The Asia Pacific Fire Protection System Market would witness market growth of 7.3% CAGR during the forecast period (2023-2030).
The rapid expansion of the construction sector in developing nations such as India and China are anticipated to stimulate market expansion. In addition, consumers' growing safety concerns will contribute to the market's development. In addition, the stringent regulations imposed by government agencies across the region regarding the safety issues related to fire accidents are compelling building owners to implement fire protection systems, and this characteristic is anticipated to boost the market growth.
With the advancement of technology, wireless technologies are now embedded into the fire protection system, which will contribute positively to market growth. The market is projected to be driven by the integration of advanced technologies like artificial intelligence, the Internet of Things, and smart sensors. The adoption of these systems is growing in various sectors, including oil & gas, manufacturing, and mining, where fire safety & protection are crucial.
The Indian construction industry is anticipated to reach $1.4 trillion by 2025. In India, where urbanization is predicted to increase from 33% to over 40% of the population by 2030, there will be a demand for 25 Mn additional mid-end and affordable units. Modernized/technology-driven urban planning is anticipated to enhance the quality of life through schemes such as the revolutionary Smart City Mission (target 100 cities). Under a Technology Sub-Mission of PMAY-U, 54 innovative global construction technologies have been identified to start a new era in the Indian construction technology sector. As a result of the rising construction activities and urbanization across the regional nations, the market is anticipated to grow as the installation of fire protection systems in newly constructed buildings would be high.
The China market dominated the Asia Pacific Fire Protection System Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9,831.1 million by 2030. The Japan market is estimated to grow a CAGR of 6.6% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 7.9% during (2023 - 2030).
Based on Offering, the market is segmented into Product (Fire Detection, Fire Suppression, Fire Sprinkler System, Fire Response and Others) Services (Installation & Design Service, Maintenance Service, Managed Service, and Others). Based on Application, the market is segmented into Commercial, Industrial and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Fire Protection System Market is Projected to reach USD 122.7 Billion by 2030, at a CAGR of 6.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eaton Corporation PLC, Siemens AG, Johnson Controls International PLC, Robert Bosch GmbH, Iteris, Inc., Honeywell International, Inc., Gentex Corporation, Raytheon Technologies Corporation, Halma PLC and Hitachi, Ltd. (Hitachi Energy Ltd.).
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