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The Major Players in Fire Protection Systems Market Launched new Products and Offerings to Strengthen Their Product Portfolio and to expand their Client Base
Fire protection is a practice of uninterrupted risk management through which risks to public and private infrastructures can be predicted and reduced. An efficient fire protection management system involves combined efforts of federal custodians and tenants, private sector building owners, fire protection program (FPP) within the labor program, and local fire service agencies. As there is a risk of increased hazards caused by fire accidents, the government agencies across different regions are taking several measures to reduce the losses caused by fire incidents. Policies and regulations imposed by the concerned governments for fire safety are usually region-specific; hence, vary from place to place. They are meant to ensure safety of life and the protection to property.
According to the MarketsandMarkets forecast, the fire protection systems market size is expected to grow from USD 47.96 Billion in 2015 to USD 98.24 Billion by 2022, at a CAGR of 10.1% between 2016 and 2022. The growth of the market is propelled by the increasing policies, regulations & government mandates, along with enhancing technological innovations in equipment and networking. In addition, the increase in fire-related spending by a number of enterprises and SMEs across the globe is driving the demand for fire protection systems. The spending for fire protection systems is high in the North American region, followed by Europe and APAC.
The key players in the fire protection systems market include Honeywell International Inc. (New Jersey, U.S.), Johnson Controls (Wisconsin, U.S.), Siemens AG (Munich, Germany), Tyco International Plc (Cork, Ireland), and United Technologies Corporation (Connecticut, U.S.) among others. These players have adopted various strategies such as new product developments partnerships, agreements, contracts, and mergers & acquisitions to achieve growth in the global fire protection systems market.
The major players in fire protection systems market launched new products and offerings to strengthen their product portfolio and to expand their client base. Johnson Controls launched Building Control Manager (BCM) 2.0, an improved version of its BCM system which offers improved user interface and has new productivity tools; Honeywell expanded its Lyric product family with the introduction of Lyric home security which comprises motion detectors, smoke detectors, intruder detectors, and awareness cameras and can also be integrated with other home automation products; Honeywell announced a new commercial wireless fire alarm solution to protect challenging applications and high-cost installations as well as building expansions; Hochiki Corporation introduced a new fire detection range which is independently evaluated and certified to meet the strict requirements of Safety Integrity Level 2 (SIL2) with respect to the IEC 61508 functional safety of electrical/electronic/programmable electronic safety-related systems standards; Johnson Controls launched WT-4000, a new series of pneumatic-to-digital thermostats.
The key players also adopted the strategy of mergers & acquisitions to increase their geographic presence and expand their product portfolio to reach untapped markets. Tyco acquired Industrial Safety Technologies (IST- France), a global leader in the gas and flame detection market; United Technologies Corporation’s unit UTC Building & Industrial Systems acquired CIAT (France), a HVAC company; Tyco acquired Exacq Technologies (U.S.), a developer of open architecture video management systems (VMSs) for security and surveillance applications; Honeywell acquired RAE Systems, Inc., a global gas and radiation detection systems and software company.
The fire protection systems market also witnessed a number of agreements, contracts, and collaborations by key players between 2012 and 2015. UTC Building & Industrial Systems India collaborated with HCL Info Systems Ltd. (India) for providing security solutions in India; Siemens AG and Atos SE (Germany) expanded their alliance in the field of advanced analytics, security, and device connectivity; Honeywell (U.S.) entered into a partnership with The U.S. Green Building Council (USGBC) to deepen the facility sustainability by integrating USGBC’s new LEED Dynamic Plaque, a near-real-time monitoring tool, with Honeywell’s integrated building automation technology to measure and provide performance feedback to help optimize operations; Johnson Controls and Hitachi Appliances, Inc. (Japan) signed a non-binding memorandum of understanding to jointly form the world’s largest commercial HVAC provider company.
Fire Protection Systems Market by Technology (Active, Passive), Product (Fire Detection (Sensors & Detectors, RFID), Management (Fire Sprinklers, Extinguishers), Fire Analysis & Response), Service, Vertical, and Geography - Global Forecast to 2022
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