United States, Rockville MD, July 13, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and consulting firm, says that the global fire alarm systems market would be worth US$ 30.12 Bn in 2022 and have a CAGR of 6.6% between 2022 and 2032. Fact.MR has specifically stated that deployment of fire alarm systems in comparison with conventional fire alarm systems is bound to prove to be cost-effective for the building contractors.
As such, the global fire alarm systems market is expected to be worth US$ 57.08 Bn by the year 2032. Fire alarm systems are being increasingly used by oil & gas vertical, power, energy, and the automotive vertical.
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The construction vertical is at its peak, with governments across the globe asking for installation of smoke alarms and detection systems in the buildings.
Fire alarms, these days, could either be directly automated from the smoke and heat detectors or activate manually through fire alarm devices like pull stations/speaker strobes that sound like an alarm. Several countries have laid down safety guidelines regarding installation of fire alarm systems.
What Augmenting Fire Alarm Systems Market Growth?
“Rapidly Increasing Advancements in Fire Detection & Warning Technology”
Fire alarm systems that are integrated with ionization technology have been popular for years and are expected to witness steady adoption during the assessment period.
As fire detector systems are becoming more technologically advanced, leading companies across industries are seeking effective fire detection systems that align with the environment and their working conditions.
The market revenue is primarily driven by factors such as the rising rate of fire safety system deployment in educational institutions and the rise in awareness among residents of fire detection systems. Advancements in fire alarm and detection and smoke detectors combined with IoT and big data technologies are anticipated to drive market expansion over the coming years.
In the past few years, the market for fire alarm systems has witnessed vast developments in terms of technological advancements. The rising number of companies in the market continues to push fire alarm systems in terms of technological evolution.
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Key Segments Covered in Fire Alarm Systems Industry Survey
- Fire Alarm Systems Market by System Type :
- Conventional Fire Alarm Systems
- Addressable Fire Alarm Systems
- Conventional Fire Alarm Systems
- Fire Alarm Systems Market by Service :
- Professional Services
- Managed Services
- Professional Services
- Fire Alarm Systems Market by Application :
- Commercial Fire Alarm Systems
- Industrial Fire Alarm Systems
- Residential Fire Alarm Systems
- Commercial Fire Alarm Systems
- Fire Alarm Systems Market by Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
Competitive Landscape
Fire alarm system manufacturers are focusing on research and development initiatives to create cutting-edge products that incorporate the newest technologies. Offering post-sale services to make sure the installations adhere to safety and operation standards will be another go-to-market priority.
Fire alarm system providers strive to provide supplementary services, new goods, training, and help in choosing the best product for a certain application.
For instance:
- The intelligent fire safety system by Honeywell is an addressable fire detection system that offers reliable detection performance. The system is easy to install and detects fire very fast.
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Key players in the Fire Alarm Systems Market
- Johnson Controls
- Honeywell
- Siemens
- Bosch
- Encore Fire Protection
- Hochiki
- Gentex
Key Takeaways from Fire Alarm Systems Market Study
- By the end of 2022, the market is projected to achieve a global market size of US$ 30.12 Bn.
- Globally, North America holds 25.1% of the market.
- Massive advancements in fire detection & warning technology to drive the fire alarm systems market
- Globally, Europe contributes for 23.6% of the revenue
- Intelligent notification features are being incorporated in fire alarm systems through novel market entrants
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