Industry News: Fire Protection Systems Market share will grow at CAGR of 5.2% says Report Ocean

The global fire protection systems market size was valued at $96,500.0 million in 2019, and is projected to reach $1,31,274.5 million by 2027, registering a CAGR of 5.2% from 2020 to 2027. A fire protection system is used to suppress and control fire with the help of manual and automatic detectors. The fire protection systems include fire detection systems, fire management systems, fire response systems, and fire analysis & software.

Fire protection is a field wherein precautions are taken to minimize the possibility of fire that may result in injury, death, or property damage. A fire protection system is used to alert people present in a building or the area of fire and reduce the damage caused. Fire safety measures include procedures planned during the construction of a building or implemented in structures and taught to occupants of the building.