Connect with us

Technology

The fire protection system market is projected to grow by USD 14.58 Billion from 2024-2028, with AI impacting trends and IoT-integrated smoke detectors boosting growth – Technavio

Published

4 months ago

on

NEW YORK, Sept. 24, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Fire Protection System Market size is estimated to grow by USD 14.58 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Integration of smoke detectors with IOT and big data is driving market growth, with a trend towards growth in adoption of wireless technology in fire detection systems However, high installation and maintenance cost of fire protection systems poses a challenge – Key market players include ABB Ltd., API Group Corp., Carrier Global Corp., Eaton Corp. Plc, Encore Fire Protection, Fire Suppression Ltd., Fireline Corp., Firetrol Protection Systems Inc., Gentex Corp., Halma Plc, Hochiki America Corp., Honeywell International Inc., Johnson Controls International Plc., Minimax GmbH, Napco Security Technologies Inc., RTX Corp., Robert Bosch GmbH, Securitas AB, Securiton AG, and Siemens AG.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Fire Protection System Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.78%

Market growth 2024-2028

USD 14582 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.23

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 41%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

ABB Ltd., API Group Corp., Carrier Global Corp., Eaton Corp. Plc, Encore Fire Protection, Fire Suppression Ltd., Fireline Corp., Firetrol Protection Systems Inc., Gentex Corp., Halma Plc, Hochiki America Corp., Honeywell International Inc., Johnson Controls International Plc., Minimax GmbH, Napco Security Technologies Inc., RTX Corp., Robert Bosch GmbH, Securitas AB, Securiton AG, and Siemens AG

 

Market Driver

Wireless fire detection and alarm systems are essential solutions for modern enclosed structures, such as offices, hotels, monuments, halls, and warehouses. These systems consist of a radio gateway, radio fire detectors, and radio manual call points. Communication between devices occurs via a dual-band system with two frequency ranges (433 MHz and 868 MHz) and multiple channels, ensuring stable communication. Redundant transmission paths are available, enhancing reliability. Integration with traditional fire protection systems is possible, enabling the upgrading of existing systems. For instance, Johnson Controls, a leading provider of smart, healthy, and sustainable building solutions, has integrated body-worn cameras, autonomous robots, and package screening technology to expand its comprehensive building security portfolio. 

The Fire Protection System market is thriving with trends such as ventilation systems and stairwell-pressurization systems ensuring better fire safety in buildings. Fire sprinkler contractors focus on energy efficiency and adhering to fire codes. Fire safety procedures and systems, including fire suppression, sprinklers, detection, response, and alarm systems, are essential. Wet-pipe, dry-pipe, pre-action, deluge, and water mist technology are key sprinkler types. Managed services, energy and power, oil & gas, and wireless alarm systems are also popular. Policies and regulations, retrofit infrastructure, and labor programs guide the industry. Construction equipment, facility management, building automation, and advanced technologies enhance fire safety. Response teams, fire control communicators, and sprinkler supervisory systems ensure effective fire management. Fire detection devices and materials are continually improving, with RFID systems and flame detectors leading the way. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

Fire protection systems involve significant upfront investments due to the necessity of various components, including alarms, smoke detectors, and fire suppression systems. The installation costs are high because of the intricacy of networks and the requirement for advanced tools to respond effectively to fire situations. Vendors must continually upgrade their solutions and create new technologies, leading to increased procurement costs for businesses and government entities. Consequently, the high installation and maintenance expenses of fire protection systems may restrict market expansion during the forecast period.The Fire Protection System market faces several challenges in various sectors. In residential buildings, ensuring compliance with building codes for fire safety equipment like fire extinguishers and fire alarm equipment is crucial. Executive leadership and risk management prioritize safety concerns, especially with the Royal Assent and Fire Safety Order mandating responsible persons (RPs) to oversee fire safety. For installers, keeping up with regulatory updates is essential. In the Fire Analysis segment, real-time information from fire mapping and analysis systems, such as BakerRisk, helps identify potential risks. Economic advancements and construction activities necessitate retrofitting existing structures with sprinkler systems, water supply, water delivery, and distribution systems. Maintenance services for fire hose reels, hydrant systems, and suppression systems are vital to ensure optimal performance. Fire detection systems in hospitals and educational institutions require continuous monitoring to prevent supply chain disruptions. Wireless sensor networks and advanced fire suppression systems are key investments for improved fire safety norms. Carrier and other market leaders offer comprehensive fire protection solutions, including fire detection, suppression, and mapping systems.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview

This fire protection system market report extensively covers market segmentation by

Product 1.1 Fire detection1.2 Fire suppression1.3 Fire response1.4 Fire analysisApplication 2.1 Commercial2.2 Industrial2.3 ResidentialGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Fire detection- The fire detection product segment dominates the global fire protection system market due to the widespread use of fire detection systems in various industries and public places. These systems consist of essential components like smoke detectors, alarms, water sprinklers, and fire suppression equipment. They work together to detect and alert people through speakers and alarms upon sensing smoke, carbon monoxide, or fire. Regulatory bodies, such as the National Fire Protection Association and the Building Code of Australia, mandate the installation of these systems in public places like malls, hospitals, stadiums, and other gatherings, driving market growth.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Fire Protection System Market encompasses a range of technologies and services designed to prevent, detect, and suppress fires in various structures. Key drivers for this market include policies and regulations, labor programs, and the retrofitting of infrastructure with fire safety systems. Construction equipment and facility management companies play a crucial role in installing and maintaining these systems. Hospitals and educational institutions are significant end-users due to the high risk of fire and the need to protect people and assets. Fire alarm systems, fire suppression systems, fire hose reels, fire hydrant systems, automatic sprinkler systems, smoke management, ventilation systems, and stairwell-pressurization systems are essential components of fire protection systems. Fire safety procedures and energy efficiency are also critical considerations in the market. Wireless sensor networks and supply chain disruptions can impact the availability and cost of fire protection equipment. Fire sprinkler contractors provide essential services in the installation and maintenance of these systems. Overall, the Fire Protection System Market is a dynamic and growing industry that plays a vital role in ensuring the safety of people and assets in various sectors.

Market Research Overview

The Fire Protection System Market encompasses a range of technologies, materials, and services designed to prevent, detect, and suppress fires in various structures. Key market drivers include policies and regulations, such as the Federal Custodians and Tenants Fire Safety Act, Labor Programs, and Building Codes, which mandate the installation and maintenance of fire protection systems in residential and commercial buildings. Advanced technologies, like fire detection devices, building automation, and response teams, play a crucial role in enhancing fire safety. Retrofitting infrastructure, construction equipment, and facility management also contribute to the market’s growth. Economic advancements and construction activities create new opportunities for fire protection systems, particularly in sectors like hospitals, educational institutions, and high-rise residential buildings. Advanced technologies, such as fire analysis segment, real-time information systems, and wireless sensor networks, are transforming the market with their ability to provide early fire detection and efficient response. The market includes various types of fire protection systems, including sprinkler systems, suppression systems, and fire detection systems, as well as services like maintenance and installation. Executive leadership, risk management, and safety concerns are essential factors influencing market trends. Regulatory updates and fire safety norms continue to shape the market landscape, with key players focusing on energy efficiency, fire safety procedures, and fire codes.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductFire DetectionFire SuppressionFire ResponseFire AnalysisApplicationCommercialIndustrialResidentialGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-fire-protection-system-market-is-projected-to-grow-by-usd-14-58-billion-from-2024-2028–with-ai-impacting-trends-and-iot-integrated-smoke-detectors-boosting-growth—technavio-302256021.html

SOURCE Technavio

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

SPEYSIDE COMPLETES ACQUISITION OF GSC

Published

39 minutes ago

on

January 9, 2025

By

Transaction enables Speyside to fuel the company’s next growth phase.

ANN ARBOR, Mich., Jan. 9, 2025 /PRNewswire/ — Speyside Equity Advisers (“Speyside”) announced that it has completed the acquisition of GSC Technologies, Inc. (“GSC”). The transaction will allow Speyside’s continued investment in GSC and fuel the company’s next growth phase. GSC is a leading manufacturer of plastic goods in North America.

“We are very excited about the GSC acquisition,” said Eric Wiklendt, Managing Director at Speyside. “GSC is similar to a great deal we did in a prior fund, with similar opportunities. GSC has a great growth and value-creation plan that we look forward to facilitating.”

GSC CEO Dave Barrow noted, “My team and I look forward to working with the Speyside team to execute our strategic plan. Speyside has a strong operational background that clearly differentiates it from other investment groups. The new capitalization structure and value-creation system that Speyside brings will help us achieve our vision and drive results.”

Nick Lardo, Managing Director at Speyside, noted, “GSC is our second closed deal in Speyside Equity Fund II. We are gaining strong momentum in the fund based on increased staff, AUM, and deal activity. We see 2025 as a year full of great opportunity.”

About Speyside
Speyside is a Detroit-based private equity firm. The firm invests in middle-market, buyout transactions in the manufacturing and value-added distribution sectors. Targeted portfolio companies often possess balance sheet, legal, environmental, labor, or transactional complexity. Speyside Equity focuses on creative transaction structures and is comfortable investing in carveouts of large multinational companies, industry consolidations, family-owned businesses, bankruptcies, workouts, and other special situations. Speyside takes an operational approach to creating value in these situations. Speyside has completed 37 investments. For more information, please visit speysideequity.com.

About GSC Technologies, Inc.
Founded in 1982 with a single plastic molding machine, GSC Technologies Inc. is a leading and groundbreaking manufacturer of plastic goods in North America focused on environmentally aware plastic solutions for organizing daily life today and in the future. Based in St-Jean-sur-Richelieu (Quebec/Canada), GSC designs and manufactures attractive, practical storage and organization lifestyle products for better modern living. With manufacturing plants that use contemporary equipment and technology and distribution facilities in the US, Canada, and China, GSC uses global testing and quality standards to ensure the best value, highest quality products. For more information, please visit gsctechnology.com.

Honigman LLP acted as Speyside’s legal advisor.

View original content to download multimedia:https://www.prnewswire.com/news-releases/speyside-completes-acquisition-of-gsc-302347022.html

SOURCE Speyside Equity

Continue Reading

Technology

Batteries Plus’s Strategic Partnerships Drive Nearly 130% Sales Increase

Published

39 minutes ago

on

January 9, 2025

By

Transformative Collaborations Fuels Record-Breaking Sales Growth for Batteries Plus FranchiseePartnerships Elevate Customer Experience, Expand Service OfferingsNew Jersey Franchisee’s Store Emerges as Top Repair Destination in Network

SPRINGFIELD, N.J., Jan. 9, 2025 /PRNewswire/ — Batteries Plus, the world’s leading specialty battery franchise, has achieved remarkable success through strategic partnerships with industry leaders in device protection and insurance. These collaborations have led to significant growth for franchisees over the last two years, as exemplified by Angel Cartagena’s store in Springfield, NJ.

Enhanced Customer Experience
By combining Batteries Plus’s extensive retail network and repair expertise with advanced mobile device protection programs from industry partners, Batteries Plus stores are equipped to handle subscribers’ phone protection needs, covering lost or damaged devices. This comprehensive approach has paved the way for improved customer satisfaction, ultimately increasing revenue for franchisees and strengthening brand loyalty overall.

“We’re not just fixing phones; we’re creating opportunities for customers to discover additional products and services they didn’t know they needed, from car batteries to key fobs,” Cartagena said. “This has contributed to increased ticket counts and higher margins across our business.”

Growth and Expansion
After serving with the U.S. Air Force for 37 years, Cartagena began franchising with Batteries Plus in 2008. In the 18 years since, his store has grown to become the top-performing location for repairs in the entire Batteries Plus network, with repair volumes nearly 50% higher than other stores.

Since implementing these strategic partnerships, Cartagena’s Batteries Plus location has experienced unprecedented growth:

217.7% increase in device repair sales year-over-year128.6% increase in total business sales year-over-year147.8% increase in average ticket value year-over-year10.6% increase in gross profit year-over-year

The success of these partnerships has led to significant expansion for Cartagena’s store, necessitating the hiring of three additional team members to help manage the increased volume.

“These strategic partnerships have been transformative for our business,” said Cartagena. “We’ve seen a dramatic increase in customer traffic and sales, particularly in our device repair services. These collaborations have not only boosted our bottom line but also enhanced our ability to serve our community with top-notch repair solutions. It’s been great for business, allowing us to expand our team and offer more comprehensive services to our customers.”

Batteries Plus has become a global leader in supplying the battery needs of its customers for cars, boats, phones, key fobs and more. With over 800 store locations in operation and development nationwide, Batteries Plus has also carved out a unique niche in the industry with its ‘plus’ services – including cell phone repair and key fob replacement. Positioned for the battery-powered future, Batteries Plus was ranked on Franchise Times Top 400 list, coming in at #130. Plus, for the 30th year in a row, the brand ranked on Entrepreneur Magazine’s Franchise 500 list, climbing 53 spots over last year’s rank and even becoming one of only 49 franchise brands to be inducted into Entrepreneur’s Franchise 500 Hall of Fame.

To learn more about Batteries Plus, visit batteriesplusfranchise.com.

ABOUT BATTERIES PLUS: Batteries Plus, founded in 1988 and headquartered in Hartland, WI, is a leading omnichannel retailer of batteries, specialty light bulbs and phone repair services for the direct-to-consumer and commercial channels. The retailer also offers key programming, replacement and cutting services. Through a nationwide network of stores, the company offers a differentiated value proposition of unrivaled product selection, in-stock availability and customer service. Batteries Plus is owned by Freeman Spogli, a private equity firm based in Los Angeles and New York City. To learn more about one of Forbes®’ Best Franchises to Buy in America, visit https://www.batteriesplusfranchise.com.  

MEDIA CONTACT: Cole Koretos, Fishman Public Relations, ckoretos@fishmanpr.com or 847-331-1190

View original content to download multimedia:https://www.prnewswire.com/news-releases/batteries-pluss-strategic-partnerships-drive-nearly-130-sales-increase-302347179.html

SOURCE Batteries Plus

Continue Reading

Technology

MobileX Partners with Ethika to Launch ‘ethikaX,’ Merging Style with Mobile Connectivity

Published

39 minutes ago

on

January 9, 2025

By

 LAS VEGAS, Jan. 9, 2025 /PRNewswire/ — Today at CES, MobileX, the most customizable wireless service designed to save consumers money, and Ethika, a leading lifestyle brand driven by personal identity, announced an exciting new collaboration. Together, the two companies will be launching “ethikaX” – a collection that seamlessly merges mobile-friendly design with bold self-expression and dynamic style. This partnership represents a groundbreaking moment where mobile meets fashion, blending cutting-edge technology with style and originality.

The ethikaX line will debut in Q1 2025, featuring a range of apparel and accessories tailored for the modern, mobile lifestyle. The initial collection will include hoodies and t-shirts with phone-friendly pockets, phone cases, and even a limited-edition set of ethikaX-branded headphones.

“At MobileX, we’re passionate about empowering our customers to live untethered, connected lives,” said Peter Adderton, CEO of MobileX. “By partnering with Ethika, we’re able to bring that vision to life through thoughtfully designed apparel that embraces uniqueness and creativity while seamlessly integrating with our mobile services.”

Ethika’s commitment to celebrating individuality and self-expression across diverse cultures including motorsports, BMX, music, art and fashion aligns perfectly with MobileX’s mission to empower consumers through customizable, user-focused mobile service that ensures they only pay for what they use. The ethikaX collection will be available for purchase through the MobileX app and website, as well as select Ethika retail partners. Customers can also sign up for MobileX at these retail locations by purchasing a SIM Kit or scanning a QR code and activating with eSIM.

“We’re thrilled to be working with the innovative team at MobileX to redefine the intersection of mobile and fashion,” said Matt Cook, CEO of Ethika. “This collaboration allows us to extend the Ethika brand into new territories while continuing to celebrate those who stand out from the crowd and share our core values of quality, style and originality.”

Stay tuned for updates on ethikaX’s launch in Q1 2025 here.

 About MobileX
Headquartered in Orange County, California, MobileX is the world’s most customizable mobile carrier delivering the ultimate in choice and cost control. MobileX is a unique service that uses artificial intelligence to predict how much data customers need, dramatically reducing costs while ensuring reliable speed and service. MobileX was founded by Peter Adderton, who also founded both Boost Mobile and Digital Turbine. For more information, please visit mymobilex.com.

 About Ethika
Ethika is a leading lifestyle brand which started in San Clemente, CA and is now based in Lake Forest. Since the inception of the brand, Ethika and its team have been determined to live life, innovate, and deliver quality products, while staying true to the brand’s biggest asset – the FAMILIE. Ethika employees, friends, athletes, artists and customers are the core of the brand and the reason Ethika exists. More Ethika news, photos, and videos can be found on X (@ethika), Instagram (@ethika), and online at www.ethika.com.

Press contact:
Illume PR for MobileX
mobilex@illumepr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/mobilex-partners-with-ethika-to-launch-ethikax-merging-style-with-mobile-connectivity-302346661.html

SOURCE Mobile X Global, Inc.

Continue Reading

Trending