Fire Alarm And Detection Market Is Expected To Reach A Value Of US$ 53.15 Bn By 2032

The global fire alarm and detection market is expected to secure a market value of USD 29.68 Bn in 2022, expanding at a CAGR of 6% during the forecast period from 2022 to 2032.

Increasing demand for developed fire safety systems in mining, automotive, petrochemical, oil & gas exploration, and power & utility sector is expected to offer significant opportunities for expansion during the forecast period.

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Rising deployment of fire alarm and detection systems across educational institutes and increasing awareness about its benefits among residents for fire detection systems are key factors propelling market expansion during the forecast period. Furthermore, ongoing technological developments in fire detection and alarming devices is expected to boost the industry's growth in the coming time.

In addition, the advancement of wireless and remote function fire detection and alarm systems are anticipated to offer significant opportunities for expansion in the evaluation time.

The outbreak of COVID-19 ushered in a change in the demand and consumption pattern of fire alarm and detection systems. With increasing hospitalization rates and shift towards remote working, the need for residential and healthcare setting oriented fire safety protocols have increased, leading to growing sales of fire alarm and detection systems across these domains.

Report Attributes Details
Base Year Value (2021A) USD 28 Bn
Estimated Year Value (2022E) USD 29.68 Bn
Projected Year Value (2032F) USD 53.15 Bn
Global Growth Rate (2022-2032) CAGR 6%

Key Takeaways:

• Europe to expand at a CAGR of 7.4% from 2022 to 2032.
• APAC to garner about 45% of the revenue share during the forecast period.
• Based on product type, the fire detectors product segment is anticipated to account for the highest revenue share of more than 50%.
• The fire alarms segment is projected to record the fastest CAGR of 7.3% from 2022 to 2032.
• Based on application, the commercial segment to secure the highest revenue share of about 44% in 2022 and is likely to maintain its position during the forecast period.

Growth Drivers:

• Increasing demand for electrical fire safety, cooking fire safety, and heater fire safety is expected to grow the market significantly during the forecast period.
• Campaigns carried out by several public safety authorities to increase awareness about the fire alarm and detection will benefit the market notably in the forthcoming period.
• Growing importance of the equipment among the commercial and residential sector is anticipated to offer significant thrust to market expansion.

Restraining Factors:

• The initial high costs associated with industrial fire alarm systems to hamper the market growth.
• Concerns associated with false alarms and detection failure to inhibit the market expansion during the forecast period.

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Competitive Landscape

The key players of the global fire alarm and detection market adopt various strategies to enhance their global reach. Partnerships, acquisitions, and collaborations are some of the most adopted methods to secure the forefront position in the market. Some of the recent developments among the key players are:

• In August 2021, ProPharma group acquired iSafety Systems. iSafety is an Indian pharmacovigilance service provider.
• In July 2021, ICON plc acquired a CRO, called PRA Health Sciences. The objective of the acquisition was to increase the services portfolio of ICON plc.
• In October 2020, Honeywell rolled out its first tools from its new suite of Connected Life Safety Services (CLSS), which is its first all-in-one cloud platform for fire safety systems.

Key Companies Profiled by Fact.MR

• Halma Plc.
• United Technologies Corp.
• Eaton Corporation
• Honeywell International Inc.
• Napco Security Technologies Inc.
• Nittan Co. Ltd.
• Johnson Controls International Plc.
• Siemens AG
• Robert Bosch GmbH

More Valuable Insights on the Fire Alarm and Detection Market

Fact.MR, in its report, offers a market analysis of the global fire alarm and detection market analysing the forecast period through 2022 and beyond. This survey reveals the growth of technology in the fire alarm and detection market with detailed segmentation as follows: -

• By Product
o Fire Detectors
o Fire Alarms
• By Type
o Smoke Detectors
o Flame Detectors
o Heat Detectors
• By Fire Alarms Type
o Visual Alarms
o Audible Alarms
o Manual Call-points
• By Application
o Industrial Fire Alarm and Detection Systems
o Residential Fire Alarm and Detection Systems
o Commercial Fire Alarm and Detection Systems

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Key Questions covered in the Global Fire Alarm and Detection Market Report

• What is the global fire alarm and detection market scenario?
• How far is the global demand expected to reach over the forecasted period?
• What was the last 5-year CAGR for the demand in the demand in the global fire alarm and detection market?
• Who are the prominent players in the global fire alarm and detection market?
• Which is the leading region in the global fire alarm and detection market?

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This release was published on openPR.