Fire Protection Systems Market: Worldwide Forecasts & Analysis 2013-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-28 22:39:02
The global fire protection systems market is estimated to have reached a value of around $34.74 billion in 2013, and is forecast to grow to a total of $66.56 billion in 2018. This represents a compound annual growth rate (CAGR) of 13.9% from 2013 to 2018.
The fire protection systems market has gained traction in the recent years owing to the recent rise in accidents and the loss of assets, due to fire hazards. Alongside, demand for a comprehensive solution in fire protection is rising, leading to an increase in the global spending for fire protection systems. Technologies, such as human machine interface solutions, smart building, and wireless sensory networks, are making their launch in the fire protection systems market.
New advanced sensors have been developed to give accurate data to the control units. Intelligent sensors have networking capabilities, wherein a group of sensors and detectors can communicate easily through control units, leading to more efficiency in the systems. Distant users can access these intelligent sensors by connecting through LAN/WAN networks.
It is expected that enterprises will invest in fire protection systems in a much encouraging rate than in the past. Few sectors, such as oil and gas, mining, energy and power, have shown positive growth outlook in this market. These sectors have required adhering to stringent corporate compliance and regulation requirements. These sectors account for a major share in the overall fire protection systems market. These developments are not only ensuring that these sectors have good amounts of security to the various assets, but are also showcasing newer client success cases that make the fire protection systems market move forward towards further implementations across other verticals.
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