As more governments around the world adopt international fire protection standards, sales of fire protection systems are increasing dramatically, according to the “Fire Protection System Market Research Report--Global Forecast 2025” published by Market Research Future.
The global market, valued at $53,546.2 million in 2018, is projected to increase at a 9.43% compound annual growth rate to reach $97,594.4 million by 2025. It is “perceiving extensive development during the forecast period,” the report states.
“Governments across the globe have intended specific codes and standards intended to lessen the possibility and effects of fire and other risks in a facility,” the report states. “These initiatives promote the adoption of fire protection systems across the world.”
For example, the NFPA 3 standardizes the commissioning of fire protection and life safety systems, and NFPA 4 standardizes combined fire protection and life safety system testing.
The global fire protection market is divided by continents, and North America holds the largest. It was valued at $18,775.1 million in 2018 and is expected to register a compound annual growth rate of 12.10% by 2025.
“North America is predicted to control the global fire protection system market during the forecast period due to technical advancements and growing adoption of fire protection systems across several industry verticals in the region,” the report states.
The major companies functioning in the global fire protection system market are now focused on entering untouched markets, according to the report.