Technavio Releases Report on Fire Protection System Market, Highlights Integration of Smoke Detectors with IoT and Big Data
NEW YORK, Feb. 2, 2023 — The fire protection system market size is forecast to increase by USD 14406.41 million from 2022 to 2027, at a CAGR of 7.07%, according to the recent market study by Technavio. The report includes historic market data from 2017 to 2021.
In 2017, the market was valued at USD 29552.09 million. The growth of the market will be driven by the integration of smoke detectors with IoT and big data, rising governmental concerns to prevent fire hazards, and the development of the construction industry. To download the sample report, click here.
Technavio has extensively analyzed 15 major vendors, including ABB, API Group Corp., Carrier Global Corp., Eaton Corp. Plc, Encore Fire Protection, Fire Suppression Ltd., Fireline Corp., Firetrol Protection Systems Inc., Gentex Corp., Halma Plc, Hochiki America Corp., Honeywell International Inc., Johnson Controls International Plc., Minimax GmbH and Co. KG, Napco Security Technologies Inc., Raytheon Technologies Corp., Robert Bosch GmbH, Securitas AB, Securiton AG, and Siemens AG.
To get detailed insights about the vendor landscape, buy the report.
Key Benefits for Industry Players & Stakeholders
- The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
- It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
- The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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Customer Landscape – Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio
- One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
- Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
- Furthermore, market adoption rates for all regions have been covered.
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The market is segmented by product (fire detection, fire suppression, fire response, and fire analysis), application (commercial, industrial, and residential), and geography (North America, APAC, Europe, Middle East and Africa, and South America).
Segmentation by Product (Inclusion/Exclusion)
The market growth in the fire detection segment will be significant during the forecast period. The segment comprises various devices, such as smoke detectors, alarms, water sprinklers, servers, and fire suppression and extinguishment systems. The demand for these devices is increasing with the growing need to comply with various regulatory requirements by government organizations, such as the National Fire Protection Association by the US and the Building Code of Australia. In addition, mandating the implication of fire detection systems on public places such as malls, hospitals, stadiums, and other public gatherings is fostering the growth of the segment.
What are the key data covered in this fire protection system market report?
- CAGR of the market during the forecast period.
- Detailed information on factors that will drive the growth of the fire protection system market between 2023 and 2027.
- Precise estimation of the size of the fire protection system market size and its contribution to the market in focus on the parent market.
- Accurate predictions about upcoming trends and changes in consumer behavior.
- Growth of the fire protection system market industry across North America, APAC, Europe, Middle East and Africa, and South America.
- A thorough analysis of the market’s competitive landscape and detailed information about vendors.
- Comprehensive analysis of factors that will challenge the growth of fire protection system market vendors.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.