The commercial and residential construction sectors now have to follow strict government safety standards and regulations regarding fire alarm systems and fire safety components. Modern systems have advanced capabilities as compared to the older, basic ones, including advanced equipment for smoke/flame detection and signaling. These systems use new technologies such as cloud-based fire alarm control panels and video-based smoke/flame detectors. Commercial fire alarm systems are capable of detecting threats and generating a signal in order to alert people in the building and deliver information to the monitoring company, allowing them to deploy emergency responders.
The global fire alarm systems market is anticipated to experience an attractive CAGR of 6% during the forecast period of 2019 to 2029.
“Manufacturers in the fire alarm systems market can gain significant profits from focusing on the Asia Pacific market, attributable to new safety standards and regulations such as National Building Code in India and Fire Protection Law of the People’s Republic of China.”
Key Takeaways of Fire Alarm System Market Study
- Addressable systems are estimated to continue to hold a significant market share of the global fire alarm systems market among all the segments by solution, during the forecast period of 2019-2029.
- Designing & installation services are estimated to continue to hold the largest market share of the global fire alarm systems market among all the segments by professional service, during the forecast period.
- Among all the applications, the industrial sector is estimated to register the highest CAGR in the global fire alarm systems market.
Increasing Demand for Fire Alarm Systems in Construction Industry
The industrial sector requires secure facilities that integrate industrial process systems and equipment designed to produce end products such as vehicles, textiles, chemicals or processed metals, and electricity. Rising demand for secure infrastructure is expected to lead to increasing installation of fire alarm systems.
- In September 2019, Bosch Limited launched AVIOTEC IP starlight 8000, a video-based fire detection solution that can be used in tunnels, to ensure reliable and early detection of smoke and flames.
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More Valuable Insights on Fire Alarm Systems Market
Future Market Insights offers an unbiased analysis of the global fire alarm systems market, providing historical data for 2014-2018 and forecast statistics for 2019-2029. To understand opportunities in the fire alarm system market, the market is segmented on the basis of solution (type of system and services) and application (commercial, industrial, and residential), across seven major regions.