Fire alarm systems market to be worth $40.6 billion by 2033
The fire alarm systems market is projected to be worth $40.6 billion by 2033 thanks to steady growth in solution category and the business sector.
Fire and life safety insights
- The solution category has grown at a rate of 5.3%. The addressable system sector accounted for a sizable portion of revenue. These systems are simple to monitor, and by utilizing linked circuits, fire locations may be detected.
- The business sector is growing at a rapid pace of 5.3%. Public gatherings and an increasing emphasis on protecting these sites’ important infrastructure are driving the installation of fire alarms and detection.
- The United States leads the fire alarm market with a 75.3% share. Fires and fatalities in the region are driving revenue growth in the fire alarm industry.
The fire alarm systems market is predicted to be valued at $24.1 billion in 2023 and will rise to $40.6 billion by 2033. During the projection period, sales of fire alarm systems are expected to grow at a CAGR of 5.3%.
Fire detection and alarm systems are commonly utilized to monitor the structure and its surroundings for fire breakouts at all times. Product deployment in educational institutions is increasing, which is driving market growth.
Fire alarm and detection systems are commonly employed to aid in the detection of smoking in toilets and fire in labs to protect the safety of young people. Product advancements, such as the introduction of wireless systems, are driving market expansion.
These systems monitor ambient temperatures, transmit real-time information to fire services and reduce false alarms by utilizing the Internet of Things (IoT) and artificial intelligence (AI). Growing smart building development, as well as a slew of government programs, focused on improving fire safety and security, are projected to propel the industry ahead.
Manufacturers’ Primary Focus: Awareness Campaigns
Napco Security, Siemens Building Technologies, Gentex Corporation, NITTAN COMPANY, Napco Security, United Technologies Corporation, Hochiki Corporation and Eaton are among the market’s key participants. These important businesses want to create cutting-edge products by investing much in research and development. This device is simple to install and inexpensive.
Another major priority of these important stakeholders is raising knowledge about the importance and efficacy of fire alarms and detection equipment. Furthermore, these players intend to pursue a few effective tactics, such as new product development, global growth, mergers and acquisitions, and other strategic activities.
Recent business developments
- Johnson Controls, a pioneer in healthy, innovative and sustainable buildings, will launch an alternative method to fire detection with its FireClass line in September 2022. FireClass is a complete line of industry-approved solutions designed to keep areas safe and undamaged in commercial, residential, corporate, retail, leisure, care home, manufacturing and warehouse environments during hazardous events such as fires.
- In September 2020, Siemens launched a new digital service portfolio of fire safety digital services, the first-in-market portfolio of digital and managed services that connects fire safety systems to the cloud. This allowed businesses to shift from a reactive, compliance-led approach to safeguarding the area through intelligent safety solutions.
– Future Market Insights is a CFE Media and Technology content partner.