New York, United States, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The use of fire alarm and detection technologies enables the safe evacuation of buildings by raising a warning via auditory or visual signs and assisting in the early discovery of fires. Systems for fire alarm and detection can identify smoke, heat, or gas leaks and can be set up to cover a large area. Governments in various locations must implement strict fire safety laws for the business to thrive. The market for fire alarms and detection is anticipated to grow due to several other factors, including an increase in smart city initiatives and a rise in security and safety consciousness.
Governments worldwide have put in place various rules requiring the installation of fire alarms and detection systems; for instance, the U.K.'s current fire alarm regulations mandate that commercial buildings have the proper fire alarm and detection system.
One of the leading causes of death per capita in the industrialized world in the United States is fire. Without functioning smoke alarms, fire claims the lives of about 3,000 people each year and hurts another 20,000. A smoke alarm significantly lowers the number of fire-related deaths. Fire outbreaks also result in direct property loss, estimated to cost USD 11 billion annually. As the world's population rises, more people are relocating to cities. The idea of smart cities has developed in response to this extensive urbanization to enhance the quality of life. Smart cities that incorporate fire alarm and detection technology help to safeguard and protect people.
Download Free Sample Report PDF @ https://straitsresearch.com/report/fire-alarm-and-detection-market/request-sample
Growing Awareness Along With Advanced Fire Safety Is Driving The Market.
According to Straits Research, “The global fire alarm and detection market size was valued at USD 45.77 billion in 2022. It is estimated to reach USD 65.72 billion by 2031, growing at a CAGR of 4.1% during the forecast period (2023–2031).” Demand for sophisticated fire safety systems in fire-prone industries like automotive, power and utility, mining, petrochemical, and oil and gas exploration will fuel market growth over the forecast period. Fire safety has taken on greater importance in the brand-new work-from-home model due to the COVID-19 pandemic. As businesses worldwide gradually reopen, building managers or facility owners are securing and maintaining fire safety systems. Due to increased fire protection system awareness and the benefits of superior technology for averting fires, the market for fire alarms is growing. The most modern technology is in high demand, and market investment is growing. One of the most effective ways for building owners and managers to increase overall protection may be to integrate the fire alarm system with other building systems, such as mass notification and security systems.
The high initial cost of industrial alarm systems, which small-scale firms cannot pay, is the main factor limiting the market. Smart Fire Alarms and Detection Markets are expensive to install in place of traditional smoke detectors. The Internet of Things (IoT) has accelerated the advancement of smoke detector technologies (IoT). As a result, this can stop the market from growing.
Regional Insights
North America is predicted to hold the largest market share for fire alarm and detection systems throughout the projection period. Early adopters of fire alarm and detection technologies, the area is home to some of the top industry players. Improvements in appearance and installation simplicity, a greater focus on building preservation, and asbestos reduction are other factors that have contributed to the region's market growth. The demand for fire detection systems is anticipated to increase over the forecast period due to infrastructure development in nations like India and Thailand, new construction activities, tighter fire safety and security regulations, and the widespread use of wireless connectivity.
The fire alarm and detection market in Asia Pacific are anticipated to expand at the highest rate over the forecast period, supported by continuous innovations and investments in grassroots initiatives across growing nations like China and India.
Key Highlights
- Based on alarm technology, the market can be segmented into conventional and addressable alarm technology. The addressable alarm technology segment is expected to hold the largest share of the fire alarm and detection market due to the relatively low cost of this technology as compared to conventional alarm technology.
- By detector technology, the wireless fire detection systems market can be segmented into smoke, heat, and flame. The smoke detector segment is projected to grow at the highest CAGR during the forecast period due to the increasing installation of smoke detector systems at commercial places.
- By application, the market can be segmented into commercial, industrial, and residential. Among these, the commercial segment is expected to grow at the highest CAGR over the forecast period due to the increasing installations at schools and offices.
- The market has been segmented based on geography: North America, Europe, Asia Pacific, and LAMEA. North America dominates the market.
Market News
- Emerson upgraded the pressure transmitter in November 2022 to provide a quicker, more intuitive experience.
- Emerson's most recent control system update paves the way for a platform powered by software and data in October 2022.
- Emerson will reveal its "Boundless Automation" architecture vision in October 2022.
- Halma purchased WEETECH in October 2022 for €57.5 million.
- Halma and VAPAR signed a strategic collaboration agreement in June 2022.
Competitive Landscape
Some prominent players operating in the fire alarm and detection technology market include Emersion Electric Co., Fike Corporation, Gentex Corporation, Halma plc, Hochiki Corporation, and Honeywell International, Inc.
Global Fire Alarm and Detection Market Segmentation
By Product
- Fire Detector
- Fire Alarm
By Applications
- Commercial
- Industrial
- Residential
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
Get Detailed Market Segmentation @ https://straitsresearch.com/report/fire-alarm-and-detection-market/segmentation
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 480 7505 (the U.S.)
+91 8087085354 (APAC)
+44 208 068 9665 (the U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
