Preventive measures for destructive fire incidences are vital for all an organization. It involves safety of vital assets to the enterprises including the physically valuable property and manpower. Hence, mitigating effects of sudden fire is on top agenda for all the small and large businesses as well as large organizations. Rise in demand for these technologies is the biggest driver for the global fire protection systems market, which is poised to take an impressive leap in the coming years. Rise in the demand for these technologies has also given way to innovation and technological advancements in the industry, which is creating better business opportunities for these systems in the emerging markets. Experts from around the world predict the market to sustain the restraints and advance at a strong position by 2018.
Segmentation in Fire Protection Systems Market
Basic segmentation in fire protection systems market is based on several vital factors. These factors have strong influence on market trends, forecasting reports, competition and growth in demand as well as business in the industry. These factors include the types of fire detection components, types of fire management components, types of fire analysis components, and the types of fire response components. Apart from that, the industry is also categorized based on the types of services, demand across various business verticals and geographic demand patterns for the global market. Based on geographic demand, the market is divided into six segments.
- Services: Engineering Services, Installation and Design, Service and Maintenance, and Managed Services
- Verticals: Academia, BFSI, consumer goods, retail, institutional, energy, power and utility, government, manufacturing, healthcare, oil, gas and mining, transportation and logistics
- Geography: Asia Pacific (APAC), North America (NA), Latin America (LA), Europe and Middle East and Africa (MEA)
Market Trends and Forecasting
Rise in spending capacity amongst small, medium and large businesses is a great driver for growth in demand for fire protection systems market. Awareness towards protection of vital assets of the business from hazards of fire and tremendous growth in the building and construction infrastructure are also considered as the strong driver for the industry. It is also the reason why advanced technologies like wireless sensory networks, human machine interference solutions and nanotechnology are making inroads in this industry. Based on market research reports, fire protection systems market is expected to grow at a CAGR of over 13% from 2013 to 2018.
According to these reports, the industry is anticipated to become worth $66.56 billion in 2018, which is currently poised at $34.74 billion (in 2013). The industry is especially showing vital signs of growth in the emerging markets like Asia Pacific, Latin America and Middle East and Africa.
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