Rise in rate of fire safety system deployment in educational institutes, advancement of fire detection and alarming devices, and surge in awareness among residents for fire detection systems have boosted the growth of the global fire alarm and detection system market. However, high initial costs and concerns regarding false alarms & detection failure hinder the market growth. On the contrary, development of wireless and remote function fire detection and alarm system is expected to open new opportunities for the market growth.
As per the report published by Allied Market Research, titled, “Fire Alarm and Detection System Market by Offering (Hardware and Software), Product Type (Fire Alarm Type and Detector Type), Detection Technology (Addressable and Conventional), Connectivity (Wired and Wireless), and End User (Commercial, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global fire alarm and detection system market generated $60.50 billion in 2020, and is expected to reach $98.90 billion by 2030, growing a CAGR of 5.0% from 2021 to 2030.
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The global fire alarm and detection system market includes an in-depth analysis of the prime market players such as Eaton Corporation PLC, Carrier Global Corporation, Hochiki Corporation, Halma PLC, Johnson Controls International PLC, Honeywell International Inc., NITTAN Company, Limited, NAPCO Security Technologies, Inc., Robert Bosch GmbH, and Siemens AG.
Covid-19 scenario:
- The Covid-19 pandemic forced governments to impose strict regulations on production facilities including electronics and semiconductors to curb the spread of the virus. Moreover, the lack of workforce and increased prices of raw materials negatively affected the production of fire alarms and detection systems.
- The travel bans, drop in manufacturing utilization, and prolonged lockdown across European and Asian countries hampered the market. Moreover, the supply chain disrupted during the pandemic.
The report segments the global fire alarm and detection system market on the basis of offering, product type, detection technology, connectivity, end user, and region.
Based on offering, the hardware segment held the largest share in 2020, contributing to more than four-fifths of the market. However, the software segment is estimated to portray the highest CAGR of 7.2% from 2021 to 2030.
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On the basis of product type, the detector type segment is projected to manifest the highest CAGR of 6.8% during the forecast period. However, the fire alarm type segment held the lion’s share in 2020, accounting for nearly four-fifths of the market.
The global fire alarm and detection system market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding nearly one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 6.5% during the forecast period.
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About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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