Fire Protection System Market Size, Share, Growth Analysis, By Product Type(Fire Detection, Fire Suppression), By Services(Installations & Replacements, System Inspections & Maintenance), By Application(Commercial, Industrial) - Industry Forecast 2024-2031

Fire Protection System Market size was valued at USD 72.72 billion in 2019 and is poised to grow from USD 77.52 billion in 2023 to USD 117.38 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).

The use of fire protection systems is rising across a variety of sectors, including oil and gas, manufacturing, and mining, where fire safety and protection are essential. These sectors are most concerned about safety. This industry can potentially generate business prospects for FPS (Fire Protection Systems) manufacturers in the global Fire Protection System Market due to the elevated hazards associated with upstream activities. Workers in the oil and gas sector face significant risks of accidents and injury. In the case of an accident, litigation costs and employee compensation costs are particularly high in this industry.

Fire protection system is used to control, detect, and safeguard inhabitants in a building or an establishment from fire hazards. These systems help extinguish smoke or fire and alert the building occupants, reducing the loss of property and life. Fire protection systems include equipment such as fire detectors, fire response systems, fire analysis software, fire suppression systems, and fire sprinkler systems. 

The Fire Protection System Market is projected to expand due to the implementation of strict rules requiring the installation of fire protection systems in residential and commercial buildings worldwide. Fire protection systems in commercial, industrial, and residential applications are progressively becoming connected with building automation systems. This can be linked to the fact that such integration makes it possible to create systems that can share and gather data, which can assist in warning people about fire safety hazards in the building. 

The demand for fire protection systems is also fuelled by the rising industrialization and urbanisation worldwide. Given that cities contribute more than half of the world's GDP, urbanisation can affect sustainable development if it is effectively managed by boosting productivity, fostering innovation, and putting new ideas into practise. It is therefore projected that this tendency will continue to fuel the growth of fire prevention system market.

US Fire Protection System Market is poised to grow at a sustainable CAGR for the next forecast year.