According to a recently released Fact.MR report, the market for fire alarm and detection is predicted to grow at a CAGR of 6% and reach a value of over US$ 53 Bn by the end of the forecast period of 2022–2032. Due to more stringent regulations requiring the implementation of fire safety measures in both commercial and residential settings, demand is steadily rising.
The market grew at a 6.3 % CAGR from 2015 to 2021, reaching US$ 28 billion at the end of the aforementioned historical period. Businesses are converting to remote working models as a result of the COVID-19 pandemic, which is giving the market a boost. With more people working from home for longer periods of time, there has been an increase in demand for residential fire safety. Over the subsequent ten years, the global demand will continue to increase.
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While the pandemic provided Original Equipment Manufacturers (OEMs) with a few lucrative business opportunities, it also raised awareness of the security and safety of assets in the commercial sector. Building owners will be encouraged to either replace outdated equipment or install new safety devices as soon as businesses are able to resume operations because it is necessary to protect facilities with policies and installations that promote fire safety.
Key Takeaways from the Market Study
· Over US$ 29 billion will be spent on fire alarm and detection systems globally in 2022.
· The Asia Pacific fire alarm and detection market is expected to grow by 45% in terms of revenue.
· The market for fire alarms and detection is expected to grow positively in Europe at a CAGR of 7.4 percent.
· Fire detectors will continue to be the best-selling product overall, accounting for over 50% of sales.
· Sales of heat detectors are expected to soar at a CAGR of 8% through 2032.
· More than 2 out of 5 fire alarm and detection systems demand that the commercial sector be stimulated.
Johnson Controls International plc, Honeywell International, Inc., Napco Security Technologies, Inc., Nittan Co., Ltd., Siemens AG, Halma plc, United Technologies Corp., Robert Bosch GmbH, and Eaton Corp. are a few well-known producers of fire alarm and detection systems. In order to take advantage of lucrative opportunities in developing economies, leaders are emphasising capacity improvements and a global footprint expansion. The following are some noteworthy developments:
· The first tools from Honeywell's new Connected Life Safety Services (CLSS), its first all-in-one cloud platform for fire safety systems, were released in October 2020.
· Fire technicians can minimise disruption, demonstrate compliance, and shorten the time required for life safety system design, installation, commissioning, inspection, maintenance, and reporting with the help of Honeywell's CLSS suite of tools, which is based on the Honeywell Forge platform.
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Key Market Segments in Fire Alarm and Detection Industry Research
- By Product
- Fire Detectors
- Fire Alarms
- By Type
- Flame Detectors
- Smoke Detectors
- Heat Detectors
- By Fire Alarms Type
- Audible Alarms
- Visual Alarms
- Manual Call-points
- By Application
- Commercial Fire Alarm and Detection Systems
- Industrial Fire Alarm and Detection Systems
- Residential Fire Alarm and Detection Systems
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What is driving demand for fire alarm and detection in Europe?
Regional authorities in Europe are concentrating on putting national or state-defined fire safety standards into practise. Fact.MR predicts that between 2022 and 2032, the European market for fire alarm and detection will grow at a 7.4% CAGR.
For instance, firefighter associations in Germany are working on initiatives to increase the number of smoke and fire alarm installations in residential areas. Fire departments have occasionally run campaigns to inform the public about how to install fire safety equipment. The expansion of the regional market is facilitated by all of these initiatives taking place across several European nations.
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