Fire Alarm and Detection System Market Research, 2030
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%.
A fire alarm and detection system warns people whenever smoke, carbon monoxide, fire, or other fire-related emergencies is 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 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 trends 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 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 increased rate of fire safety system deployment in educational institutes and 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, by Offering Report Highlights
| Aspects | Details |
 By OFFERING |
|
 By PRODUCT TYPE |
|
 By DETECTION TECHNOLOGY |
|
| By PRODUCT TYPE |
|
 By END USER |
|
 By Region |
|
 Key Market Players | NAPCO Security Technologies, Inc., Eaton Corporation plc, Siemens AG, Carrier Global Corporation, NITTAN COMPANY, LIMITED, HOCHIKI CORPORATION, Robert Bosch GmbH, Johnson Controls International PLC, Halma plc, Honeywell International Inc. |
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.
Loading Table Of Content...
