What Are The Factors Driving The Revenue To Fire Alarm And Detection Market?

Fire Alarm And Detection Industry Overview

The global fire alarm and detection market size was valued at USD 29.75 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2030.

The demand for advanced fire safety systems in fire-prone industrial settings, such as automotive, power & utility, mining, petrochemical, and oil & gas exploration, will drive the market growth over the next seven years. Fire safety amidst the newly minted work-from-home model in light of the COVID-19 pandemic has gained prominence. With businesses slowly reopening in some parts of the world, building managers or facility owners are securing and maintaining fire protection systems.

Gather more insights about the market drivers, restrains and growth of the Global Fire Alarm And Detection Market

The reassessment of fire safety requirements will create growth opportunities for market players over the coming years. The need for fire safety solutions surged marginally in 2021. However, due to supply chain disruptions, vendors in this space witnessed minor hiccups in receiving and fulfilling orders. Given the current scenario, the demand for cooking fire safety, electrical fire safety, and heater fire safety will gain traction over the next few years. The global market will most likely reach pre-COVID levels by the end of 2021. The market is already on its path to recovery with a minor setback caused by supply chain disruptions.

However, as businesses reopen, the importance of fire safety is likely to take center stage and will drive product sales over the next few years. In addition, the pandemic-induced work-from-home model will also contribute to industry recovery as fire safety gains prominence with individuals spending considerable time working from home. As the industry continues to witness a modest upsurge led by the pandemic, a recovery in construction-related projects, both new and redevelopment, will also generate lucrative market conditions for the fire safety OEMs.

Although a large number of projects have taken a backseat for the mid-term, opportunities still thrive in terms of anticipated new projects and ongoing projects that will resume in 2021. Fire detection & alarm is are integral elements of any building project enabling safety across several structures. Hence, a rise in the number of construction-related projects will come as a respite for the industry’s growth. In addition, advancements in technology enabling wireless products with improvements in response time will also pave the way for future growth.

Browse through Grand View Research's Advanced Interior Materials Related Reports

• Fire-resistant Glass Market - The global fire-resistant glass market size was valued at USD 4.25 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. The rising number of fire accidents coupled with expansion in the construction industry is anticipated to augment the market growth over the forecast period.
• Fire Protection System Market - The global fire protection system market size was valued at USD 72.72 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2022 to 2030. In 2020, the outbreak of the COVID-19 pandemic negatively impacted the market.

Fire Alarm And Detection Market Segmentation

Grand View Research has segmented the global fire alarm and detection market on the basis of product, fire detectors type, fire alarm type, application, and region:

• Fire Alarm & Detection Product Outlook (Revenue, USD Million, 2017 - 2030)
  • Fire Detectors
  • Fire Alarms
• Fire Alarm & Detection Fire Detector Type Outlook (Revenue, USD Million, 2017 - 2030)
  • Flame Detectors
  • Smoke Detectors
  • Heat Detectors
• Fire Alarm & Detection Fire Alarm Type Outlook (Revenue, USD Million, 2017 - 2030)
  • Audible
  • Visual
  • Manual Call-points
• Fire Alarm & Detection Application Outlook (Revenue, USD Million, 2017 - 2030)
  • Commercial
  • Industrial
  • Residential
• Fire Alarm And Detection Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

March 2020: Napco Security unveiled iSecure a Complete Cellular Alarm Systems. It is designed to help security professionals to be more competitive, adding more residential accounts and new RMR, while offering the professional-grade security systems, remote Smart App & notification alerts.

May 2019: Kiddelaunched the new Kidde smoke alarms. These alarms have been designed for reducing the common cooking nuisance alarms and responding faster to different types of fire.

Key Companies profiled:

Some prominent players in the global Fire Alarm And Detection market include

• Johnson Controls International plc
• Honeywell International, Inc.
• Napco Security Technologies, Inc.
• Nittan Co., Ltd.
• Siemens AG
• Halma plc
• United Technologies Corp.
• Robert Bosch GmbH
• Eaton Corp.

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