Fire Alarm And Detection Market Set to Witness an Uptick during 2020 to 2027Posted by Mrudula Anil Karmarkar on May 20th, 2021 The global fire alarm and detection market size is expected to reach USD 75.3 billion by 2027, expanding at a CAGR of 8.5% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing awareness towards the safety and security of assets across the globe is expected to offer significant opportunities for technological innovations in the market. Additionally, rise in the consumer spending on fire protection devices especially across the enterprise and industrial sectors in order to reduce the risk of accidents is expected to spur market growth. Moreover, stringent government regulations and mandates regarding workplace safety, and increasing demand for state-of-the-art fire alarm & detection system is expected to fuel the market. The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor. The need for upgrading the existing alarm and detection systems to advanced one and consequently complying with the stringent regulation will drive the market. Growing fire accidents has alarmed the need for installation of advanced alarm and detection systems across the residential, commercial, and industrial sectors. For instance, Legislative requirements from different countries including the National Fire Protection Association, USA, and Building Code of Australia have mandated the installation of fire detection devices, thereby boosting the demand for these devices. North America dominated the market in 2020 and is expected to continue its dominance over the foreseen years. The anticipated growth in the construction industry in Canada owing to the government’s “Investing in Canada Plan”. Under the initiative, the government of Canada is planning to invest USD 139 billion in infrastructure till 2028. U.S. is attributed to the high demand for commercial and residential places across states such as Georgia, Florida, and North and South Carolina. Moreover, increasing automation in buildings and smart homes, stringent government regulations pertaining to safety standards, and the growing demand from the mining and manufacturing industries have fueled the demand for the alarm and detection systems in the region. Fire Alarm And Detection Market Report Highlights
Asia Pacific is anticipated to exhibit the highest CAGR from 2020 to 2027. Growing industrialization and urbanization in emerging markets such as India, China, and Japan is expected to accelerate infrastructure spending including mass transportation such as airport security, including intelligent transportation systems across these regions is estimated to offer lucrative growth opportunities for the industry. However, the growing need for replacement and maintenance services of the deployed fire safety equipment owing to various building safety codes is offering lucrative opportunities for the manufactures to enter into the market. Besides, the improvement in the construction industry and the subsequent development of infrastructure in developed and emerging economies has fostered the industry. The implementation of a smoke alarm and detection system has improved the safety quotient for various structures. Furthermore, with the technological development, the introduction of the wireless and addressable system has been the key to the improvement in the response time and has also assisted in reducing the false alarm frequency. Additionally, one of the key factors contributing towards market growth is the increasing stringency in the adoption of fire safety regulations within residential, commercial, and industrial applications. Various countries in regions including Europe, Asia Pacific, and North America have implemented stringent fire safety and security norms, which mandate the installation of smoke alarm and detection systems in commercial, residential, and industrial places. For instance, in Japan, the Building Standards Law and Fire Services Law; in China, the Code of Design for Building Fire Protection and Prevention for the purpose of protecting the humans and maintaining public safety, reducing the damage, preventing the disasters, and property safety. Such strict implementation and mandate of fire codes and standards across countries is anticipated to fuel market growth over the forecast period. Moreover, the prominent factor driving growth prospects for the market is the rising initiative taken by various fire departments to create awareness regarding safety. For instance, in October 2020, Melrose Domino’s, NFPA, and Stoneham Fire Department have partnered to create awareness regarding the need for fire protection devices and promote safety. Additionally, the increased fire protection expenditure, especially from consumers located in developing economies along with the reduction in prices of smoke protection solutions, has stimulated the growth of the industry. Additionally, technological advancements such as wireless alarm systems, water mist technology, smoke detection system, and the addition of integrating smoke detection devices into building management would be the key factors behind the growing demand for fire alarms and detection systems. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1593/ibb The fire safety industry has amplified its effort towards increasing the stringency of safety standards and codes. It has enforced various value chain members in developing intelligent components and robust systems such as the wireless and the addressable system. The technologically advanced regions including North America and Europe have seen a steady demand for smoke alarm and detection systems from 2016 to 2018 owing to the strict implementation of fire safety codes and standards, which is projected to stimulate the growth trend over the next few years. Whereas, some of the developing economies owing to lack of stringency in regulation and high costs are yet to witness the upsurge in demand for smoke alarm and detection systems. Besides, improving economic conditions and the fast-paced construction industry in countries such as Brazil and India is projected to boost the market over the forecast period. The smoke alarm and detection system is one of the essential system required to be incorporated in any building. The system plays an important role in safeguarding and alerting the consumers from a potential fire destruction. Additionally, it enables in saving human losses caused due to fire incidents. Over the past few decades, the lack of awareness about smoke alarm and detection systems across some of the emerging and economically weak countries has turned out to be a potential opportunity for the solution providers. Hence, both government and solution providers are focusing on increasing the awareness regarding the need, deployment, and use of the smoke alarm and detection systems in such countries. Such initiatives are projected to fuel the demand for smoke alarm and detection systems in the emerging and weak economies, thereby, influencing the overall demand for fire safety systems over the next decade. w Research has segmented the global fire alarm and detection market based on product, type, application: Fire Alarm and Detection Product Outlook (Revenue, USD Million, 2016 - 2027)
Fire Detectors Type Outlook (Revenue, USD Million, 2016 - 2027)
Fire Alarms Type Outlook (Revenue, USD Million, 2016 - 2027)
Fire Alarm and Detection Application Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |