A recently published report by Fact.MR expects the market for fire alarm and detection to register a CAGR of 6%, surpassing US$ 53 Bn in value by the end of the 2022-2032 forecast period. Demand is steadily inclining as a result of tightening regulations on fire safety measures to be implemented both across the commercial and residential domains.
From 2015 to 2021, the market inclined at a 6.3% CAGR, being valued at US$ 28 Bn by the end of the said historical period. The market is gaining further prominence amid the COVID-19 pandemic, 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 continues to witness growth over the next ten years.
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Key Takeaways from the Market Study
- Global fire alarm and detection market to be valued at over US$ 29 Bn in 2022
- Fire alarm and detection market to accumulate 45% revenue across the Asia Pacific
- Europe to register a positive a CAGR of 7.4% in the fire alarm and detection market
- By product, fire detectors to remain the top selling product, capturing over 50% revenue
- Heat detectors sales to soar at a CAGR of 8% through 2032
- Over 2 out of 5 fire alarm and detection systems demand to be stimulated by the commercial segment
“Growing importance of fire safety equipment in business facilities and the need to follow government guidelines favor the growth. With the growing number of business centers, the demand for new fire alarm and detection systems is also on the rise,” says a Fact.MR Analysis.
The competitive landscape of the fire alarm and detection market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.
• In October 2020, Honeywell launched the first tools from its new suite of Connected Life Safety Services (CLSS), its first all-in-one cloud platform for fire safety systems.
• Honeywell’s CLSS suite of tools, built on the Honeywell Forge platform, enables fire technicians to minimize disruption, prove compliance and reduce the time needed for design, installation, commissioning, inspection, maintenance, and reporting of life safety systems.
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What is driving Market Demand for Fire Alarm and Detection Systems?
Revised Fire Safety Standards to avoid Catastrophes Driving Demand
The demand for advanced fire safety systems in fire-prone industrial settings, such as automotive, power & utility, mining, petrochemical, and oil & gas exploration, will drive the market growth over the next seven years.
Fire safety amidst the newly minted work-from-home model in light of the COVID-19 pandemic has gained prominence. With businesses slowly reopening in some parts of the world, building managers or facility owners are securing and maintaining fire protection systems.
The reassessment of fire safety requirements will create growth opportunities for market players over the coming years. The need for fire safety solutions surged marginally in 2021. However, due to supply chain disruptions, vendors in this space witnessed minor hiccups in receiving and fulfilling orders.
Increased Emphasis on Residential Grade Fire Safety amid the COVID-19 Pandemic
Given the current scenario, the demand for cooking fire safety, electrical fire safety, and heater fire safety will gain traction over the next few years. The global market will most likely reach pre-COVID levels by the end of 2022. The market is already on its path to recovery with a minor setback caused by supply chain disruptions.
However, as businesses reopen, the importance of fire safety is likely to take center stage and will drive product sales over the next few years. In addition, the pandemic-induced work-from-home model will also contribute to industry recovery as fire safety gains prominence with individuals spending considerable time working from home.
Prospects to Appear Optimistic across the Commercial Construction Industry
As the industry continues to witness a modest upsurge led by the pandemic, a recovery in construction-related projects, both new and redevelopment, will also generate lucrative market conditions for the fire safety OEMs.
Fire detection & alarm is are integral elements of any building project enabling safety across several structures. Hence, a rise in the number of construction-related projects will come as a respite for the industry’s growth. In addition, advancements in technology enabling wireless products with improvements in response time will also pave the way for future growth.
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Key Market Segments in Fire Alarm and Detection Industry Research
- By Product
- Fire Detectors
- Fire Alarms
- By Type
- Flame Detectors
- Smoke Detectors
- Heat Detectors
- By Fire Alarms Type
- Audible Alarms
- Visual Alarms
- Manual Call-points
- By Application
- Commercial Fire Alarm and Detection Systems
- Industrial Fire Alarm and Detection Systems
- Residential Fire Alarm and Detection Systems
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