The Fire Alarm Systems Market is Projected to Reach a Valuation of US$ 40.6 Billion by 2033
NEWARK, Del, Jan. 21, 2023 The fire alarm systems market size is projected to be valued at US$ 24.1 billion in 2023 and is expected to rise to US$ 40.6 billion by 2033. The sales of fire alarm systems are anticipated to record a CAGR of 5.3% during the forecast period.
Fire detection and alarm systems are widely used to constantly monitor the building and its surroundings for fire outbreaks. Growing product deployment in educational institutions is boosting market growth.
To ensure the safety of children, fire alarm and detection systems are widely used to assist for the detection of smoking in restrooms and fire in laboratories. Various product innovations, such as the introduction of wireless systems, are propelling the market growth.
These systems use the Internet of Things (IoT) and artificial intelligence (AI) to monitor ambient temperatures, send real-time notifications to fire departments, and avoid false alarms. Growing smart building construction, as well as the implementation of numerous government initiatives aimed at increasing fire safety and security, are expected to drive the market forward.
Key Takeaways:
The solution segment has witnessed a strong growth of 5.3%. The addressable system segment accounted for a significant revenue share. These systems are simple to monitor, and fire locations can be determined using connected circuits.
The commercial segment is witnessing a substantial growth of 5.3%. The installation of fire alarms and detection is being driven by public gatherings and a growing emphasis on protecting these places’ critical infrastructure.
The United States holds the leading share of 75.3% in the fire alarm market. The region’s increasing fires and fatalities are driving revenue growth in the fire alarm market.
The United Kingdom held a consistent revenue share of US$ 1.7 billion in the fire alarm devices market. Rising awareness of the importance of installing firefighting systems in industrial and commercial buildings is driving significant revenue growth in the region.
India is expected to remain one of the most appealing markets. According to the study, the country is expected to register a 7.0% CAGR by 2033. India’s rapid and sustained economic growth has resulted in lucrative business opportunities and growth prospects.
Key players operating in the market are Napco Security, Siemens Building Technologies, Gentex Corporation, NITTAN COMPANY, Napco Security, United Technologies Corporation, Hochiki Corporation and Eaton. These key players aim at launching a cutting-edge product by making heavy investment in research and development. This product is quick to install and cost-effective too.
Another key focus of these key players is to increase awareness regarding the necessity and effectiveness of fire alarms and detection devices. Further, these players also aim at following a few effective strategies such as novel product development, geographical expansion, mergers and acquisitions and other strategic initiatives.
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Johnson Controls, a pioneer in healthy, innovative, and sustainable buildings, in September 2022, introduced an alternative approach to fire detection with its FireClass range, a class of open-protocol fire detection products. FireClass is a comprehensive line of industry-approved products designed to make spaces sound and intact during hazardous situation such as fire in commercial, residential, corporate, retail, leisure, care home, manufacturing, and warehouse settings.
Siemens introduced a new digital service portfolio of fire safety digital services, in September 2020, the first-in-market portfolio of digital and managed services that connects fire safety systems to the cloud, allowing businesses to transition from a reactive, compliance-led approach to safeguard the area through intelligent safety solution.
Key Segments Covered in the Fire Alarm Systems Market Report
By Solution:
Conventional Fire Alarm Systems
Addressable Fire Alarm Systems
By Application:
Commercial
Industrial
Residential
By Region:
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)
