The global fire alarm and detection market size is expected
to reach USD 75.3 billion by 2027, expanding at a CAGR of 8.5% over the
forecast period, according to a study conducted by Grand View Research, Inc.
Increasing awareness towards the safety and security of assets across the globe
is expected to offer significant opportunities for technological innovations in
the market. Additionally, rise in the consumer spending on fire protection
devices especially across the enterprise and industrial sectors in order to
reduce the risk of accidents is expected to spur market growth. Moreover,
stringent government regulations and mandates regarding workplace safety, and
increasing demand for state-of-the-art fire alarm & detection system is
expected to fuel the market.
The need for upgrading the existing alarm and
detection systems to advanced one and consequently complying with the stringent
regulation will drive the market. Growing fire accidents has alarmed the need
for installation of advanced alarm and detection systems across the
residential, commercial, and industrial sectors. For instance, Legislative
requirements from different countries including the National Fire Protection
Association, USA, and Building Code of Australia have mandated the installation
of fire detection devices, thereby boosting the demand for these devices.
North America dominated the market in 2019 and
is expected to continue its dominance over the foreseen years. The anticipated
growth in the construction industry in Canada owing to the government’s
“Investing in Canada Plan”. Under the initiative, the government of Canada is
planning to invest USD 139 billion in infrastructure till 2028. U.S. is
attributed to the high demand for commercial and residential places across
states such as Georgia, Florida, and North and South Carolina. Moreover,
increasing automation in buildings and smart homes, stringent government
regulations pertaining to safety standards, and the growing demand from the
mining and manufacturing industries have fueled the demand for the alarm and
detection systems in the region.
Asia Pacific is anticipated to exhibit the
highest CAGR from 2020 to 2027. Growing industrialization and urbanization in
emerging markets such as India, China, and Japan is expected to accelerate
infrastructure spending including mass transportation such as airport security,
including intelligent transportation systems across these regions is estimated
to offer lucrative growth opportunities for the industry. However, the growing
need for replacement and maintenance services of the deployed fire safety
equipment owing to various building safety codes is offering lucrative
opportunities for the manufactures to enter into the market.
Browse full research report on Fire Alarm
And Detection Market:
https://www.grandviewresearch.com/industry-analysis/fire-alarm-market
Further key
findings from the study suggest:
- The fire detectors segment is expected to
dominate the market owing to stringent government regulations across
different countries that have mandated the installation of the devices.
For instance, in India, National Building Code (NBC) was published in 2016
to implement building standards ensuring safety through the use of active and
passive smoke detection systems. The segment is expected to reach USD 38.1
billion by 2027
- The smoke detectors segment is expected to
dominate the fire detectors segment and the trend is expected to continue
over the forecast period. The smoke detectors segment is anticipated to
reach USD 17.0 billion by 2027. It is owing to the substantial use of
smoke detectors in the commercial as well as residential buildings since
they are cost-effective and have a longer lifespan as compared to other
products
- The fire alarm and detection market primarily
includes applications such as industrial, commercial, and residential. The
commercial application segment dominated the market in 2019 and is
projected to exhibit a CAGR of 8.5% from 2020 to 2027. It is owing to the
stringent regulations and norms by the government for the installation of
smoke detection system across commercial places such as hospitality,
government, healthcare, telecom and IT, BFSI, retail, and institutional
- North America is projected to account for the
majority share of the market over the forecast period owing to the booming
infrastructural developments and implementation of stringent fire safety
regulations and norms in the regions. The region is anticipated to reach
USD 21.8 billion by 2027
- The prominent industry participants include
Bosch GmbH; Eaton Gentex Corporation; United Technologies Corporation;
Honeywell International Inc.; and Johnson Controls.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/fire-alarm-market/request/rs1
Grand
View Research has segmented the global fire alarm and detection market based on
product, type, application, and region:
- Fire Detectors
- Fire Alarms
Fire
Detectors Type Outlook (Revenue, USD Million, 2016 - 2027)
- Flame Detectors
- Smoke Detectors
- Heat Detectors
Fire Alarms
Type Outlook (Revenue, USD Million, 2016 - 2027)
- Audible Alarms
- Visual Alarms
- Manual Call-points
Fire Alarm
and Detection Application Outlook (Revenue, USD Million, 2016 - 2027)
- Commercial
- Industrial
- Residential
Fire Alarm
and Detection Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East &
Africa
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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