Press release
Wireless Fire Detection System Market shipments to hit 4 million units by 2024 | Top Manufacturers: Ceasefire Industries Pvt Ltd., Halma plc, Honeywell, Johnson Controls, Robert Bosch GmbH, Siemens, United Technologies
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Customers in developed and developing economies are becoming aware of the technology and are ready to spend more for safety purposes. Rising disposable income of people has also encouraged people to adopt smart homes. The growing trends of connected devices in smart homes play a vital role in driving the wireless fire detection system market. As the products required for the technology must be highly ruggedized to protect the internal components, manufacturers, such as CISCO, are working on building them to complement the smart home infrastructure.
World Wireless Fire Detection System Market is set to grow from its current market value of $300 million to more than $500 million by 2024, grow at over 9% CAGR.
Industry Growth drivers –
• Rising demand across residential applications in the U.S.
• Stringent government regulations & standards in Western Europe
• Economic expansion in Southeast Asia
• Propagation of integrated IoT solutions in Brazil
• Rise in commercial construction across the Middle East
Stringent government regulations regarding safety and a high degree of technology adoption have made China a dominant player in the wireless fire detection system market. China has a modern economy, which runs on reliable electricity, telecommunication, and roads & rails. Infrastructure development remains the top priority for the government of China as the government has spent huge funds on infrastructure for the economic growth.
The European market is projected to witness a considerable growth due to stringent government laws regarding the use of fire detection systems in countries including the UK, France, and Germany. This will drive the wireless fire detection system market in Europe.
North America is the major wireless fire detection system market owing to the higher adoption of technologically-advanced systems for homes and commercial buildings. Moreover, the emergence of flexible and reliable solutions of fire detection systems has fueled their demand across several industries. Adoption of wireless fire detection system market across residential applications in the U.S. is expected to boost demand for the solution over the forecast period. The growing trend of smart homes and reduction in price of smart home automation devices is expected to drive down the cost of residential wireless fire detection system market over the forecast period. In Canada, the cost remains high owing to lack of established regional players in the region.
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Some of the vendors in the wireless fire detection system market are Ceasefire Industries Pvt Ltd., Halma plc, Honeywell, Johnson Controls, Robert Bosch GmbH, Siemens, United Technologies, Apollo Fire Detectors, EMS, NAPCO Security Technologies, Argus Security, CWSI, detectomat GmbH, Electro Detectors Ltd, Eurofyre Limited, Hochiki Asia Pacific, Sterling Safety Systems, and Zeta Alarms Limited. These players are adopting various strategies such as price differentiation, high amount of investments in the R&D for product innovations and enhancement in the reliability of the devices, and acquisition of technology providers to gain a competitive edge.
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