An increase in demand for wireless fire protection systems that send real-time alerts to cell phones and smartwatches is one of the reasons the market for fire protection systems will surpass $70 billion by 2027, a new industry analysis shows.
The growth will mean big business for fire protection system contractors and companies like Insurance Solutions of America that insure their installations and systems after a disappointing 2020. One of the main barriers to growth in the market for fire protection is the unexpected failure of the alarm systems, prompting contractors to obtain insurance for system failures that could impact their customers, according to Digital Market Research.
Like most other industries, the fire protection system contracting sector and its suppliers suffered a decline in the market as COVID-19 affected the global economy in 2020. Some companies in the industry, like many throughout other sectors of the economy, were forced to shut down last year due to concerns during the pandemic, which contributed to the distressed market during the mandatory closures.
But that industry is expected to return to growth in 2021 and through 2027, according to a new analysis completed by Global Market Insights Inc. Technology is playing a huge role in the projected growth as the development of smart buildings and homes continues to help the industry. Governments also are adopting guidelines and regulations that include the installation of fire protection systems with new technologically advanced features.
Other factors contributing to the industry’s expansion include a growing population, increased demand for fire protection aided by government efforts to build awareness, and more property damage and fire accidents that are increasing the demand for protection systems, the analysis concluded.
