The market for fire protection systems is arguably one of the more safeguarded sectors against fluctuations. Regardless of economic conditions, it will always be necessary to reduce the issues caused by fire-related catastrophes.
A Fact.MR report projected substantial growth in the worldwide fire protection systems market from 2022–2032. Analysts believe it will top out at $138 billion from a starting value of $70 billion. If that change happens, it will represent a 7% compound annual growth rate.
The analysts clarified that government regulations and demand from the commercial sector were among the driving forces for this change. Additionally, the demand for smart buildings that offer optimum safety features has caused momentum in the North American market for fire protection offerings, which is expected to dominate the global market with 33% of the market share for the forecast period. In the Asia-Pacific market, a combination of increasing urbanization and employee awareness sessions about fire risks have stimulated demand.
The analysis also indicated that fire detection systems, including those with audio and video capabilities, would account for more than a 50% market share. Perhaps decision-makers understandably conclude that being alerted to blazes faster could reduce potential damage
Statistics indicate that the average modern vehicle is 50% plastic by volume and 10% plastic by weight. Experts familiar with parking garage fires believe the progressive increase in these parts has made these incidents more severe.
Poor thermal management and uncontrolled chemical reactions are two common culprits behind EV fires. Although a study from IDTechEx found that EV fires happen substantially less often than those in gas or hybrid cars, evidence also shows that EV fires are harder to extinguish than others.
According to CFPA Europe, a fire department in Denmark dealt with that reality by creating a container into which vehicles on fire would be lowered into to curb the flames with built-in nozzles. That way, if blazes do happen, there’s a lower chance of damage and disruption to the surrounding infrastructure.
Unfortunately, people often don’t see signs of trouble before their cars catch on fire. Automaker GM announced plans to become more proactive by installing onboard battery diagnostics on all future electric vehicles. The technology can reportedly help prevent fires by alerting people to trouble before catastrophes happen. Drivers would see warning lights on the dashboard panel, prompting them to take the car in for servicing.
Since evidence suggests that EV fires are more complicated to extinguish, rising adoption rates for these cars could further stimulate market growth in the overall market for fire protection systems, from detection and suppression, as well as how professionals respond to the associated emergencies.