New York, United States, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Wireless Fire Protection Systems Market Size to grow from USD 2.5 billion in 2021 to USD 4.2 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9% during the forecast period. Over the course of the projection period, the market will be driven by the growing attention on aesthetics, design, and the is linked to such system. The expansion of government requirements and regulations pertaining to fire protection systems is also one of the key factors fuelling the market for global wireless fire detection systems.
Key Insights
- The global Wireless Fire Detection Systems market was valued at USD 2.5 billion in 2021.
- The market is growing at a CAGR of 9% from 2022 to 2030
- The global Wireless Fire Detection Systems market is expected to reach USD 4.2 billion by 2030
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The conventional wired fire detection systems can be effectively replaced by wireless fire detection systems. The wireless fire detection system mainly consists of a gadget that detects smoke, fire, and carbon monoxide while simultaneously alerting those nearby via integrated visual and auditory output. Wireless fire detection systems are a synthesis of wired and wireless technologies that use radio loop components. Combining wireless and wired systems creates dependable networks that may be retrofitted into industrial settings, multi-occupancy buildings, and other locations. Wireless fire detection systems connect devices and sensors to the system's inbuilt controllers using secure, license-free radio communications. The choice of fire detection system relies on the building's use and purpose, current regulations, and use. Monitoring module, detector head, alarm sounds, and wireless manual call point are all components of a wireless fire detection system. Other wireless fire detection systems include wireless photoelectric smoke detectors, wireless AC-powered smoke alarms, and others.
The market is expected to grow as more wireless technologies are implemented in safety systems, easing remote access and enabling communication between field equipment and control stations. In the oil and gas industry, these field devices are routinely put in hazardous locations, like subsea. The cost of overhead and cabling has decreased because to these communication alternatives. These wireless detection devices can be used to transmit critical information directly, allowing top management to make decisions in an emergency. Government-compliant wireless fire detection devices have increased the acceptance of wireless instrumentation for critical safety applications. The decreasing cost of IR systems is also predicted to increase demand for wireless fire detection systems throughout the course of the projection period. Due to increased local and regional suppliers, the market has grown more competitive, which has led to a significant decrease in the price of the sensors used in these systems. Lack of acceptance in the industry due to low perceptions of dependability and high maintenance costs is likely to be a restraining factor for the wireless fire detection systems market. Additionally, there are currently more opportunities for market expansion because fire safety regulations and rules have significantly improved in several countries throughout the world.
Browse data tables and figures spread through and in-depth TOC on “Global Wireless Fire Detection Systems Market Size, Share, and COVID-19 Impact Analysis, By Product (Sensors Or Detectors, Fire Alarm Panels And Devices, Input Or Output Modules), By System Type (Fully Wireless Systems, Hybrid Systems), By End User (Commercial, Residential, Government), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”The plastics segment to account for the largest market size during the forecast period https://www.sphericalinsights.com/reports/wireless-fire-detection-systems-market
The Sensors or Detectors segment holds the largest market share during the forecast period.
On the basis of product, the global wireless fire detection systems industry is segmented into sensors or detectors, fire alarm panels, and devices, input or output modules, and others. The sensor or detectors segment, out of these, currently has the greatest market share and is projected to experience the fastest CAGR growth over the course of the projection period. This is due to the segmental expansion being boosted by a technologically advanced sensor's ability to effectively connect with fire alarm panels and communicate real-time data. Along with this, other elements like a long battery life, high sensitivity, and LED indicators will boost market penetration.
Hybrid systems is anticipated to grow at a highest CAGR.
Based on system type, the global wireless fire detection systems market share is segmented into fully wireless systems and hybrid systems. The hybrid systems market, which currently has the greatest market share among these, is expected to expand at a sizable CAGR throughout the projected period as a result of factors like these systems' affordability and connection. Additionally, this method reduces the labour costs associated with its installation.
Residential segment holds the highest market share of 20% over the forecast period.
On the basis of end user, the global wireless fire detection systems market growth is segmented into commercial, residential, government, manufacturing, and others. Residential holds the biggest market share of these, at 20% throughout the forecasted period. Due to the rise in fire incidents in residential buildings, the application has a significant impact on the market's overall growth. Another element that contributes to residential fire mishaps around the world is unattended cooking appliances.
Report Scope
| Report Metric | Details |
| Market Size 2030 | USD 4.2 billion |
| CAGR | 9% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Segments Covered | By Product, By System Type, By End User |
| Report Coverage | Drivers, Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, the Middle East, Africa and Rest of the World |
| Key Companies Profiled/Vendors | Robert Bosch GmbH, Halma PLC, Eurofyre Ltd., Honeywell International Inc., Ceasefire Industries Pvt. Ltd., Keystone Fire Protection Co |
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Europe is dominating the market with the largest market share of 11% over the forecast period.
A potential market for wireless fire detection systems trends will be created by the continued construction of residential buildings such as flats, bungalows, apartments, and private houses in Europe, which will account for 11% of the global market over the projection period. In addition, government agencies are encouraging companies to use cutting-edge technology to promote industrial automation, which will also accelerate category growth.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Wireless Fire Detection Systems market based on the below-mentioned segments:
Wireless Fire Detection Systems Market, By Product
- Sensors or Detectors
- Fire Alarm Panels and Devices
- Input or Output Modules
Wireless Fire Detection Systems Market, By System Type
- Fully Wireless Systems
- Hybrid Systems
Wireless Fire Detection Systems Market, End User
- Commercial
- Residential
- Government
Regions Covered
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
List of Key Companies
- Robert Bosch GmbH
- Halma PLC
- Eurofyre Ltd.
- Honeywell International Inc.
- Ceasefire Industries Pvt. Ltd.
- Keystone Fire Protection Co.
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