Fire Alarm and Detection System Market Summary
The global fire alarm and detection system market was valued at $60.51 billion in 2020 and is projected to reach $98.90 billion by 2030, registering a CAGR of 5.0%. This growth is primarily driven by rapid industrialization, urbanization, and rising infrastructure investments across developing countries. High demand from India, China, Japan, and Southeast Asia significantly contributes to market expansion.
Market Dynamics & Insights
- The fire alarm and detection system industry in North America held a significant share of over 31.1% in 2020.
- The fire alarm and detection system industry in the U.S. is expected to grow significantly at a CAGR of 3.5% from 2021 to 2030.
- By product type, the fire alarm type segment is one of the dominating segments in the market and accounted for the revenue share of over 79% in 2020.
- By end-user, the industrial segment is the fastest-growing segment in the market.
Market Size & Future Outlook
- 2020 Market Size: $60.51 Billion
- 2030 Projected Market Size: $98.9 Billion
- CAGR (2021-2030): 5%
- North America: Largest market in 2020
- Asia-Pacific: Fastest growing market
A fire alarm and detection system warns people whenever smoke, carbon monoxide, fire, or other fire-related emergencies are detected. It is designed for discovering fire early in its development when time is available for the safe evacuation of occupants. In this system, detectors are coupled with alarms. However, the alarm system provides notice to the building occupants as well as transmits a signal to the staff monitoring station, either on or off-site. The fire alarm system consists of various devices such as heat detectors, smoke detectors, carbon monoxide detectors, multi-sensor detectors, and manual call points.
Increased rate of fire safety system deployment in educational institutes and a rise in awareness among residents for fire detection systems mainly drive the fire alarm and detection system market growth. However, high initial costs along with concerns related to false alarms & detection failure restrain the market growth.
The global fire alarm and detection system market size has been significantly impacted by the COVID-19 outbreak. The production facilities of electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. The COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization, and travel bans & facility closures kept workers out of their factories, which led to a slowdown in the fire alarm and detection system market growth in 2020.
Region-wise, the fire alarm and detection system industry trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The Asia-Pacific region is expected to experience the highest growth rate during the forecast period. The increase in industrialization and urbanization, along with the surge in investments that are focused on infrastructure development across the developing countries in the Asia-Pacific, mainly drives the growth of the market.
As per the fire alarm and detection system market trend, players such as ABB, Honeywell International Inc., Johnson Controls, and Eaton are focusing their investments on technologically advanced and cost-effective products. For instance, in September 2019, ABB, one of the leading market players, launched its new Alarm-Stick, which integrates ABB’s smoke, heat, and carbon monoxide (CO) detectors into an ABB-free home. Moreover, the companies aim for business expansion through mergers & acquisitions, partnerships, and product launches to prevent new entrants from capturing/entering the market.
By Product Type
Fire alarms segment is expected to secure leading position during forecast period.
Top Impacting Factors
Factors such as an increased rate of fire safety system deployment in educational institutes and a rise in awareness among residents for fire detection systems mainly drive the growth of the fire alarm and detection system market revenue. In addition, the advancement of fire detection and alarming devices is projected to propel the growth of the market during the forecast period. However, the high initial costs of industrial fire alarm systems, along with concerns related to false alarms & detection failure, restrain the market growth. On the contrary, the development of wireless and remote function fire detection and alarm systems creates lucrative growth opportunities for the wireless fire alarm system market.
By Connectivity
Wireless segment is projected as one of the most lucrative segments.
Competition Analysis
Competitive analysis and profiles of the major fire alarm and detection system market players such as 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.
By Region
Asia-Pacific would exhibit the highest CAGR of 6.5% during 2021-2030
Key Benefits For Stakeholders
- This study comprises an analytical depiction of the global fire alarm and detection system market size, along with the current trends and future estimations to depict the imminent investment pockets.
- The overall fire alarm and detection system market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current fire alarm and detection system market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the fire alarm and detection system market share of key vendors.
- The report includes the wireless fire alarm system market trends and the revenue share of key vendors.
Fire Alarm and Detection System Market Report Highlights
| Aspects | Details |
 By OFFERING |
|
 By PRODUCT TYPE |
|
 By DETECTION TECHNOLOGY |
|
| By PRODUCT TYPE |
|
 By END USER |
|
 By Region |
|
 Key Market Players | Halma plc, Johnson Controls International PLC, HOCHIKI CORPORATION, NITTAN COMPANY, LIMITED, Honeywell International Inc., Siemens AG, NAPCO Security Technologies, Inc., Robert Bosch GmbH, Carrier Global Corporation, Eaton Corporation plc |
Analyst Review
According to the CXOs of leading companies, the fire alarm and detection system market is going through enormous transformation and growth. The factors such as increased rate of fire safety system deployment in educational institutes and rise in awareness among residents for fire detection systems drive the growth of the market. Moreover, advancement of fire detection and alarming devices fuels the market growth. On the contrary, development of wireless and remote function fire detection and alarm system creates lucrative growth opportunities for the market.
In addition, advancement of fire detection and alarming devices is projected to propel the growth of the market during the forecast period. However, the high initial costs along with concerns related to false alarms & detection failure restrain the market growth.
The fire alarm and detection system market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of hardware, software, & services; reliability; efficiency; and cost of the product, and support services. Owing to the competition, vendors operating in the market are offering advanced fire alarm and detection system solutions to improve the marketing strategies of enterprises. For instance, in September 2019, ABB launched new Alarm-Stick, which integrates ABB’s smoke, heat and carbon monoxide (CO) detectors into ABB-free home.
The global market was valued at USD?60.51?billion in 2020 and is projected to reach USD?98.90?billion by 2030.
The market is expected to grow at a compound annual growth rate (CAGR) of approximately 5.0% from 2021 to 2030.
Major companies leading the market 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, Siemens AG.
In 2020, North America held the largest market share, contributing nearly one-third of the global revenue.
Key growth drivers of the fire alarm and detection system market include the accelerated deployment of fire safety systems in educational institutions and the increasing awareness among residents regarding the importance of fire detection systems. Additionally, technological advancements in detection and alarm devices are enhancing system efficiency and reliability. The market is also being propelled by growing infrastructure investments, particularly in developing regions.
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