The global Fire Alarm & Detection Market size is expected to reach USD 23. 2 billion by
2025, according to a study by Grand View Research, Inc., registering a CAGR of
4.3% during the forecast period. Fire alarm and detectors can protect assets,
avoid casualties, and prevent property damages by raising alerts about a fire
outbreak at an early stage. Recent accidents, such as the Grenfell Tower fire
in London in June 2017, have triggered the need to equip high rise towers with
effective fire alarm and detection systems. Growth in new residential and commercial
construction activities as well as renovation projects, and subsequent need to
upgrade existing fire alarm and detection systems are also emerging as key
factors driving fire alarm and detection market growth.
Advances in technology have
resulted in introduction of wireless and quick response systems that can detect
the exact location of the fire and curb false alarms. These systems are
suitable for large-scale applications. However, these systems are expensive as
they incorporate several electronic components and devices. Conventional
systems are preferred for small-scale applications owing to cost constraints.
Fire safety norms are
particularly stringent in North America and Europe. Moreover, the two regions
are home to prominent market players, such as Emerson Electric Co., Fike
Corporation, Gentex Corporation, and Halma plc. Hence, the North American and
European regional markets are currently dominating the fire alarm market.
However, regional markets in emerging economies, such as India and China, are
expected to exhibit a higher CAGR over the forecast period in line with growing
awareness about fire safety.
Further key findings from the study
suggest:
·
Rising adoption of fire alarm
& detection systems in response to stringent fire safety norms has
propelled the growth of the global market, which is expected to register a CAGR
of over 4.0% during the forecast period
·
Addressable systems are
expected to emerge as the largest segment, projected to reach a value of USD
17.2 billion by 2025. This is owing to numerous benefits, such as quick
response time, high reliability, and reduced cabling, offered by addressable
alarm technology
·
Market size of the smoke
detectors segment is projected to reach USD 10.4 billion over the forecast
period. This can be attributed to the affordability of smoke detectors as well
as their capability to detect low-intensity fires
·
The market for alarm &
detection systems used in commercial applications is expected to continue
dominating the overall market over the forecast period, and the market size of
the segment is expected to exhibit a CAGR of over 4.5%
·
North America is currently the
largest market and is expected to remain so over the forecast period. The
region is known for early adoption of fire detection technology and is also
home to leading market players
·
Emersion Electric Co.; Fike
Corporation; Gentex Corporation; Halma plc; Hochiki Corporation; and Honeywell
International, Inc. are some of the prominent players in the market.
About Us:Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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