The global Fire Alarm And Detection market size is expected to be worth around US$ 72.02 billion by 2030, according to a new report by Vision Research Reports.
The global Fire Alarm And Detection market size was valued at US$ 50.24 billion in 2020 and is anticipated to grow at a CAGR of 8.1% during forecast period 2021 to 2030.
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Growth Factors
The market is gaining prominence, more so amidst the COVID-19 pandemic that hit the world economy in 2020, with businesses shifting to remote working models. The demand for residential fire safety witnessed a rise, with people spending extended hours working from home.
The global demand surpassed USD 40 billion in 2020 and will continue to witness growth over the next seven years. While the pandemic created a few lucrative opportunities for the OEMs, awareness about the safety and security of assets in the commercial sector also increased. As businesses resume, the need to safeguard facilities with guidelines and installations promoting fire safety will encourage building owners to either replace old equipment or install new safety devices.
In addition, the advancements in fire safety products by leveraging the latest wireless technologies will help OEMs keep up with the competitive rivalry in the industry. Advancements followed by cost-effective products and service & maintenance post installations will go a long way in favoring sales. Vendors aim to launch new products and leverage opportunities in emerging markets by developing a local sales network and closing new business deals.
Report Highlights
The fire detectors product segment accounted for the highest revenue share of over 61% in 2020. Fire detectors have applications in detecting leaks, such as gas, that could result in a fire accident. Regulations in several countries that encourage the adoption of fire detectors are a key factor favoring product sales, a trend expected to continue till 2030. The fire alarms segment is expected to register the fastest CAGR exceeding 4% from 2021 to 2030. Fire regulations will continue to play a vital role in boosting the product demand.
For better results, both fire alarms and detectors need to be used together. Detectors play a pivotal role in detecting leaks while alarms alert the occupants by transmitting a signal. Both the product types are essential to a building or facility and will continue to witness significant growth over the forecast period. Technology plays an important role in product improvements and favoring the associated market demand in the current scenario. For instance, adding innovative functionalities that support voice evacuation will go a long way in driving product sales and subsequently augmenting the market growth.
Fire detectors are further categorized into heat, smoke, and flame detectors. Heat detectors will witness the fastest CAGR exceeding 5% over the forecast period. Heat detectors are a preferred choice where the ambient temperature is high or for areas with rapid temperature changes. These areas could include garages, mechanical rooms, storage facilities, and commercial kitchens, among others.
Fire alarm &detection systems are an integral part of industrial, commercial, and residential areas. The commercial segment captured the highest revenue share of more than 44% in 2020 and is estimated to maintain its leading position throughout the forecast period. The growing importance of fire safety equipment in business facilities and the need to follow government guidelines favor the segment growth. With the growing number of business centers, the demand for new fire alarm and detection systems is also on the rise.
North America emerged as the largest regional market in 2020 accounting for a revenue share of more than 48%. The market, however, has reached a mature phase and will witness steady growth over the forecast period. Asia Pacific is estimated to emerge as the fastest-growing regional market over the forecast years.
| Report Coverage | Details |
| Market Size | US$ 72.02 billion by 2030 |
| Growth Rate | CAGR of 8.1% From 2021 to 2030 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Fire Detectors Type, Fire Alarms Type, Application, Region |
| Companies Mentioned | Johnson Controls International plc, Honeywell International, Inc., Napco Security Technologies, Inc., Nittan Co., Ltd., Siemens AG, Halma plc, United Technologies Corp., Robert Bosch GmbH, Eaton Corp. |
Key Players
Market Segmentation
The study objectives of this report are:
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