Press release
Fire Alarm and Detection System Market Recorded 5.0% Y-O-Y Growth Rate in 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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Fire alarm and detection systems are developed for detecting fire early in their initial stage when time be available for the taking necessary measure for safety of occupants and infrastructure. In this system, detectors provide feedback to the control panels for raising the alarms. The fire alarm and detection systems consists of two major systems, namely, the detection system and the alarm system. Detection system consists of sensors and detectors devices such as heat detectors, smoke detectors, carbon monoxide detectors, multi-sensor detectors among other and the alarm system consist of various type of alarms, such as, audio alarm, visual alarm, and manual call points.
The global Fire alarm and detection system industry is anticipated to witness significant growth over the period of forecast. Factors such as increased rate of fire safety system deployment in educational institutes and rise in awareness among residents for fire detection systems mainly drives the fire alarm and detection system market growth. In addition, advancement of fire detection and alarming devices is projected to propel growth of the market during forecast period. However, the high initial costs of industrial fire alarm systems along with concerns related to false alarms & detection failure may restrain the market growth. On the contrary, development of wireless and remote function fire detection and alarm system creates lucrative growth opportunities for the wireless fire alarm market.
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As per the, fire alarm and detection system market analysis, it is segmented on the basis of offering, product type, detection technology, connectivity, end user, and region. On the basis of offering, the market is bifurcated into hardware and software. By product type, the market is classified into fire alarm type and detector type. According to the detection technology, the market is divided into addressable and conventional. As per the connectivity, the market is classified into wired and wireless. On the basis of end user the market is bifurcated into commercial, residential, and industrial.
Region wise, the Fire alarm and detection system market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed significant revenue in 2020. Growth in the North America is dominated by U.S. due to the huge demand from commercial and residential places across the states such as Florida, Georgia, and North and South Carolina.
In addition, factors such as stringent government regulations pertaining to safety standards, surge in automation in smart homes and buildings, and the growing demand from the mining & manufacturing sectors have significantly fueled the demand for the fire alarm and detection systems in the region. In addition, Europe holds the second largest share in the global Fire alarm and detection system market, and is expected to witness significant growth during the forecast period. The factors such as rising digitalization, surge in demand for fire alarm systems, and integration of advanced technology within the fire alarm and detection devices boosts growth of the market in the Europe.
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The key players profiled in the report include 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.
COVID-19 IMPACT ANALYSIS
The COVID-19 has impacted severely on the global electronics and semiconductor sector, due to which production facility as well as new projects have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to decrease in the fire alarm and detection system market growth in 2020.
The Report Provides:
⦁ Assessment of market share at both regional and country levels.
⦁ Analysis of market share for key industry players.
⦁ Strategic recommendations tailored for new entrants.
⦁ Forecasts for all mentioned segments and regional markets over the next decade.
⦁ Exploration of market trends, including drivers, challenges, opportunities, threats, investment opportunities, and recommendations.
⦁ Strategic recommendations specifically focused on the primary business segment within the market forecast.
⦁ Overview of major general trends through competitive landscaping.
⦁ Company profiling with detailed insights into strategy, financials, and recent developments.
⦁ Mapping of the latest technological progress and supply chain trends.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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