According to a new market research report published by Credence Research, “Fire Protection Systems Market (by End-use Vertical (Residential, Commercial, Oil & Gas, Industrial Manufacturing, Energy & Mining, Transportation, Government, and Other Verticals), by Product Type (Fire Suppression Systems, Fire Alarm Systems, Fire Standpipe Systems, and Others), by Technology (Active Fire Protection Systems and Passive Fire Protection Systems), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global fire protection systems market is expected to expand at a CAGR of 7.8% during the forecast from 2018 to 2026.
The purpose of the report is to illustrate the state of the market of Fire Protection Systems, to present actual information about the volumes of production, exports, imports, consumption and the state of the market, the changes that took place in 2017, and also, to build a forecast for the growth of the industry in the medium term until 2026.
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Fire protection systems are equipment used to either prevent or control & extinguish fire. Ideally, fire detectors and heat detectors are coupled with an alarm system that sounds alert to workforce/personnel regarding a potential risk of fire break or explosion due to possible gas leakage. In wake of rising occurrences of fire outbreaks at workplace and resulting loss of assets, companies across verticals have realized the importance of installing state-of-the-art safety automated solutions including fire protection units. In addition to this apprehension, stringent regulations and codes promoting occupational health and personnel safety are instrumental in driving demand for fire protection systems worldwide. Thus, need for life and equipment safety at workplace remains the overriding factor driving market demand worldwide. With perpetually growing energy demands, oil & gas exploration activities are on the rise, thereby leading to fire protection system installations at sites. In addition, with substantial number of floating liquefied natural gas vessels proposed to be established in Asia Pacific, the demand for fire suppression systems is expected to surge in the coming years. The on-going trends including modernization of existing civil infrastructure, surge in industrialization, and growing popularity of green offices and eco-friendly buildings are collectively driving demand for sensing technologies for safety applications across verticals. All these factors are expected to contribute positively towards a CAGR of 7.8% during the forecast period from 2018 to 2026.
On the other hand, in wake of unstable oil prices worldwide, negative impact on cash flows of oil producers can be seen. In case this situation remains unchanged, it may lead to a negative impact on the count of upcoming oil & gas projects and associated demand for safety solutions. The global fire protection systems market is fragmented and competitive with large number of players active in the market. Major manufacturers profiled in the research report include ABB Ltd, Siemens AG, Honeywell International Inc., Johnson Controls, Inc., United Technologies, Robert Bosch GmbH, Hochiki Corporation, Gentex Corporation, Minimax Viking GmbH, VFP Fire Systems, Inc., and Halma PLC among others.
Why was the report written?
This report is the result of an extensive survey drawn from Credence Research’s exclusive panel of leading global market industry executives; it provides data and analysis on buyer investment, acquisition, and developments within the global market research. It includes key topics such as global Fire Protection Systems buyer expenditure and procurement behaviors and strategies and recognizes the threats and possibilities within the industry, economic outlook trends, and business confidence within global industry executives. Most secondary research reports are based on general industry drivers and do not understand the industry executives’ attitude and changing behaviors, creating a gap in presenting the business outlook of the industry; in an effort to bridge this gap, Credence Research created this primary research-based report by gathering the opinions of multiple stakeholders in the value chain of the global industry.
What is the current market landscape and what is changing?
Executives from the global industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2017.
The report on the market of Fire Protection Systems contains:
Analysis and forecast of Fire Protection Systems market dynamics;
Analysis of domestic production, market shares of the main market players;
Analysis of exports and imports;
Analysis of factors, leading the development of the Fire Protection Systems market;
Assessment and forecast of Fire Protection Systems market development;
Financial and business profiles of the leading companies in the Fire Protection Systems industry.
– Up to date working Fire Protection Systems data by major regions in the world, the forecast of planned capacity additions by 2026
– The annual breakdown of capital expenditure spending on proposed Fire Protection Systems for the period 2018 to 2026
– Planned Fire Protection Systems additions and capital expenditure spending by key countries and companies across the world
– Planned capital expenditure spending on new Fire Protection Systems projects by region, key countries, and companies
– Details of major planned Fire Protection Systems projects in the world up to 2026
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