Fire prevention systems are known to save lives in cases of emergencies and are regarded as one of the must-haves while constructing residential and commercial places.
This system detects and protects consumers from potential fire hazards and destruction. Furthermore, it aids in the extinguishment of smoke or fire and the alerting of building inhabitants so that there will be less property and a human loss.
The global market of fire prevention systems has been growing rapidly owing to increase in awareness of asset safety and security and rise in expenditure from the enterprise and government.
Additionally, the transition from a risk-based strategy to inspection/testing/maintenance (ITM) is likely to boost the global demand for smart fire safety systems.
As per the report by Allied Market Research, the global fire protection system market is projected to reach $131.27 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027.
Recent launches and innovations in the fire protection systems market:
The leading industry players often make a strategic investment in R&D activities to maintain their foothold in the market. For instance, Hyfire, a UK’s leading provider of hybrid fire detection and alarm systems recently introduced its innovative product, EvacWireless.
It is a wireless fire detection alarm system and has several benefits including rapid installation, minimal maintenance, and it adheres to the guidelines of the government. Aside from its advantages, it includes an evacuation alert control with visual and audio stimulation.
Gentex Corporation, one of the key leaders in the fire protection system market announced the acquisition of new nanofiber sensing technology.
This sensing technology has the potential to identify the target chemicals including explosives, drugs, and toxic industrial chemicals that might cause fire, which could help the company in its fire protection systems.
Similarly, Johnson Control, one of the key market leaders introduced its innovative product, Williams Fire & Hazard Control T-Storm.
This product contains a long-lasting foam blanket for burnback resistance with a vapor suppression efficiency.
It conquers most Class B hydrocarbon and polar solvent fuel flames quickly and effectively, as per the company’s press release.
Future trends in the fire protection systems industry to look forward to:
Rise in urbanization and increase in construction of commercial places have fueled the demand for fire protection systems and would increase in the future.
Furthermore, rise in public awareness regarding the importance of safety is likely to drive the market growth of fire prevention systems.
Due to the rapid development in the technology of smoke detectors and the internet of things (IoT) and big data technologies, the demand for smart smoke detectors would rise in the coming years.
The shift toward use of smoke detectors would opens lucrative opportunities for the industry participants.
Moreover, advancements in wireless technology and machine learning would give rise to innovations in fire protection systems.
Apart from it, several businesses have been continuing to create novel technologies that can detect not only smoke but also heat, infrared light from flames, and carbon monoxide.
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Thus, increase in government support and initiatives to make every commercial or residential building safer for the people will bring profitable and rewarding opportunities in the future for the fire protection systems industry.