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.
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.
Grand View Research has segmented the
global fire alarm & detection market based on alarm technology, detection
technology, application, and region:
Fire Alarm & Detection Alarm Technology
Outlook (Revenue, USD Million, 2014 - 2025)
·
Conventional Systems
·
Addressable Systems
Fire Alarm & Detection Technology
Outlook (Revenue, USD Million, 2014 - 2025)
·
Flame Detectors
·
Smoke Detectors
·
Heat Detectors
Fire Alarm & Detection Application
Outlook (Revenue, USD Million, 2014 - 2025)
·
Commercial
·
Industrial
·
Residential
Fire Alarm & Detection Regional Outlook
(Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Mexico
o
Canada
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
South America
o
Brazil
·
MEA
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.
For More Information: www.grandviewresearch.com
