The North America Fire Protection System Market would witness market growth of 5.8% CAGR during the forecast period (2023-2030).
Fire hydrant systems, fire hose reels, automatic sprinkler systems, and fire extinguishers are some common fire protection systems in the market. Some systems may also be related to the building's smoke control, ventilation system, and stairwell pressurization systems depending on the type of building. Additionally, planning for fire protection requires an integrated strategy in which system designers must evaluate building components. These systems are installed in buildings to control, detect, and alert the occupants about the occurrence of an incident, thereby reducing the risk of any casualties and saving property.
This lucrative feature of fire protection systems is anticipated to drive the market. These systems are now installed in aircraft, trains, and ships to monitor or detect fire accidents and take the required precautions to prevent significant losses from occurring due to a fire accident. When a fire or smoke is signaled or detected by the fire protection systems, these systems are also integrated with the water piping systems that sprinkle water.
In the region, fire hazards are a significant concern due to industrial methods being used. For instance, the oil & gas business produces oil & gas using highly combustible materials. Fire safety and security awareness have increased because of an increase in fire incidents. For instance, the US Fire Administration estimates that over 103,400 non-residential fire incidents were recorded in 2020, resulting in financial losses of about $3.28 million. The region's expanding population contributes to infrastructure investments in nations like Canada and the United States. The expansion of construction activities in North America is driving up demand for fire safety equipment to reduce the risk of harm from fire outbreaks. All these factors would boost the regional market expansion in upcoming years.
The US market dominated the North America Fire Protection System Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $28,604.3 million by 2030. The Canada market is poised to grow at a CAGR of 8.2% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 7.2% 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 U.S., Mexico, Canada, and Rest of North America.
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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