(Newswire.net — June 29, 2023) — The global fire protection system market is expanding at an unprecedented rate, with no signs of slowing anytime soon. According to recent research, the market was valued at a staggering US $66.8 billion in 2022, with a minimum value of US $84.4 billion projected by 2027. The rise of the Internet of Things (IoT) and the growing awareness of the importance of fire safety are both driving growth. However, North America’s market growth is largely due to strict safety regulations.
The Market’s Unprecedented Growth
Due to supply chain disruptions and factory closures, the COVID-19 pandemic reduced global home security market share in 2020 by 5-10%. It was especially bad for major home security markets, particularly the United States and China. A disruption in the supply chain ultimately resulted in a drop in demand for home security products.
The decline in North America was exacerbated by a drop in new construction projects and the closure of manufacturing facilities. The market, however, began steadily recovering in 2021, with both regions leading the way. The respective governments made significant efforts to stimulate the local economies and industrial sectors. Following the unprecedented increase in crime rates during the pandemic, America, in particular, saw a surge in the adoption of home security systems.
As part of its broader efforts to promote smart home technology and improve home safety, security agencies have actively encouraged property owners to adopt smart home security systems. North American authorities have also taken a serious step toward making fire protection a requirement in the home, propelling the region to global leadership in the domain.
North America’s Strict Security Standards
North America is the market leader in implementing access control systems to improve safety and security. The region is expected to dominate the global home security systems market by 2027. Companies in the United States, Canada, and Mexico have grown exponentially in this field. They provide cutting-edge technologies and services, giving them a competitive advantage over most foreign competitors.
The area credits mandatory fire protection and safety regulations for this success and potential. The regulations have compelled builders to incorporate fire protection systems into their construction activities. Fortunately, the necessary materials and equipment are readily available. Many fire protection systems and equipment manufacturers offer a diverse range of modern products and solutions. Smoke detectors, flame detectors, heat detectors, sprinklers, fire alarms and extinguishers, sirens, control panels and interfaces, and fire analysis software are all available from them.
North America is also a pioneer in video surveillance security. This region is known for constantly pushing for the incorporation of new technologies, such as IP-based video surveillance systems.
Key Factors at Play and Potential Opportunities
The boom in the fire protection market is the result of several influential factors. At its core, the authorities in charge of safety play a significant role in the market’s rise or fall. To ensure people and property’s safety, fire protection necessitates collaboration among federal custodians, tenants, private building owners, and local fire service agencies, with policies and regulations varying by region. In Australia, for example, the Australian Building Codes Board (ABCB) oversees building-related issues like safety, health, accessibility, and sustainability. The board collaborates with other agencies to extend deemed-to-satisfy (DTS) sprinkler protection provisions to medium-rise multi storey residential buildings.
Similarly, the Korean Fire Protection Association works in tandem with the Act on Indemnification for Fire-caused Loss and the Purchase of Insurance Policies in South Korea. The organization offers specialized fire safety inspection and consulting services to manufacturing plants, educational institutions, schools, and public buildings.
The same is true in many developed economies. Proactive governments provide financial assistance for installing and maintaining fire protection systems. Various markets, particularly North America and Asia Pacific, are expected to grow fastest in the next five years. Fire protection and safety regulations will drive growth primarily in North America. The Asia Pacific region’s growth will be nearly as rapid but driven primarily by the region’s thriving construction industry due to increasing urbanization.
Final Thoughts
The noticeable expansion of the global fire protection system market indicates exceptional progress toward safety in commercial and residential buildings. With North America leading the way due to its stringent fire protection and safety regulations, more builders are likely to incorporate fire protection systems into their structures, boosting the already thriving fire protection market. As the market grows, it is clear that builders and property owners are becoming more aware of the importance of fire protection systems.
Author Bio:
David Todva is a renowned freelance writer based in the United States whose quality of writing has been proven by his years of experience. He is an expert in several different technology-related topics, ranging from cyber safety to residential security.