According to a new market study by Future Market Insights (FMI), the global fire alarm systems market is forecasted to witness substantial growth in terms of value between 2019 and 2029.
In the recent past, the stringency of safety regulations has significantly increased across residential and commercial sectors, thereby asserting consumers to install safety components, including fire alarm systems. Moreover, ever-evolving product innovations and advanced capabilities of novel systems are equally vital to the rising adoption of fire alarm systems.
On these lines, advancements in smoke or flame detection equipment, as compared to conventional, existing systems are fuelling the sales. For instance, the integration of cloud technology with fire alarm systems has been a crucial advance on the innovation front, resulting in an uptake in sales.
Likewise, the soaring adoption of advanced alarm systems - that are capable of rising alert, delivering information, and monitoring the office space - in commercial areas will boost the revenue of the market.
“Manufacturers are focusing on customizing existing designs to comply with new safety standards and regulations and are focusing on developing new designs to cater to diverse end-use sectors such as construction and hospitality among others,” opines FMI analyst.
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Fire Alarm Systems Market - Key Takeaways
- The global fire alarm systems market is poised to expand at a healthy CAGR of 6% and surpass a valuation of US$ 33 Bn by the end of the forecast period.
- Fire alarm systems worth over US$ 8.5 Bn were set up in the commercial sector in 2019, and will continue to channel the majority of revenue through the forecast period.
- Based on the type of system, addressable systems are anticipated to account for higher market value, backed by better efficiency, faster response time, and lower cost over conventional alternatives.
- By service, designing & installation services segment will remain the most lucrative end-use segment through the assessment period.
Fire Alarm Systems Market - Key Trends
- The introduction of IoT-based fire alarm systems and integration with other novel technologies has emerged as a lucrative supply-side trend.
- The cloud and IoT-based fire alarm systems are equipped with a wide array of sensors to alert the respective authorities in case of a fire accident, thereby offering higher safety and reliability.
Fire Alarm Systems Market - Regional Analysis
- North America and Western Europe are anticipated to hold the majority of market share, accounting for more than 50% of market value, owing to high spending power in both residential and commercial sectors.
- Asia Pacific (excluding Japan) is exhibiting tremendous growth potential ascribed to an increasing number of safety norms coupled with rising emphasis on safety.
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Fire Alarm Systems Market - Competitive Landscape
Key players operating in the market include Gielle PT. Effrensindo Kencana, Honeywell, PT. DRACO Internasional, Schneider Electric, Bosch, PT. Totalfire Indonesia, Axia Prima Sejahtera, PT, PT. Indobara Bahana, and Siemens among others. Market players are focusing on developing innovative products to tap on unexplored application areas. On these lines, Bosch Limited launched AVIOTEC IP starlight 8000, a video-based fire detection solution to be used in tunnels, to ensure reliable and early detection of smoke and flames.
Fire Alarm Systems Market - Taxonomy
Type of System
- Conventional Systems
- Addressable Systems
- Professional Services
- Designing & Installation
- Managed Services
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East & Africa
Get Valuable Insights into the Fire Alarm Systems Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global fire alarm systems market, presenting historical demand data and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the fire alarm systems market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Strategic Promotional Strategies
5. Global Fire Alarm Systems Market Demand (in Value or Size in US$ Mn) Analysis 2014-2018 and Forecast, 2019-2029
5.1. Historical Market Value (US$ Mn) Analysis, 2014-2018
5.2. Current and Future Market Value (US$ Mn) Projections, 2019-2029
5.2.1. Y-o-Y Growth Trend Analysis
5.2.2. Absolute $ Opportunity Analysis
Complete TOC Of this Report @ https://www.futuremarketinsights.com/reports/fire-alarm-systems-market/table-of-content
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