A recently published report by Fact.MR expects the market for fire alarm and detection to register a CAGR of 6%, surpassing US$ 53 Bn in value by the end of the 2022-2032 forecast period. Demand is steadily inclining as a result of tightening regulations on fire safety measures to be implemented both across the commercial and residential domains.
From 2015 to 2021, the market inclined at a 6.3% CAGR, being valued at US$ 28 Bn by the end of the said historical period. The market is gaining further prominence amid the COVID-19 pandemic, with businesses shifting to remote working models. The demand for residential fire safety witnessed a rise, with people spending extended hours working from home. The global demand continues to witness growth over the next ten years.
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While the pandemic created a few lucrative opportunities for the Original Equipment Manufacturers (OEMs), awareness about the safety and security of assets in the commercial sector also increased. As businesses resume operations, the need to safeguard facilities with guidelines and installations promoting fire safety will encourage building owners to either replace old equipment or install new safety devices.
Key Takeaways from the Market Study
- Global fire alarm and detection market to be valued at over US$ 29 Bn in 2022
- Fire alarm and detection market to accumulate 45% revenue across the Asia Pacific
- Europe to register a positive a CAGR of 7.4% in the fire alarm and detection market
- By product, fire detectors to remain the top selling product, capturing over 50% revenue
- Heat detectors sales to soar at a CAGR of 8% through 2032
- Over 2 out of 5 fire alarm and detection systems demand to be stimulated by the commercial segment
“Growing importance of fire safety equipment in business facilities and the need to follow government guidelines favor the growth. With the growing number of business centers, the demand for new fire alarm and detection systems is also on the rise,” says a Fact.MR Analysis.
Competitive Landscape
Some prominent manufacturers of fire alarm and detection are Johnson Controls International plc; Honeywell International, Inc.; Napco Security Technologies, Inc.; Nittan Co., Ltd.; Siemens AG; Halma plc; United Technologies Corp.; Robert Bosch GmbH; and Eaton Corp. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
- In October 2020, Honeywell launched the first tools from its new suite of Connected Life Safety Services (CLSS), its first all-in-one cloud platform for fire safety systems.
- Honeywell's CLSS suite of tools, built on the Honeywell Forge platform, enables fire technicians to minimize disruption, prove compliance and reduce the time needed for design, installation, commissioning, inspection, maintenance, and reporting of life safety systems.
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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the fire alarm and detection market providing historical data for the period from 2015-2021 and forecast statistics for the period of 2022-2032.
The study gives critical insights into the fire alarm and detection market on the basis of product (fire detectors and fire alarms), fire detector type (flame detectors, smoke detectors and heat detectors), fire alarm type (audible alarms, visual alarms and manual call-points) and application (commercial, industrial and residential), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Market Segments in Fire Alarm and Detection Industry Research
· By Product
- Fire Detectors
- Fire Alarms
· By Type
- Flame Detectors
- Smoke Detectors
- Heat Detectors
· By Fire Alarms Type
- Audible Alarms
- Visual Alarms
- Manual Call-points
· By Application
- Commercial Fire Alarm and Detection Systems
- Industrial Fire Alarm and Detection Systems
- Residential Fire Alarm and Detection Systems
About the Industrial Division at Fact.MR
Our industrial goods consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the industrial goods sector. Our expertise in recognizing the challenges and trends impacting the global industrial goods sector provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
San Francisco, CA - Fire Alarm and Detection Market estimated to touch US$ 23.2 billion by the year 2025.
The fire alarm and detectors may safeguard properties, evade fatalities, and avert damages of assets by way of rising warnings about an eruption of fire on an initial phase.
Progress in new-fangled housing and commercial building actions along with renewal plans, and subsequent necessity to improve present fire alarm and detection arrangements, are too developing by way of important aspects, motivating the progress of the fire alarm and detection industry.
This Research will help you to understand the Volume, growth with Impacting Trends.
The subdivision of commercial setting up of these arrangements in commercial institutions, for example eateries, office structures, industrialized set of buildings and additional non-housing properties is likely to enlarge at the maximum CAGR above the period of prediction.
The flame detectors are pretty sensitive constituents.
The global fire alarm and detection market size is expected to reach USD 75.3 billion by 2027, expanding at a CAGR of 8.5% over the forecast period, according to a study conducted by Radiant Insights, Inc. Increasing awareness towards the safety and security of assets across the globe is expected to offer significant opportunities for technological innovations in the market.
Moreover, stringent government regulations and mandates regarding workplace safety, and increasing demand for state-of-the-art fire alarm & detection system is expected to fuel the market.
Download Free Sample Report @ https://www.radiantinsights.com/research/fire-alarm-market/request-sample The need for upgrading the existing alarm and detection systems to advanced one and consequently complying with the stringent regulation will drive the market.
For instance, Legislative requirements from different countries including the National Fire Protection Association, USA, and Building Code of Australia have mandated the installation of fire detection devices, thereby boosting the demand for these devices.
North America dominated the market in 2019 and is expected to continue its dominance over the foreseen years.
Growing industrialization and urbanization in emerging markets such as India, China, and Japan is expected to accelerate infrastructure spending including mass transportation such as airport security, including intelligent transportation systems across these regions is estimated to offer lucrative growth opportunities for the industry.
