Fire Protection System Market Outlook:
Fire Protection System Market size was over USD 71.76 billion in 2024 and is anticipated to cross USD 130.96 billion by 2034, witnessing more than 6.2% CAGR during the forecast period i.e., between 2025-2034. In the year 2025, the industry size of fire protection system is assessed at USD 75.54 billion.
A significant driver for the market’s rise is the growing focus on deploying advanced fire prevention systems across various sectors globally. These systems are essential safety measures to suppress fire hazards, minimize property damage, and save lives. The fire protection system market is projected to have lucrative revenue growth owing to the rising demand for advanced fire protection systems that can provide early warning and automatic fire control during emergencies. According to the U.S. Bureau of Labor Statistics, the Producer Price Index (PPI) of fire extinguisher systems has reached 282.1 in August 2024 from 267.6 in August 2023. Government spending on fire protection systems is steadily increasing, evidenced by a Eurostat report in September 2023 stating the total expenditure on fire protection services in European Union countries increased by 2.5% in 2021 compared to 2020.
In August 2022, the International Association of Fire and Rescue Services (CTIF) estimated that 24.2% of all fires globally occur in residential buildings. Due to rising cases of fire hazards globally, the demand for advanced fire solutions has increased significantly. Key market players in the fire protection system sector are innovating new technologies for advanced fire protection. For instance, in August 2022, Honeywell announced the launch of a new fire detection and alarm system, Morley Max, that is designed to enable faster communication in case of a fire hazard.
