The Europe Fire Protection System Market would witness market growth of 6.1% CAGR during the forecast period (2023-2030).
In several countries, stringent fire safety regulations and standards mandating the installation of fire safety devices in both residential and commercial areas are likely to boost market expansion. For instance, the three model mechanical codes established by the model building code groups BOCA, ICBO, and SBCCI and the In-duct Smoke Detection NFPA Standard 90A require the installation of smoke detectors in specific ducts of building HVAC systems so that these systems can shut down automatically in case of a fire.
The market is also anticipated to profit from advancements in wireless sensor networks and the growing adoption of wireless fire-sensing devices. Organizations are increasing their expenditures on infrastructure safety and security to reduce the risk of human loss. Demand for fire safety equipment is anticipated to be further stimulated by the implementation of fire safety codes for construction and renovation activities. Implementing fire protection systems, such as fire alarm & detection systems, will effectively safeguard inventory, infrastructure, and human lives from severe losses due to fire.
Fire safety in residential and non-residential buildings is a top priority in Europe. For instance, the government of the European Union spent approximately 32.9 billion euros on deploying effective fire protection services. This highlights the significance of fire safety and plays an essential role in expanding fire protection systems. In addition, it is anticipated that the government will boost its spending on developing commercial and industrial structures over the projection period. In 2017, the 28 Member States of the European Union (EU) spent €31,2 billion on "fire protection services," and in 2017 and 2018, nearly 300,000 firefighters were employed in the European Union (EU). The market is anticipated to expand in the Europe region due to an increase in fire accidents and a growth in government spending.
The Germany market dominated the Europe Fire Protection System Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,800.3 million by 2030. The UK market is anticipated to grow at a CAGR of 5.2% during (2023 - 2030). Additionally, The France market would register a CAGR of 6.9% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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