(PRWEB) June 05, 2014
Over the last few decades, economic development has led to growth of infrastructure and construction all over the world. But this also resulted in the increase of unplanned infrastructure. The risk of fire hazards has been raised manifold owing to such unplanned infrastructure. The massive damage to life and property due to fire has spiked the demand for fire protection systems. The Fire Protection System market, on a global scale, has been valued at $34.74 billion and is estimated to reach $66.56 billion by the end of 2018. It has been projected to grow at a Compound Annual Growth Rate (CAGR) of 13.9%. The main market players providing these services are Bosch Security Systems, Tyco, Halma Plc., Honeywell, and United Technologies Corporation (UTC).
Browse through the market data tables, figures and detailed ToC on the “Fire Protection System Market”.
North American Fire Protection System Market
The North American Fire Protection System market has the highest share of the global fire protection system market. One of the reasons for the high market share is the increase in the spending patterns for the purpose of fire protection. Another reason is the technological advancements in this region. A major challenge can be the insufficient integration facilities for fire protection systems. The North America fire protection system market is currently valued at $13.27 billion. It is expected to reach $18.34 billion by the end of 2018. It has been estimated to grow annually at 6.7%. Prominent companies in this field are Bosch Security Systems, Tyco, Halma Plc., and Honeywell, among others.
European Fire Protection System Market
The European Fire Protection System market’s current valuation is $8.8 billion, which is expected to grow at a CAGR of 14.3% and reach $17.3 billion by the end of 2018. The major driver for this market’s growth is the strict governmental regulations and policies. But fire protection systems need huge initial setup costs. This can prove to be a challenge for its implementation. Some of the main industry leaders in this segment are Halma Plc., Honeywell, and Bosch Security Systems.
Asia-Pacific Fire Protection System Market
Asian countries are growing at an enormous rate. But these are prone to rise of unplanned infrastructures, leading to various potential hazards such as fire, causing damage on massive scales. The Asia-Pacific Fire Protection System market is worth $7.7 billion, and is forecasted to reach $20.41 billion by the end of 2018. This market’s annual growth rate has been estimated to be 21.5%. The projected CAGR for Asia-Pacific region is the highest as compared to other regions. A prominent driving factor for the growth of this market is the ever-increasing need for comprehensive solutions for the purpose of fire protection.
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