The fire alarm and detection market size is projected to touch USD 75.3 billion by 2027. It is estimated to register 8.5% CAGR over the forecast duration. Growing awareness about the safety of people and properties is driving the demand for the product. Consumer spending on fire safety devices has surged in the recent past owing to increasing awareness and effectiveness of these devices. Moreover, government regulations aimed at mandating the use of fire alarms and detection equipment has driven the market growth in the past few years.
End-use industries are abiding by government regulations, which have led to the replacement of existing fire safety equipment. Growing fire accidents and loss of life and livelihoods have encouraged various industrial, commercial and residential establishments to adhere to the fire safety norms.
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In 2019, North America accounted for the highest share in the fire alarm and detection market and it is estimated to continue domination over the forecast period. Rapid infrastructural and industrialization in countries such as Canada and the United States is driving regional growth. The Canadian government has introduced “investing in Canada Plan” with an aim to invest USD 139 in the infrastructural development by 2028. On the other hand, Asia Pacific is projected to register the maximum growth over the forecast duration owing to rising industrialization and urbanization in countries such as China, Japan and India.
Impact of COVID-19
The market has seen significant decline owing to the COVID-19 outbreak. The production of new devices has reduced significantly owing to the lack of raw materials following the supply chain disruption. In addition, closure of several industrial and commercial establishments has led to low demand for replacement of existing fire alarms and detection devices, thereby, negatively affecting the market growth. However, with the systematic reopening of various economic activities, the demand for the product is estimated to gain traction over the forecast years. Introduction of cost-effective and durable fire alarms and detection systems are projected to help companies in faster recovery.
Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Fire Alarm and Detection Market: Market Variables, Trends & Scope
Chapter 4 Fire Alarm and Detection Market: Product Estimates & Trend Analysis
Chapter 5 Fire Alarm and Detection Market: Application Estimates & Trend Analysis
Chapter 6 Fire Alarm and Detection Market: End-use Estimates & Trend Analysis
Chapter 7 Fire Alarm and Detection Market: Industrial End-use Estimates & Trend Analysis
Chapter 8 Fire Alarm and Detection Market: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Fire Alarm and Detection Market: Manufacturers Company Profiles
Top Key Players of Fire Alarm and Detection Market :
Johnson Controls, Nittan Company, Ltd., Space Age Electronics, Halma plc, Gentex Corporation and Bosch GmbH
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