Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Global intelligent evacuation system market size was valued at USD 12.02 billion in 2021. The market is projected to grow from USD 13.22 billion in 2022 to USD 27.61 billion by 2029, exhibiting a CAGR of 11.1% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Intelligent Evacuation System Market Forecast, 2022-2029.”
Key Industry Development:
January 2022: ABB Group’s automatic control lighting system of electrification division profits Sweden’s Kattegatt High School, Halmstad to convert the building into smart, energy-proficient, secure, and comfortable.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 11.1% |
| 2029 Value Projection | USD 27.61 Billion |
| Base Year | 2021 |
| Intelligent Evacuation System Market Size in 2021 | USD 12.02 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 132 |
| Segments Covered | Type and Geography |
| Intelligent Evacuation System Market Growth Drivers | Increasing Adoption of Innovative Technologies to Streamline Smart Evacuation Procedures |
Growing Pandemic-Related Demand for System Upgrades and Space Reconfigurations by Building Owners to Expand Market Opportunity
Numerous industries have been affected by the novel coronavirus' outbreak. The worldwide health crisis has caused supply chain disruptions and economic downturns, which have significantly impacted corporate investments. The crisis has, however, given an opportunity to use cutting-edge analytics to improve decision-making.
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Drivers and Restraints:
Increasing Adoption of Innovative Technologies to Streamline Smart Evacuation Procedures
Hardware and software components are integrated during the construction of intelligent evacuation systems. To rapidly and safely evacuate people from residential, commercial, and industrial buildings, sophisticated evacuation systems must be installed. In addition to digitization, using cutting-edge technologies, such as AI, ML, VR, and other similar ones, in the system plays a crucial part in evacuation procedures by detecting smoke, fire, and dangerous chemicals in the structure. This is set to spur the intelligent evacuation system market growth.
Segments:
Growing Adoption of Voice Alarm System to Surge the Product Demand
Based on type, the intelligent evacuation system market is divided into public address system, voice alarm system, mass notification system, and emergency lighting.
Voice alarm system segment holds the largest revenue share, and it is expected to grow at a prominent CAGR during the forecast period.
Extensive Use of Increasing Intelligent Evacuation System in Commercial Sector to Fuel Market Growth
Based on end-user, the market is categorized into commercial, residential, and industrial.
The commercial segment is expected to gain maximum revenue share among end-users, owing to extensive use of intelligent evacuation system in the commercial sector that includes office buildings, grocery & retail stores, restaurants, lodging facilities, and medical facilities.
Geographically, the market is divided into five key regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.
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Regional Insights:
North America to Hold Largest Share Backed by Surging Demand for System Deployment
North America held the largest intelligent evacuation system market share throughout the projected period. The North America market’s need for such systems is continually being driven by the increasing demand from various business verticals.
In comparison to other developed regions, the Asia Pacific region is anticipated to grow at the greatest rate between 2022 and 2029.
The main element fueling the market's expansion is Europe's rapidly expanding megaproject construction activity. However, large investments in the building industry for implementing the most recent technologies may expand the potential for regional providers of intelligent evacuation systems.
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, and engage in partnership deals, sign contracts with government organizations, and so on.
List of Key Players Mentioned in the Report:
- HOCHIKI Corporation (Japan)
- Robert Bosch S.A. (Germany)
- Siemens (Germany)
- Honeywell International Inc. (U.S.)
- ABB (Switzerland)
- Johnson Controls (Ireland)
- Eaton (Ireland)
- Legrand (France)
- TOA Corporation (Japan)
- Norden Communication UK Ltd (U.K.)
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Major Table of Contents:
- Global Intelligent Evacuation System Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Public Address System
- Voice Alarm System
- Mass Notification System
- Emergency Lighting
- By End-user (USD)
- Commercial
- Residential
- Industrial
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Intelligent Evacuation System Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Public Address System
- Voice Alarm System
- Mass Notification System
- Emergency Lighting
- By End-user (USD)
- Commercial
- Residential
- Industrial
- By Country (USD)
- United States
- Canada
- Mexico
- Europe Intelligent Evacuation System Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Public Address System
- Voice Alarm System
- Mass Notification System
- Emergency Lighting
- By End-user (USD)
- Commercial
- Residential
- Industrial
- By Country (USD)
- United Kingdom
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
- Asia Pacific Intelligent Evacuation System Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Public Address System
- Voice Alarm System
- Mass Notification System
- Emergency Lighting
- By End-user (USD)
- Commercial
- Residential
- Industrial
- By Country (USD)
- China
- India
- Japan
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
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