A new report on “Fire Protection Systems Market in North America by Products, Services, and Industry Vertical: North America Opportunity Analysis and Industry Forecast, 2017-2023,” by Allied Market Research, states that the North America Fire protection systems market garnered $13,798 million in 2016 and is likely to accrue a sum of $25,575 million by 2023, growing at a CAGR of 8.5% from 2017 to 2023.
The growth of the North America fire protection systems market stands to benefit from factors such as the need for fire protection systems across various industries and rise in automation in residential as well as commercial buildings. However, the market growth is hampered by factors such as high cost of installation and maintenance. On the other hand, technological advancements and innovations in equipment and networking are expected to accelerate the growth of the market in the future.
The U.S. generated the highest revenue in the North America Fire protection systems market in 2016 due to its technological advancements and developed infrastructure, regulatory compliances associated with fire safety, and introduction of innovative solutions by the key players in the region. The Mexico fire protection systems market is expected to grow at the highest rate of 10.3% during the forecast period.
Fire detection systems segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 8.4%. Among services, installation & maintenance is expected to witness highest CAGR of 10.8% during the forecast period. Among industry verticals, the oil, gas & mining industry segment is anticipated to grow at the highest rate during the forecast period.
The report features a competitive scenario of the North America Fire protection systems industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Honeywell International Inc., Johnson Controls, Inc., Siemens AG, Orcus Fire & Risk, Inc., Halma PLC, Robert Bosch GmbH, United Technologies Corporation, Amerex Corporation, Gentex Corporation, and HOCHIKI Corporation. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the fire protection systems market.
Key Findings of the North America Fire Protection Systems Market:
- The manufacturing segment accounted for the highest share of the North America fire protection systems industry by industry vertical in 2016, growing at a CAGR of 8.8% from 2017 to 2023.
- The BFSI fire protection systems market by industry vertical generated the second highest revenue share in 2016 and is projected to grow at a rate of 7.3%.
- The U.S. fire protection systems market generated the highest share, valued at $8,229 million, in terms of revenue in 2016.
Leading Industry Players
The fire protection systems market for fire analysis & software products is expected to witness the highest growth rate during the forecast period.
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