The Latin America, Middle East and Africa Fire Protection System Market would witness market growth of 9.3% CAGR during the forecast period (2023-2030).
Modern safety tools and techniques, the workplace fatality rate of employees has been declining. Installing fire protection systems in industries and workplaces is essential due to the significant threat and harm by fire. The importance and development of these systems in the market have been facilitated by the rising awareness and concern for employee welfare and safety, the government's role in raising living standards, and preventing the negative impacts of fire hazards.
In addition, due to the profitability of fire protection systems, there has been intense competition among startups and large corporations. Residential building construction is witnessing a significant rise. In addition, the government has formulated initiatives in the past few years to design, build, and operate structures following the green building concept, in which the annual energy consumption of the building is roughly equivalent to the renewable energy generated on-site. The expansion of the residential sector has a positive effect on the market's growth and is anticipated to continue to fuel demand.
According to a resolution issued by the UAE Cabinet in September 2020, owners of residential houses in the UAE are required to install fire detection devices in their houses and enroll in the civil defense eSystem. The resolution applies to all existing and future residences. Existing house owners were given three years from the resolution's issuance to implement fire detection devices. Additionally, it states that before providing a completion certificate, federal or local government departments in charge of issuing licenses for the construction of residential homes must verify that fire detectors have been installed and the owner has signed up for the eSystem. Owing to this, the demand from fire protection systems is rising gradually across the region.
The Brazil market dominated the LAMEA Fire Protection System Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,328.6 million by 2030. The Argentina market is exhibiting a CAGR of 9.9% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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