Logistics and warehousing solutions witnessing substantial demand from the E-commerce industry that involves the integration of material handling, stocking, packaging, transportation, inventory management, supply chain management, procurement and shipping security aspects, is triggering the sales of fire protection systems, at a global level.
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Stellar Growth Anticipated for Fire Protection Systems
As per a recently released intelligence study by Persistence Market Research (PMR), the global revenue generated through the sales of fire protection systems, will exceed the valuation of US$ 45.2 Bn in 2019. With the increasing demand for modern warehouses, global players in the fire protection systems market have started foraying into the nascent markets, says the report.
“Given the expanding landscape for fire protection systems, the market is estimated to grow at a stellar annual growth rate of 9.1 percent, between 2018 and 2026, representing an incremental dollar opportunity of a whopping US$ 40 Bn, during the same timeline”, the analyst revealed further.
In the wheel of fortune, the PMR report on fire protection systems has placed product type, end-use, and regional segments, in different growth quadrants—ranging from slow-to high growth quadrant.
- Significant demand for fire suppression systems spotted: In terms of product type, while fire detection systems occupy a position in the steady growth quadrant, fire extinguishers and fire response systems are projected to represent moderate growth through the forecast period. Fire suppression systems, on the other hand, lies in the high growth quadrant, arising from increasing safety standards. The segment analysis is indicative of a highest market share—at nearly 52 percent—held by fire suppression systems.
- Industrial deployments to fetch maximum revenue: On the basis of end-use, fire protection systems will witnessed increased adoption in the industrial sector, lying in the high growth quadrant. While commercial sector showcases moderate rate through the assessment timeline, adoption of fire protection systems in the residential sector lies in the steady growth quadrant. An-depth analysis of the end-use segment, indicates approximately 38 percent market share held by the industrial sector.
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Industries such as manufacturing, Oil & Gas, Mining, and marine are projected to extensively employ fire protection systems given the stringency in government norms, aimed at improving the safety standards.
- Emerging economies hold notable market potential: South East Asia & Pacific and China—both holding a position in the high growth quadrant are identified as the most lucrative revenue pockets in the global fire protection systems market. With this region, India is projected to be the most lucrative country, in the coming years, considering burgeoning manufacturing sector in the region.
Apart from North America, which holds a position in the steady growth quadrant, Latin America, Europe, and Middle East and Asia (MEA) are represented as moderately growing regions, in the global fire protection systems market. Increasing greenfield investments in MEA is projected to fuel the demand of safety equipment such as fire protection systems. North America and Europe are also expected to pump significant revenue into the global fire protection systems market, owing to stringent safety and security solutions.
High-Level Market Fragmentation to Deter Growth
The global fire protection systems market showcases a high fragmented competitor landscape owing to widespread presence of small and medium-sized tier-2 players, holding nearly 80 percent market share. Tier-2 players, on the other side, occupy approximately 20 percent of the market share. Although the presence of large-size fire protection systems manufacturers is limited, they are anticipated to pump more revenue than smaller fire protection systems manufacturers, estimated to stand at more than US$ 600 Mn.
However, considering such market fragmentation and presence of several unorganized players, could plaque the market growth, specifically the warehousing landscape. As a part of their differentiation strategy, key players are projected to focus on developing well-structured and efficient supply chain. Moreover, to reach a wider group of consumers, fire protection system manufacturers are likely to improve their customer service, in the near-term. Price reduction, wider product offerings including application specific products, and long-term supply relations are some core focus areas.
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