The global fire alarm market is set to reach $98.90 billion by 2030, driven by technological advancements and increased safety awareness.
As per the report published by Allied Market Research, titled, “Fire Alarm and Detection System Market by Offering (Hardware and Software), Product Type (Fire Alarm Type and Detector Type), Detection Technology (Addressable and Conventional), Connectivity (Wired and Wireless), and End User (Commercial, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global fire alarm and detection system market generated $60.50 billion in 2020, and is expected to reach $98.90 billion by 2030, growing a CAGR of 5.0% from 2021 to 2030.
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Rise in rate of fire safety system deployment in educational institutes, advancement of fire detection and alarming devices, and surge in awareness among residents for fire detection systems have boosted the growth of the global fire alarm and detection system market. However, high initial costs and concerns regarding false alarms & detection failure hinder the market growth. On the contrary, development of wireless and remote function fire detection and alarm system is expected to open new opportunities for the market growth.
Competitive analysis and profiles of the major fire alarm and detection system market players such as Carrier Global Corporation, Eaton Corporation PLC, Halma PLC, Hochiki Corporation, Honeywell International Inc., Johnson Controls International PLC, NAPCO Security Technologies, Inc., NITTAN Company, Limited, Robert Bosch GmbH and Siemens AG.
Key Benefits For Stakeholders
• This study comprises analytical depiction of the global fire alarm and detection system market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall fire alarm and detection system market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current fire alarm and detection system market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and the fire alarm and detection system market share of key vendors.
• The report includes the wireless fire alarm system market trends and the revenue share of key vendors.
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The report segments the global fire alarm and detection system market on the basis of offering, product type, detection technology, connectivity, end user, and region.
Based on offering, the hardware segment held the largest share in 2020, contributing to more than four-fifths of the market. However, the software segment is estimated to portray the highest CAGR of 7.2% from 2021 to 2030.
On the basis of product type, the detector type segment is projected to manifest the highest CAGR of 6.8% during the forecast period. However, the fire alarm type segment held the lion’s share in 2020, accounting for nearly four-fifths of the market.
The global fire alarm and detection system market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding nearly one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 6.5% during the forecast period.
Get detailed COVID-19 impact analysis on the Fire Alarm and Detection System Market: https://www.alliedmarketresearch.com/request-for-customization/12858?reqfor=covid
Covid-19 scenario:
• The Covid-19 pandemic forced governments to impose strict regulations on production facilities including electronics and semiconductors to curb the spread of the virus. Moreover, the lack of workforce and increased prices of raw materials negatively affected the production of fire alarms and detection systems.
• The travel bans, drop in manufacturing utilization, and prolonged lockdown across European and Asian countries hampered the market. Moreover, the supply chain disrupted during the pandemic.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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The article discusses the growth and future projections of the global fire alarm and detection system market.
Advancements in fire detection technology and increased awareness for fire safety are key drivers.
The Asia-Pacific region is projected to showcase the highest CAGR during the forecast period.
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