Report ID: SQMIG20L2014 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 110 | Figures: 76GCC Spinnaker Pole Market
Report ID: SQSG20L2010 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 147 | Figures: 78
Fire Alarm Market size was valued at USD 29.75 billion in 2021 and is poised to grow from USD 31.89 billion in 2022 to USD 59.63 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).
Increasing awareness among individuals about protection against fire incidents is expected to expand the demand for the fire alarm market during the projection period. Factors such as the ongoing progress in the construction enterprises, the expansion of residential & commercial infrastructures throughout the globe, and the increased rate of fire protection system deployment in educational universities are propelling the market growth during the forecast period.
Additionally, rising fire-related expenditure of different corporations and the rise in loss & deaths of properties is also helping to drive the market growth. Increased awareness about safety & security and the continuous technological developments in alarming devices will shape the future of the market. Government initiatives & support are becoming more prevalent, along with the rising construction of smart buildings, which boost market growth during the forecast period.
US Fire Alarm Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Fire Alarm Market is segmented on the basis of application, end-user, and region as well. By application, the market is segmented into Fire safety, electrical fire safety, and heater fire safety. By end-user, the market is categorized into consumer electronics, healthcare, automotive, aerospace & defence, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Analysis by Product
The manual initiating devices segment accounted for a larger revenue share in 2021. Manual pull station types are convenient to initiate a fire alarm in case of an emergency.
This means an individual must break the glass or plastic covers containing a pull station for triggering the alarm button.
Two types of pull stations such as single action or dual action fire alarm product types are commercially available in the market. Automatic initiating devices automatically activate after detecting heat, smoke, or fire.
Analysis by End-User
The commercial segment accounted for a larger revenue share in 2021. Fire alarms are highly adopted in commercial spaces such as offices, hospitals, schools, shopping malls and retail stores, hotels, restaurants, and others.
Fires in commercial properties cost owners over USD 2.4 billion per year. Commercial property fires such as hotels, restaurants, and cafes are caused by food preparation from stoves and ovens. Industrial fires are a major segment in generating revenue in the fire alarm market.
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Globally, North America accounted for the largest global fire alarm market share in 2021. Increasing instances of fire and fatalities in the region is driving revenue growth of the market.
Every 89 sec a home fire and property loss occurred, and damages accounted for USD 32,430 million in the U.S. These instances are increasingly generating demand for these alarms.
Stringent regulations and fire prevention regarding installation of these alarms in public properties such as offices, hospitals, schools, shopping malls, and retail stores are driving revenue growth in the region.
Europe accounted for a steady revenue share in the fire alarm market in 2021. Rising awareness of installation of firefighting systems in industrial and commercial premises is significantly driving revenue growth in the region.
Around 50 people death occurred due to fire fatalities in 2021. Also, many consumers are installing firefighting equipment such as smoke alarms for fire prevention has also contributed to revenue growth of the market in the region.
Asia Pacific accounted for a moderate revenue share in the global market in 2021. Rising developments in building and construction are attributed to revenue growth in the region.
A large number of builders and developers are highly adopting firefighting equipment such as fire alarms to warn residents and firemen and keep commercial and residential properties safe from the threat of fire.
Also, these alarms are highly adopted in industrial premises such as warehouses and power plants are driving revenue growth of the market in the region.
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Rising Demand for Worker’s Safety at Critical, Industrial Setting to Bring Lucrative Opportunities for Global Fire Alarm Market
Compromised Quality and Efficiency to Hinder Market Growth
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Global Fire Alarm Market is fragmented with the presence of several big players such as Robert Bosch GmbH, Honeywell International, Inc., Gentex Corporation, Halma plc. Major payers are primarily focusing on the development, innovation, and efficiency of products to provide various benefits related to Fire. Increasing R&D investments is another strategy opting by key players to strengthen their market position.
Top Player’s Company Profiles
Global Fire Alarm Market to Witness Increasing Trend of Technologically Advanced Systems
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Fire Alarm Market analysis, the market is witnessing a significant growth as users are looking for the latest technology, and the market is seeing growing investment.
For facility owners and managers, one of the most effective ways to enhance overall protection could be through the integration of the fire alarm system with other building systems, such as mass notification systems and security systems. Catering growing needs will provide players with lucrative growth opportunities.
|Market size value in 2021||USD 29.75 billion|
|Market size value in 2030||USD 31.89 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Fire Alarm Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fire Alarm Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG20L2010