The Latin America Fire Protection System market is projected to reach $ 8.17 billion by 2019 from $4.05 billion in 2014, at a CAGR of 15.1% between 2014 and 2019. Key Players in the Latin America Fire Protection System market are Tyco International Ltd., The Bosch Group, halma and Honeywell International,Inc.
Increase in spending for protecting assets from fire hazards and robust growth in infrastructural development have led to the boom in fire protection systems market. Various technologies, such as human machine interface solutions, smart building, wireless sensory networks, and nanotechnology, are being implemented in fire protection systems. New, advanced sensors are also being developed to provide accurate data to the control units. Intelligent sensors have networking capabilities, wherein a group of sensors and detectors can communicate easily through control units, leading to increased efficiency in the systems. Remote users can access these intelligent sensors by connecting through LAN/WAN networks.
The Latin America market has a very good scope for fire protection systems implementation across the different industries. The key factors driving the fire protection systems market are increasing population, increasing purchasing power, knowledge of advanced technologies, and increasing fire safety concerns. Transportation and energy infrastructures are increasing day by day in Latin America, which is leading to increasing implementation of fire protection solutions. This is also playing a key role in the growth of fire protection systems industry.
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It is estimated that enterprises will invest more in fire protection systems in coming years. Various sectors, such as oil and gas, mining, and energy and power are increasingly adopting fire protection systems due to the stringent corporate and regulatory requirements. These sectors account for a significant share in the overall fire protection systems market.
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This research report categorizes the fire protection system market to forecast the revenues and analyze the trends of the overall market. Along with the comprehensive coverage of the market it also studies the market drivers and restraints and their impact on the market during the forecast period. The report also highlights the upcoming opportunities in this market.
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