North America Fire Protection Systems Market Size, Share & Trends Analysis Report By Application (Residential, Industrial), By Service (Managed, Installation & Design), By Product (Detection, Analysis), And Segment Forecasts, 2023 - 2030

North America Fire Protection Systems Market Growth & Trends

The North America fire protection systems market size is expected to reach USD 37.36 billion by 2030, according to a new study by Grand View Research Inc., registering a CAGR of 3.6% over the forecast period. A rapid increase in residential and commercial construction activities across the globe, coupled with stringent government regulations pertaining to employee and people safety is anticipated to drive the market growth. AI- and ML-based fire systems can analyze data from various sensors and detectors in real-time to detect and predict fires more accurately and quickly than traditional systems. This can significantly reduce response times and help prevent fires from spreading, potentially saving lives, and reducing property damage.

Thus, the major players’ approach toward the introduction of advanced fire protection systems is expected to support the target market growth. The high cost of installing advanced fire alarm and detection systems and their expensive maintenance can hinder the market growth. This discourages building owners, particularly those with limited budgets or smaller buildings, from investing in fire protection systems. In addition, the availability of alternative fire protection solutions, such as water mist and gaseous suppression systems, creates competition for traditional systems, further constraining the growth of the market. Moreover, the healthcare sector’s demand for fire safety equipment has increased significantly due to the pandemic.

Hospitals and other healthcare facilities require specialized fire safety equipment to ensure the safety of patients and healthcare workers. The healthcare industry’s strict fire safety regulations have led to an increase in demand for specialized equipment like smoke evacuation systems and fire-rated doors. This is due to the higher likelihood of fires in healthcare settings and the necessity of safeguarding vulnerable patients and healthcare staff. Hence, these factors are expected to provide lucrative opportunities for the growth of the overall market.

North America Fire Protection Systems Market Report Highlights

• The fire analysis segment is expected to register the highest CAGR over the forecast period
• The need for fire analysis aids in wise judgments during fire prevention, which can be ascribed to the growth of the segment
• The maintenance services segment is expected to register a significant CAGR over the forecast period
• Effective fire protection systems are crucial in detecting and alerting individuals in the event of smoke or fire
• The industrial application segment is expected to register the highest CAGR over the forecast period
• The industrial application covers major sectors, such as oil & gas, energy & power, mining, and manufacturing

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