According to a market research agency, Orbis Research the global fire protection systems market size is expected to be valued at $116.5 billion by 2025, growing at a compound annual growth rate (CAGR) of 10.5% include increasing urbanization and the need for robust fire/life-safety systems to minimize property and human losses.The commercial fire protection system market is mostly driven by the need to upgrade the existing building infrastructure in order to keep up with the competition to attract and keep tenants. Demand for green offices and eco-friendly buildings are increasing which in turn drive the market of fire protection systems.
One of the future trends that are prevailing in the market is the implementation of destination-based elevators, which are primarily used in commercial buildings such as offices, malls and others. Such types of elevators are helpful in avoiding huddling over elevator doors during peak hours.
Furthermore, implementation of IoT in elevator systems will help with collecting and analyzing data of elevators, allowing operators to respond quickly in case of any problem in the elevator.