ICT & Electronics Global Fire Protection System Market Outlook | Page 2

The Fire Protection System Market is Anticipated to Grow at 10.09%
CAGR During the Forecast Period
The global fire protection system market is segmented into product type such as
fire management systems, fire response systems, fire detection systems, fire
analysis software and others. Increasing number of deaths due to fire and
growing concern amongst consumers regarding safety and security are some
major factors which are anticipated to bolster the growth fire protection system
market during the forecast period.
Global fire protection system market is expected to register 10.09% CAGR over
the forecast period. Moreover, the global fire protection system market was
valued at USD 48.6 Billion in 2015 and is expected to reach at notable revenue of
98.11 Billion by the end of 2021. The market is poised to display substantial
growth during the forecast period owing to a number of factors such as
advancements in fire protection technology and increasing expenditure on fire
protection in buildings.
The Oil, Gas, & Mining segment by verticals is likely to witness significant
demand during the forecast period. Stringent government rules and regulation
regarding installation of fire protection systems by oil and gas industry are projected to
flourish the growth of oil and gas fire protection system market over the forecast period.
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Technological advancements with fire protection system
Continuous technological advancements with fire protection systems in order to
control or stop any fire accidents in buildings are fuelling the demand for fire
protection systems. Further, growing awareness amongst the consumers