most fire protection system product manufacturing facilities globally.
Demand for fire protection systems from various verticals, such as commercial and residential, was affected around the world, as many projects were stalled and expected to restart at a slower pace after the COVID-19 crisis or by the end of fiscal year 2021.
High installation and maintenance costs of fire protection systems
The report indicates that high initial investments are currently required for the implementation of fire protection systems. This is due to the complexity of networks and the need to develop sophisticated tools to counter a fire situation.
Because of this, vendors need to update their solutions and develop new technologies regularly. Companies are spending a lot of money on the development of these advanced technologies, which increases the acquisition cost for companies and government agencies to provide complete fire protection to the infrastructure.
Opportunity: integration of smoke detectors with IoT and big data
With the rapid development of smoke detectors, along with IoT and big data technologies, the concept of smart smoke detectors has come to the fore, leading to the expansion of the smoke detector market. These are programmable and can be easily connected to Wi-Fi networks in homes and commercial spaces, also provide smoke detection alerts and easy control via mobile devices, and make it easy to monitor battery status.
Challenge: Integrating user interfaces with fire protection solutions
A key challenge for the fire protection systems market is the integration of user interfaces when multiple solutions are used in one control mechanism. Fire protection systems can be efficient and cost-effective if they are integrated directly into a centralised building control system so that information can be obtained from a central point, and corresponding regulatory follow-up measures can proceed automatically in the event of an emergency.
Fire protection for the oil, gas and mining sector
Demand for oil, gas and vertical mining is expected to grow at the highest CAGR during the forecast period. The oil, gas and mining vertical involves flammable materials, therefore, to avoid fire accidents, in this vertical advanced fire protection systems are used. In this sector, highly efficient systems are required to prevent accidents. Fire suppression systems with clean agents, fire suppression systems with dry chemicals and water and foam sprinklers are used in the mining sector. Gas-based suppression systems (CO2, FM200, Novec and Inert) and sprinkler systems are used in the oil and gas sector.
Source: MarketsandMarkets.
