Fire Alarm Systems Market is slated to increase at a CAGR of 5.8% to reach a valuation of US$ 33,521 Mn by 2029. The commercial and residential construction sectors now have to follow strict government safety standards and regulations regarding fire alarm systems and fire safety components. Modern systems have advanced capabilities as compared to the older, basic ones, including advanced equipment for smoke/flame detection and signaling.
These systems use new technologies such as cloud-based fire alarm control panels and video-based smoke/flame detectors. Commercial fire alarm systems are capable of detecting threats and generating a signal in order to alert people in the building and deliver information to the monitoring company, allowing them to deploy emergency responders.
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Key Takeaways of Fire Alarm System Market Study
- Addressable systems are estimated to continue to hold a significant market share of the global fire alarm systems market among all the segments by solution, during the forecast period of 2022-2029.
- Designing & installation services are estimated to continue to hold the largest market share of the global fire alarm systems market among all the segments by professional service, during the forecast period.
- Among all the applications, the industrial sector is estimated to register the highest CAGR in the global fire alarm systems market.
Increasing Demand for Fire Alarm Systems in Construction Industry
The industrial sector requires secure facilities that integrate industrial process systems and equipment designed to produce end products such as vehicles, textiles, chemicals or processed metals, and electricity. Rising demand for secure infrastructure is expected to lead to increasing installation of fire alarm systems.
- In September 2022, Bosch Limited launched AVIOTEC IP starlight 8000, a video-based fire detection solution that can be used in tunnels, to ensure reliable and early detection of smoke and flames.
Key providers of fire alarm systems are focusing on adding innovative capabilities into their current fire safety solutions. This is helping them to enhance and upgrade their fire alarm systems portfolio.
- For instance, in June 2019, Fike Corporation launched 3MTM Novec TM 1230 Fire Protection Fluid in its patented Impulse Valve Technology fire suppression system. It is waterless, discharged as a gas, leaves no residue, and is electrically non-conductive, making it an ideal solution for quickly extinguishing fires in spaces occupied by electronics or irreplaceable assets and where business continuity is critical.
- In June 2019, Halma acquired Ampac, a leading fire and evacuation systems supplier in Australia and New Zealand markets. Ampac brings strong brand equity, robust technology, and established routes to market.
- Johnson Controls
- United Technologies Corporation
- Honeywell International
By Solution :
- Type of System
- Conventional Fire Alarm Systems
- Addressable Fire Alarm Systems
- Professional Services
- Designing & Installation
- Managed Services
- Professional Services
By Application :
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
More Valuable Insights on Fire Alarm Systems Market
Future Market Insights offers an unbiased analysis of the global fire alarm systems market, providing historical data for 2014-2021 and forecast statistics for 2022-2029. To understand opportunities in the fire alarm system market, the market is segmented on the basis of solution (type of system and services) and application (commercial, industrial, and residential), across seven major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.