Press release
Fire Alarm and Detection System Market Expected to Reach $98.90 Billion
Fire Alarm and Detection System Market by Offering (Hardware and Software), Product Type (Fire Alarm Type and Detector Type), Detection Technology (Addressable and Conventional), Connectivity (Wired and Wireless), and End User (Commercial, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2030. According to a new report published by Allied Market Research, titled, "Fire Alarm and Detection System Market by Offering, Product Type, Detection Technology, Connectivity, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030", the global fire alarm and detection system industry size was valued at $60.51 billion in 2020, and is projected to reach $98.90 billion by 2030, registering a CAGR of 5.0%. North America is expected to be the leading contributor to the market during the forecast period, followed by Europe and Asia-Pacific.
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Top Impacting Factors
Factors such as increase in installation of fire safety systems in educational institutions and awareness among residents of fire detection systems are likely to trigger alarming growth in fire detection market. Additionally, advancements in fire detection and alarm devices are expected to boost market growth during the forecast period. However, the relatively high cost of industrial fire alarm systems, along with concerns about false alarms and detection failures are restraining the market growth. On the contrary, the development of wireless and wireless detection and alarm systems is creating lucrative growth opportunities for wireless security systems
The report provides a detailed study of the dynamic driving and restraining factors, major challenges, and lucrative opportunities. The report offers a SWOT analysis that helps to understand the driving and restraining factors in the industry. The report highlights market segmentation and includes the study of major market players. Furthermore, the report covers a detailed study of the impact of the Covid-19 outbreak on the global Fire Alarm and Detection System market. The global Fire Alarm and Detection System market report offers an overview of the market and highlights the market definition and scope.
The Fire Alarm and Detection System Market report offers a detailed analysis of the market on the basis of several parameters including sales, sales analysis, market size, and major driving factors. In addition, the report offers SWOT analysis, Porter's five forces analysis, portfolio and financial analysis, and a business overview of services and products. Such statistical tools provide essential information regarding leading market players and help take advantage of lucrative opportunities in the industry. The report aids industry players and new industry entrants to devise sound business strategies and leveraging the opportunities.
The report provides a comprehensive study of the major market trends and driving factors that fuel the growth of the global Fire Alarm and Detection System market. The analysis of drivers and opportunities is essential in understanding the dynamic industry trends and how companies can leverage such trends. Furthermore, the analysis of challenges and restraints offered in the report helps in recognizing market dynamics. The global Fire Alarm and Detection System report provides quantitative as well as qualitative analyses of the market. The qualitative study provides the value chain analysis, pain point analysis, and key regulations.
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The report covers a detailed analysis of the impact of the Covid-19 pandemic on the market. The prolonged lockdown across the world and stringent restrictions on international trade have a significant impact on the global Fire Alarm and Detection System market. The Covid-19 pandemic resulted in a disrupted supply chain and value. Moreover, the pandemic increased the prices of raw materials and created a shortage of skilled workforce. The report provides consumer preferences, trends, and budget impact on the market owing to the Covid-19 pandemic.
Fire Alarm and Detection System Market Report Highlights
By Offering
• Hardware
o Control Panels
o Sensors & Initiating Components
o Notification & Audio Components
o Others
• Software
By Product Type
• Fire Alarm
o Audible Alarms
o Visual Alarms
o Manual Call-points
• Detector Type
o Flame Detectors
o Smoke Detectors
o Heat Detectors
By Detection Technology
• Addressable
• Conventional
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The global Fire Alarm and Detection System market offers detailed segmentation based on type, By component, By technology, by end user and region. The Fire Alarm and Detection System market is segmented on the basis of geography. The regions studied in the report are North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). This market study helps to devise business strategies and recognize lucrative opportunities.
The report includes a comprehensive study of market trends, major market players, and top investment pockets that help understand strategies and make informed decisions. The study involves a detailed analysis of the top impacting factors and major investment pockets that affect the overall market growth. The Global Fire Alarm and Detection System market report offers the segmentation and study of prime market players. The major companies Carrier Global Corporation, Eaton Corporation PLC, Halma PLC, Hochiki Corporation, Honeywell International Inc., Johnson Controls International PLC, NAPCO Security Technologies, Inc., NITTAN Company, Limited, Robert Bosch GmbH, and Siemens AG. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the industry.nThese companies have adopted various business strategies such as partnerships, new product launches, collaboration, and mergers & acquisitions. These market developments help new industry entrants understand profitable strategies and make informed decisions. This study offers a comprehensive study of major impacting factors and prime investment pockets in the market.
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