MOUNTAIN VIEW, Calif., April 12, 2012 /PRNewswire/ -- The strict enforcement of safety codes requiring all industrial and commercial buildings in North America to install systems for quick detection and suppression of fires has created a robust market for fire and safety systems. Existing buildings undergoing renovation also need to upgrade or replace existing systems to comply with current codes aimed at protecting building occupants and the building itself.
New analysis from Frost & Sullivan's ( http://www.buildingtechnologies.frost.com) North American Fire and Life Safety Market research finds that the market earned revenues of more than $2.10 billion in 2010 and estimates this to reach $2.37 billion in 2015.
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The market got a boost from the enforcement of National Fire Protection Association (NFPA) standards, which ensure that buildings are equipped with adequate fire and life safety equipment.Additionally, insurance companies often offer incentives to building owners for installing systems that meet more than just the minimum requirements, further driving growth in the fire and life safety market. "The building and fire codes also mandate that systems are inspected at least once a year," said Frost & Sullivan Research Analyst Alejandra Lozano. "These periodic inspections sometimes lead to system replacement, driving revenue growth in the market." System manufacturers tend to be cautious despite the scope of the market, as the decline in construction activity and intense price competition limits the market's growth. The last few years during the economic downturn have been particularly tough on system manufacturers, with end users scrutinizing every purchase and demanding cost-effective systems that also meet all code requirements.