Fire Alarm and Detection System Market To Garner $98.90 billion by 2030, Driven by Advancement of Fire Detection and Alarming Devices

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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The report segments the global fire alarm and detection system market on the basis of offering, product type, detection technology, connectivity, end user, and region.

Based on offering, the hardware segment held the largest share in 2020, contributing to more than four-fifths of the market. However, the software segment is estimated to portray the highest CAGR of 7.2% from 2021 to 2030.

On the basis of product type, the detector type segment is projected to manifest the highest CAGR of 6.8% during the forecast period. However, the fire alarm type segment held the lion's share in 2020, accounting for nearly four-fifths of the market.

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.

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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.

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.

Key Findings Of The Study
• The hardware segment is projected to be the dominant offering over the forecast period followed by software.
• APAC and North America collectively accounted for more than 55.96% of the Fire alarm and detection system market share in 2020.
• Fire alarm type segment is anticipated to witness highest growth rate during the forecast period.
• China was the major shareholder in the Asia-Pacific Fire alarm and detection system market, accounting for approximately 35.48% share in 2020.

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