The report “Global Fire Safety Market Services and Others); By Product (Fire Detection, Fire Analysis and Others); By End-User (Energy & Power, Banking and Others)& By Geography (Asia Pacific, North America, Europe, Middle East & Africa, South America), By Company Profile, Forecast (USD Billion) And Estimation 2018-2024.The global fire safety system market is expected to reach $93.46 Billion by 2024 at a CAGR of 9.7%. Fire Protection is the study of alleviating the unwanted effects of fire and its potentially destructive hazards. Fire safety systems are required in buildings and industrial facilities to ensure safety.
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Based on technology global fire protection system market research is segmented into active fire safety systems and passive fire safety systems. Passive fire safety system is estimated to grow at the highest rate as the fire protection systems work on the principle of strengthening building structure and helping in leveraging the profitability by reducing the damages involved in fire accidents.
According to the fire protection system market industry analysis is further divided into maintenance, engineering services, managed services and others. Maintenance services have led the fire protection market size during the forecasting period. As there is vast kind of applications such as manufacturing and consumer goods, retail and so on.
Based on product, fire safety system market analysis is divided into fire detection, fire analysis, fire management and others. Fire analysis expected to grow over the forecasting period due to increasing need for sophisticated fire analysis, which helps in proper decision-making and fire prevention.
Global fire safety system market by end user is segmented into energy &power, consumer Goods &retail, banking, hospitals, manufacturing, transportation and logistics and others. Overall Commercial sector will grow over the forecasting period. Oil, gas, and mining are also held the equal share as they are high risk associated areas.
By region, global fire safety system market has been segmented into North America, Asia-Pacific, the Middle East and Africa, and Europe. North America is expected to have the largest share owing to the increased awareness of the installation of fire safety systems and government fire safety regulations. In the U.S. over 75% of the states have passed a legislation stating the mandatory implementation of CO (Carbon Monoxide) alarm, this legislation is acting as a major fire safety system market trend that propels the growth of the market. Asia Pacific is estimated to grow with a considerable CAGR from 2018 to 2024 owing to the increasing awareness among the end-consumers and thriving construction sector in countries such as India and China over the last few years.
The Prominent players in the global fire safety system market are Tyco International plc (Ireland),Honeywell International Inc. (New Jersey, US), Johnson Controls (US), Siemens AG (Germany), and United Technologies (US) some others.