Fire Alarm Systems Market to Expand 2X by 2029
Government agencies all over the world are shifting gears and imposing increased safety norms across various sectors and facilities to ensure minimal damage to lives and property due to on-site accidents. An upsurge in infrastructure development projects, especially in developing countries, is accenting the need for safety solutions, including fire protection systems armed with advanced features. In view of this trend, the global fire alarm systems market is projected to grow at a promising CAGR of 6%, attaining a valuation of over US$ 33 Bn by 2029.
Fire Alarm Systems Market- Key Research Findings
- The global fire alarm system market size will surpass US$ 33Bn in valuation by 2029.
- The market is expected to register a CAGR of 6% over the forecast period 2019-2029.
- The commercial and industrial sectors will remain major contributors to the fire alarm systems market growth through 2029.
- Demand from the residential sector remains prominent, while growing application in industrial sector is likely to result in increased market share.
- Conventional and addressable systems will continue to witness higher demand as compared to services.
- North America and Western Europe account for significant share of the global market value.
Key Factors Influencing Fire Alarm Systems Market
- Rising Incidence of Fire Outbreaks
An increasing number of deaths and property loss have raised awareness about fire alarm systems which remain key growth drivers of the market. Rising adoption of fire safety strategies in several countries where investments in infrastructural development have been relatively low will work in favor of the market players. Overheating of electronic equipment, alternating voltage, electric spark, and poor handling of burning lamps and cooking gas leakage are the major reasons identified for the causes of fire outbreaks, which subsequently influence the demand for fire alarm systems.
- Implementation of Stringent Rules and Regulations
Growing enforcement of stringent government regulations is significantly accelerating growth of the fire alarm systems market. In developed and developing countries, implementation of these regulations has pushed the requirement for fire alarm systems. For instance, the UK government ensures all the fire detection and alarm systems should be installed under British Standards.
- Elevated Maintenance and Installation Cost
High costs associated with maintenance and installation of fire alarm system continue to represent a potential threat for manufacturers. The cost of a fire alarm system varies depending on size, type, usage, and lifespan. These systems are expensive to install in older buildings as compared to new buildings.
Fire Alarm Systems Market Structure Analysis
- Key players in the fire alarm systems market are focused at leveraging new technologies for product innovations to stay ahead of the curve.
- Leading players have introduced several fire safety programs to catapult awareness regarding the benefits of fire protection systems.
- Manufactures are eyeing lucrative opportunities in small and medium enterprises (SMEs).
- In June 2018, Johnsons Controls introduced Autocall brand of fire alarms system in MEA.
Market value by 2029
US$ 33 Bn
CAGR over 2019-2029
Johnson Control, United Technologies Corporation, Honeywell International, Siemens, and Halma
Sustainable Application Scope in Commercial Sector
The commercial and industrial sectors will remain the key application zones in the global fire alarm systems market. Adoption in the commercial sector currently accounts for around half of overall market value, and the trend is likely to increase at a healthy pace. In 2019, fire alarm systems worth US$ 8.5 Bn were set up in commercial facilities. While increasing scope of application has been observed from the industrial sector, owing to stringent regulations regarding personnel safety, demand from the residential sector would remain steady through 2029.
North America in Vanguard, APEJ to Close in
At present, the fire alarm systems markets in North America and Western Europe are leading the way, with the former representing the most lucrative prospects through 2029. While these developed regional markets are accounting for nearly 50% market share, the market in Asia Pacific (excluding Japan) is spearheading in terms of growth rate. In addition to this, the APEJ fire alarm systems market will outpace that in Western Europe by the end of the foreseeable timeframe.
* This data is only a representation. Actual data may vary and will be available in report.
Scaling up Safety with IoT-based Fire Alarm Systems
In an effort to promote the efficiency of fire alarm systems in various sectors, market players must integrate their offerings with advanced technologies such as Internet of Things (IoT). IoT-enabled fire alarm systems are equipped with a wide array of sensors for detecting fire casualties and alerting officials for immediate response. For instance, passive infrared (PIR) sensors aid in determining the exact location of the mishap. Gas sensors detect the presence of any flammable gas, including CO2. Smart fire alarm systems, despite incorporating highly complex algorithms, offer a high degree of precision, and as such, add another layer of security.
Systems to capture nearly 80% share
Services to see steady demand
High adoption in commercial sector
Increasing scope of application in industrial sector
How Growth will Unfold
Both, conventional and addressable fire alarm systems continue to stay at the top against other solutions such as professional services and managed services. Among them, addressable fire alarm systems are likely to see substantial adoption, owing to better efficiency in terms of time and cost over conventional versions. As both system types hold around 4/5 of total market revenue, players in the fire alarm systems market are highly focused on these solutions. This study further reveals that, addressable fire alarm systems will register revenue nearly thrice that of their conventional counterparts by the end of 2029.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Fire Alarm Systems Market Analysis 2019-2029
A recent market study published by FMI on the fire alarm systems market includes a global industry analysis for 2014-2018 and opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters, growth prospects of this market are obtained with maximum precision.
Fire Alarm Systems Market Taxonomy
The global fire alarm systems market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
- Type of System
- Conventional Systems
- Addressable Systems
- Professional Services
- Designing & Installation
- Managed Services
- Professional Services
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East & Africa
The report begins with the executive summary of the fire alarm systems market, which includes a summary of key findings and statistics of the market. It also includes demand and supply-side trends pertaining to this market.
Readers can find the definition and a detailed taxonomy of the fire alarm systems market in this chapter, which will help them to understand basic information about the market. Along with this, comprehensive information pertaining to fire alarm systems and its properties is provided in this section. This section also highlights the inclusions and exclusions, which help readers to understand the scope of the Fire Alarm Systems market report.
The fire alarm systems market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed industry trends are also provided in this section.
This section includes factors that have emerged as key successful factors and strategies adopted by key market participants.
This section explains the value analysis for the global fire alarm systems market during the forecast period of 2019-2029. This chapter includes a detailed analysis of the historical fire alarm systems market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and incremental $ opportunity for the forecast period (2019–2029).
This chapter explains the key macroeconomic factors that are expected to influence the growth of the fire alarm systems market over the forecast period. Along with macroeconomic factors, this section also highlights the value chain, supply chain, forecast factors, and value chain analysis of the fire alarm systems market. Moreover, in-depth information about market dynamics and their impact analysis on the market have been provided in the successive section.
Based on solution, the fire alarm systems market is segmented into type of system and services. The type of system is further segmented into conventional system and addressable system. The services segment is divided into professional services and managed services. Where professional services is future segment into consulting and designing & installation. In this chapter, readers can find information about key trends and developments in the Fire Alarm Systems market and market attractiveness analysis.
Based on application, the fire alarm systems market is segmented into commercial, industrial, and residential. In this chapter, readers can find information about developments and key trends in the fire alarm systems market.
This chapter explains how the fire alarm systems market is anticipated to grow across various geographic regions such as North America, Latin America, Western Europe, Eastern Europe, APEJ (Asia-Pacific excluding Japan), Japan, and the Middle East & Africa.
This chapter includes a detailed analysis on the growth of the North America fire alarm systems market, along with a country-wise assessment including U.S. and Canada. Readers can also find pricing analysis, regional trends, volume analysis, and market growth based on solution, application, and countries in North America.
This chapter provides the growth scenario of the fire alarm systems market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the fire alarm systems market in several countries such as Germany, the UK, France, Spain, Italy, BENELUX, and the Rest of Western Europe are included in this chapter.
This chapter provides the growth scenario of the fire alarm systems market in Eastern Europe countries such as Russia, Poland, and the Rest of the Eastern Europe.
This chapter highlights the growth of the fire alarm systems market in APEJ by focusing on China, India, ASEAN, Australia & New Zealand, and the Rest of APEJ. This section also helps readers understand key factors that are responsible for the growth of the fire alarm systems market in APEJ.
This section helps readers understand key factors that are responsible for the growth of the fire alarm systems market in Japan.
This chapter provides information about how the fire alarm systems market is anticipated to grow in major countries in the Middle East & Africa region, such as GCC Countries, Turkey, Northern Africa, South Africa, and the Rest of Middle East & Africa, during the forecast period of 2019-2029.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the fire alarm systems market, along with their market presence analysis by region and product portfolios.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the Fire Alarm Systems market, along with detailed information about each company, which include the company overview, revenue shares, strategic overview, and recent developments. Some of the market players featured in the report are Johnson Controls, United Technologies Corporation, Honeywell International, Siemens, Halma, Eaton, Allcoopers Limited, Bosch Limited, Hochiki Europe, LLC, Gentex Corporation, Securiton AG, Minimax Viking, Fike Corporation, MIRCOM, Fireline Corporation, ORR Protection, Argus Fire Protection Company Ltd, and Firetrol Protection Systems, Inc.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the fire alarm systems market report.
This chapter helps readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the fire alarm systems market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Sales Executives
- Technical Advisors
- Fire Alarm Systems Providers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near term and Long term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- Company White Papers
- Annual Reports and Investor Presentations
- Research Papers
- Company Press Releases
- Government Websites and Publications
Primary Interview Splits