According to a new report Global Fire Alarm and Detection Market, published by KBV research, The Global Fire Alarm and Detection Market size is expected to reach $57.4 billion by 2025, rising at a market growth of 7.8% CAGR during the forecast period. Growing awareness of the safety and security of assets around the globe is projected to provide significant opportunities for technical advancement in the marketplace. In addition, increased customer demand on fire safety equipment, especially in the business and industrial sectors, is projected to fuel market growth in order to reduce the risk of accidents.
North America is expected to be the primary market for fire alarm and warning systems over the projected years. Asia Pacific is expected to rise at the highest pace in the fire alarm and detection market during the forecast period. The high growth rate of the region can be attributed to ongoing innovations and investments in grassroots projects across emerging regions like China and India.
The fire detectors segment is expected to dominate the industry because of stringent government regulations in different countries that have necessitated the deployment of the devices. In India, for example, the National Building Code (NBC) was released in 2016 to enforce building safety standards by using active and passive smoke detector systems. The fire alarms segment is expected to exhibit a significant CAGR over the forecast period. The introduction of speakers in existing smoke alarm and warning systems to enable voice evacuation is projected to create significant growth opportunities for the device manufacturers and product development firms.
The commercial segment comprises applications in the telecommunications and IT, institutional, retail, healthcare, BFSI, government and hospitality industries. The segment dominated the industry in 2019 and is expected to sustain the trend over the forecast period. It accounted for a dominant share in the overall market revenue in 2019.
Structural Insights: https://www.kbvresearch.com/fire-alarm-and-detection-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Honeywell International, Inc., Emerson Electric Co., Robert Bosch GmbH, United Technologies Corporation, Eaton Corporation PLC, Siemens AG, Halma PLC, Hochiki Corporation, Napco Security Technologies, Inc., and Gentex Corporation.
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