The fire alarm and detection market has garnered a market value of US$ 29.68 Bn in 2022, anticipated to register a positive CAGR of 6% in the forecast period 2022-2032 and reach a value of US$ 53.15 Bn.
The market grew at a 6.3% CAGR from 2015 to 2021, reaching a value of US$ 28 Bn at the end of the aforementioned historical period. Businesses are converting to remote working models as a result of the COVID-19 pandemic, which is giving the market a boost. With more people working from home for longer periods of time, there has been an increase in demand for residential fire safety. Over the subsequent ten years, the global demand will continue to increase.
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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.
Competitive Landscape
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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Key Companies Profiled
- 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 Corporation
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.
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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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