14-Jul-2023 | Zion Market Research
The global fire alarm market size was worth around USD 28.5 billion in 2022 and is predicted to grow to around USD 50.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.5% between 2023 and 2030.
Fire alarm systems play a crucial role in ensuring the safety of individuals and property by detecting and alerting people to the presence of a fire or smoke. These systems are designed to provide early warning signals, allowing occupants to evacuate a building safely and enabling emergency responders to initiate appropriate actions. Fire alarm systems are typically installed in various types of buildings, including commercial buildings, industrial facilities, educational institutions, healthcare centers, and residential complexes. They are a fundamental component of building safety regulations and codes, aiming to prevent casualties and minimize property damage in the event of a fire. The advancements in technology have led to the development of more sophisticated fire alarm systems, such as addressable systems and intelligent systems. These systems provide enhanced features, such as precise location identification, advanced detection algorithms, and integration with other building systems for improved overall safety and control. The fire alarm market is being driven by various factors including growing technological advancements, stringent rules & regulations imposed by government bodies, and growing awareness related to safety.
This review is based on a report by Zion Market Research, titled "Fire Alarm Market By Product Type (Manual Initiating Devices, Automatic Initiating Devices, And Others), By Connectivity (Addressable System, Intelligent System, Wireless System, And Others), By End User (Commercial, Industrial, And Residential), By Detectors (Ionizing Detectors, Photoelectric Detectors, And Heat Detectors) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/fire-alarm-market
The expansion of the building sector, an increase in the number of fire outbreaks that result in property damage & human casualties, strict regulations, and the growing use of wireless technology for fire detection are all contributing variables to the growth of the global fire alarm market. In the upcoming years, the fire alarm industry will advance due to the rising need for new smoke detection equipment in fire-prone industries such as oil & gas, manufacturing, automotive, energy & power, petrochemical, mining, and construction. However, false alarms and retrofitting challenges are expected to hamper the growth of the market over the forecast period.
The global fire alarm industry is segmented based on product type, connectivity, end user, detectors, and region.
Based on the product type, the global market is bifurcated into manual initiating devices, automatic initiating devices, and others.
Based on the connectivity, the global fire alarm industry is divided into addressable systems, intelligent systems, wireless systems, and others.
Based on the end user, the global industry is divided into commercial, industrial, and residential. The commercial segment is expected to dominate the fire alarm market during the forecast period. In commercial buildings including offices, hospitals, schools, malls and other retail establishments, hotels, restaurants, and others, fire alarms are widely used. Research shows that commercial property owners spend more than USD 2.4 billion annually due to fires. Food preparation using stoves and ovens is the main cause of fires in commercial buildings including hotels, restaurants, and cafés. Thereby, driving the segment growth.
Based on the detectors, the global market is divided into ionizing detectors, photoelectric detectors, and heat detectors.
North America is expected to capture the largest global fire alarm market share during the forecast period. The region has well-established fire safety regulations and codes that require the installation of fire alarm systems in various types of buildings. These regulations are enforced at federal, state, and local levels and are aimed at ensuring the safety of occupants and minimizing fire-related risks, which in turn, drives the market growth. Besides, the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Rapid urbanization in the Asia Pacific region has led to the construction of commercial complexes, residential buildings, and industrial facilities. These developments require the implementation of fire alarm systems to meet safety regulations and protect lives and property, contributing to the growth of the market.
The global fire alarm market is dominated by players like:
By Product Type
By End User
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