Fire Protection Systems Market outlook with industry review and forecasts

The fire protection systems market is likely to experience tremendous gains over the coming years owing to rapid urbanization, digitalization, rising demand for fire safety systems, and development of new commercial complexes such as hotels, malls, restaurants, and retail shops among others.
Fire protection includes the installation as well as use of operational and structural systems to lessen the impact of fire on property and people. Fire protection systems generally include smoke detector, sprinklers, fire suppression units and other fire protection devices.
Codes of fire-prevention specify the proper repair and maintenance of these systems. One of the key benefits of using a fire protection system is that in the long run, it saves a lot of money.
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The fire protection systems market is segmented into various segments in terms of component, type, end-use, and regional landscape.
With respect to component, the fire protection systems market is classified into services, software, and hardware. Among these, the software segment is expected to grow at a rapid rate during the forecast timeline. The software provides an overall design analysis of the building, allowing the engineer and the architect to install efficient fire protection systems. The systems include sprinklers and fire detection devices installed at suitable locations, largely to avoid the damage to the building and to reduce causalities during a fire outbreak.
Speaking of type segment, the market for fire protection systems is divided into passive and active. The demand for active fire protection system segment is expected to grow owing to rapid digitalization, integration of advanced technology within the devices, and the rising demand for fire alarm systems. Examples of active fire protection systems include special hazard fire suppression systems and sprinkler systems.
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In terms of end-use, the overall fire protection systems market is bifurcated into industrial, residential, and commercial. In 2020, the commercial end-use segment held a largest industry share, which is slated to witness more healthy growth over the coming time period. This growth is majorly ascribed to rising urbanization and the development of new commercial complexes such as hotels, showrooms, restaurants, offices, malls, and retail shops.
Water sprinkler systems are one of the most common type of sprinkler networks used in these settings, as they rapidly drench flames to end the danger. In North Carolina, for instance, water sprinkler systems are officially required in most public as well as commercial buildings.
From a regional frame of reference, in 2020, Europe fire protection systems market held a respectable market share with further estimates projecting it to grow at a moderate rate over the forthcoming time period. This anticipated proliferation is attributed to the stable growth in numerous end-use industries such as oil & gas, aerospace, building & construction, and manufacturing.