The global fire alarm market size is expected to reach USD 23. 2 billion by 2025, according to a study by Grand View Research, Inc., registering a CAGR of 4.3% during the forecast period. Fire alarm and detectors can protect assets, avoid casualties, and prevent property damages by raising alerts about a fire outbreak at an early stage. Recent accidents, such as the Grenfell Tower fire in London in June 2017, have triggered the need to equip high rise towers with effective fire alarm and detection systems. Growth in new residential and commercial construction activities as well as renovation projects, and subsequent need to upgrade existing fire alarm and detection systems are also emerging as key factors driving fire alarm and detection market growth.
Advances in technology have resulted in introduction of wireless and quick response systems that can detect the exact location of the fire and curb false alarms. These systems are suitable for large-scale applications. However, these systems are expensive as they incorporate several electronic components and devices. Conventional systems are preferred for small-scale applications owing to cost constraints.
Fire safety norms are particularly stringent in North America and Europe. Moreover, the two regions are home to prominent market players, such as Emerson Electric Co., Fike Corporation, Gentex Corporation, and Halma plc. Hence, the North American and European regional markets are currently dominating the fire alarm market. However, regional markets in emerging economies, such as India and China, are expected to exhibit a higher CAGR over the forecast period in line with growing awareness about fire safety.
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Further key findings from the study suggest:
- Rising adoption of fire alarm & detection systems in response to stringent fire safety norms has propelled the growth of the global market, which is expected to register a CAGR of over 4.0% during the forecast period
- Addressable systems are expected to emerge as the largest segment, projected to reach a value of USD 17.2 billion by 2025. This is owing to numerous benefits, such as quick response time, high reliability, and reduced cabling, offered by addressable alarm technology
- Market size of the smoke detectors segment is projected to reach USD 10.4 billion over the forecast period. This can be attributed to the affordability of smoke detectors as well as their capability to detect low-intensity fires
- The market for alarm & detection systems used in commercial applications is expected to continue dominating the overall market over the forecast period, and the market size of the segment is expected to exhibit a CAGR of over 4.5%
- North America is currently the largest market and is expected to remain so over the forecast period. The region is known for early adoption of fire detection technology and is also home to leading market players
- Emersion Electric Co.; Fike Corporation; Gentex Corporation; Halma plc; Hochiki Corporation; and Honeywell International, Inc. are some of the prominent players in the market.
Access Press Release Of This Research Report by Grand View Research: https://www.grandviewresearch.com/press-release/global-fire-alarm-detection-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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