Fire Protection Systems Market Worth $66.56 Billion by 2018 - New Report by MarketsandMarkets
(PRWEB) August 01, 2014 -- The report “Fire Protection Systems Market: Fire Alarm, Sensor, RFID, Control Panel, Interface, Modeling and Simulation Software, Public Alerts and Warning, Emergency Lighting, Secure Communication, Managed Service - Worldwide Forecasts & Analysis- 2018” provides a comprehensive market and forecast analysis of the overall market, segmented by components, services, regions and verticals.
Browse 90 Market Data Tables and 28 Figures spread through 180 Pages and In-Depth Table of Content on “Fire Protection Systems Market”.
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MarketsandMarkets forecasts the fire protection systems market to grow $66.56 billion in 2018. This represents a compound annual growth rate (CAGR) of 13.9% during the forecast period.
MarketsandMarkets has segmented the fire protection systems market by type of fire detection
components: Sensors and Detectors, and Radio Frequency Identification (RFID); by type of fire management components: Control Panels, and Interfaces; by type of fire analysis components: Fire Mapping and Analysis Software, and Fire Modeling and Simulation Software; by type of fire response components: Emergency Lighting, Voice Evacuation and Public Alerts, Secure Communication, and Fire Alarm Devices; by type of services: Engineering Services, Installation and Design, Service and Maintenance, and Managed Services; by verticals: Academia and Institutional, BFSI, Consumer Goods and Retail, Energy and Power, Government, Healthcare, Manufacturing, Oil, Gas and Mining, and Transportation and Logistics; by regions: North America (NA), Asia Pacific (APAC), Europe, Middle East and Africa (MEA) and Latin America (LA).
The oil and gas industry will account for the largest market share during the period 2013 to 2018. The oil and gas industry delivers significant benefits to the community, providing much of the energy needed for industrial, commercial and domestic life. The fire detection and suppression systems are reducing the risks associated with highly flammable and explosive products to acceptable levels in this sector. The global solution provider for this segment includes Honeywell, Tyco, Siemens, Halma, Secom, and other companies. State of the art fire systems are an essential component of effective business, allowing operations to quickly recover from a fire incident. High levels of fire protection are an integral part of responsible risk management strategies, and oil and gas facilities require the very best protection available.
There have been developments in terms of Mergers & Acquisitions (M&A) in fire protection industry. Few M&A are Mircom Group acquires Signalink Technologies, Cooper acquires voice communication assets from Current Thinking, UTC acquires GE Security business, Tyco International takes over Broadview Security, Potter Electric Signal company takes over American Security Equipment company, and UTC Fire and Security acquires majority stake in GST Holdings, amongst others. There are several new product launches, such as Edwards launched Site Monitor, Fike unveiled innovative remote power supply, Xtralis received certification for ICAM products, amongst others.
However, there are few revenue pockets, namely transportation, government, healthcare, manufacturing, academia, and institutional, that will witness significant growth in the forecast period.
In transportation and logistics vertical, comprehensive and effective fire protection systems are required. A major fire can bring operations to a standstill, because of its devastating effects. It also leads to a damage of reputation and often places life at risk. In order to protect the reputation amongst the travelers and business partners, it is necessary to have swift and competent response mechanisms to fire incidents. An unprofessional approach to the following may take years to recover from the damage. A system needs to be installed to protect the challenging, sensitive environments, and to provide cost effective fire detection and suppression systems, for general areas. Transportation and logistics sector includes areas, such as airports, train stations, warehouses and distribution centre, road bridges and tunnels, rail and bus interchanges, and many others.
The government agencies have to manage and protect fire hazards in the most important assets of any country. The business opportunity in government sector, across federal, state and local government agencies, is huge. With the increase in infrastructures, government owned businesses, many government institutions are demanding for fire protection services. Automated fire detectors, fire alarming systems, video surveillance, and smoke and heat detectors are some of the products in this segment. Key customers are the department of homeland security, military and defense agencies, local and regional government bodies, and other government authorities.
Hospitals have proved to be a strong vertical in the fire protection systems industry. The healthcare sector has been a bright spot during the economic downturn, according to a recent report in The Wall Street Journal. Hospitals and other healthcare industry players are continually renovating and expanding, providing ongoing work, also having a huge demand for fire detection and suppression products. Healthcare sector demands the most critical services, in terms of fire hazards avoidance. Hence, fire prevention and detection systems are the components that are highly in demand. The key players are Tyco, Honeywell, Siemens, 3M, and others, providing a wide range of fire protection solutions for the healthcare sector.
Manufacturing sector has a high demand for fire protection systems. The main reason for this is the usage of various combustible materials inside the building premises, and large numbers of industrial buildings across the globe. As a result of the innovative market scenario, manufacturing companies are having higher demands for fire protection systems.
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