25 Oct High urbanisation rates driving passive fire protection market
The passive fire protection market will be driven by technological advancements between 2020 and 2027, according to a new report published by Grand View Research. It also notes that increasing investments in the exploration and production activities by oil and gas companies will also fuel market growth.
The fire protection market size is expected to reach $5.51bn (USD) globally, expanding at a CAGR of 4.7%. The research expects an increasing adoption of fire-stopping materials for residential and commercial infrastructure to help drive the market. In addition rising disposable income is leading to more upscale residential projects being installed, which is helping to drive the demand for passive fire protection.
Construction activities will open up potential opportunities for fire dampners, designed to prevent flames from spreading via a heat-sensitive mechanism. The fire dampner market segment is set to witness around a 4% CAGR to 2027.
The Middle East combined with Africa is anticipated to generate around $1bn (USD) and is showing promising growth for the future. In part this reflects the high urbanisation rate in Middle Eastern countries.