Fact.MR, a market research and consulting firm, predicts the sales of the fire protection systems will exceed $138 billion in the forecast period 2022-2032. The research firm says this is due to increasing urbanization and the changing designs of commercial infrastructure. Demand for fire protection systems has thus increased.
The onset of the COVID-19 pandemic affected the supply and demand chain across the globe. As most of the commercial sectors were shut, the demand for fire protection systems dipped in the initial quarter of the pandemic. As most commercial sectors are fully functioning, the sales of fire protection systems are expected to upsurge.
Furthermore, governments across the globe have made it mandatory to install fire protection systems to safeguard human life and property. Owing to this, commercial sectors have installed the same on a large scale. In addition, instances of forests catching fires has increased over the past few years. Thus, government authorities are installing detection systems that help to alarm early in case of danger.
Key takeaways from the study include:
- By product, fire detection systems expected to gain more than 50 percent market share for fire protection system market.
- By application, commercial sectors expected to hold more than 45 percent market share for fire protection system market.
- Fire protection system industry expected to possess nearly 33 percent market share throughout North America.
- Fire protection system industry expected to possess nearly 40 percent market share throughout Asia Pacific.
Find the complete study online: https://www.factmr.com/report/fire-protection-systems-market