Fire Alarm and Detection Market to be Worth US$ 116.0 Billion by 2030
Reports and Insights has published a new report titled, “Fire Alarm and Detection Market: Opportunity Analysis and Future Assessment 2022-2030”
Fire Alarm and Detection Market, 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) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The fire alarm and detection market is estimated to reach at a value of US$ 65.9 Bn by the end of 2022 and expected to reach at a value of US$ 116.0 Bn by 2030 with a significant CAGR of 7.3%.
A fire alarm and detection system mainly serve its utility for ringing an alert alarm in the event of gas leakages or fire. The fire alarm and detection system comprise a printed circuit board, electronic alarm, sensing case and polystyrene plastic covering. The fire alarm and detection system are usually available in carbon monoxide, multi-sensor, smoke, and heat detector variations.
The system detects smoke or fire and rings a cautionary alarm for the occupants and at the same alerts the staff monitoring terminal to begin the evacuation procedure. Thus, fire alarms and detection systems are helpful in early detection of fire threats as well as can be installed in enclosed spaces, which further minimizes the odds of fatal fire accidents. As a result, these systems are witnessing high demand in residential as well as commercial premises, such as factories, industrial hubs, shopping malls, hotels, and restaurants.
In addition to that, the recent outbreak of covid pandemic further offered several lucrative opportunities for the market growth as it increased awareness about the security and safety of assets in the commercial sector.
Moreover, the extensive adoption of fire alarms and detection systems in educational institutes as it is utilized widely in restrooms and laboratories to assist in detecting smoking for the safety of children, is further accelerating the demand of fire alarm and detection systems across the markets. Attributing to which, the global fire alarm and detection market is estimated to rise considerably over the years.
Reports and Insights Study identifies some of the key participating players in the fire alarm and detection market globally are 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, among others.
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