Fire Alarm Systems Market Projections: Achieving US$ 40.6 Billion by 2033 with 5.3% CAGR | Future Market Insights, Inc.

The US dominates the fire alarm market with a significant 75.3% share. The market is booming due to the rising number of fires and fatalities in the region.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, September 19, 2023/EINPresswire.com/ -- The fire alarm systems market size is projected to be valued at US$ 24.1 billion in 2023 and is expected to rise to US$ 40.6 billion by 2033. The sales of fire alarm systems are anticipated to record a CAGR of 5.3% during the forecast period.

Fire detection and alarm systems are widely used to constantly monitor the building and its surroundings for fire outbreaks. Growing product deployment in educational institutions is boosting market growth.

To ensure the safety of children, fire alarm and detection systems are widely used to assist for the detection of smoking in restrooms and fire in laboratories. Various product innovations, such as the introduction of wireless systems, are propelling the market growth.

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These systems use the Internet of Things (IoT) and artificial intelligence (AI) to monitor ambient temperatures, send real-time notifications to fire departments, and avoid false alarms. Growing smart building construction, as well as the implementation of numerous government initiatives aimed at increasing fire safety and security, are expected to drive the market forward.

The United States holds a significant 75.3% share in the fire alarm market. The increasing number of fires and resulting fatalities in the region is leading to higher revenues in the fire alarm industry. According to data from the Insurance Information Institute (III), a home fire and property loss occurs approximately every 89 seconds, resulting in a total of $32,430 million in damages in the United States. These incidents are driving up the demand for fire alarm systems.

Moreover, strict regulations and fire prevention measures mandating the installation of fire alarms in public places such as offices, hospitals, schools, shopping malls, and retail stores are contributing to the growth of revenue in this sector within the region.

Key Takeaways from the Fire Alarm Systems Market Report:

The solution segment has witnessed a strong growth of 5.3%. The addressable system segment accounted for a significant revenue share. These systems are simple to monitor, and fire locations can be determined using connected circuits.

The commercial segment is witnessing a substantial growth of 5.3%. The installation of fire alarms and detection is being driven by public gatherings and a growing emphasis on protecting these places' critical infrastructure.

The United States holds the leading share of 75.3% in the fire alarm market. The region's increasing fires and fatalities are driving revenue growth in the fire alarm market.

The United Kingdom held a consistent revenue share of US$ 1.7 billion in the fire alarm devices market. Rising awareness of the importance of installing firefighting systems in industrial and commercial buildings is driving significant revenue growth in the region.

India is expected to remain one of the most appealing markets. According to the study, the country is expected to register a 7.0% CAGR by 2033. India's rapid and sustained economic growth has resulted in lucrative business opportunities and growth prospects.

Manufacturers are Focusing on Awareness Campaigns

Key players operating in the market are Napco Security, Siemens Building Technologies, Gentex Corporation, NITTAN COMPANY, Napco Security, United Technologies Corporation, Hochiki Corporation and Eaton. These key players aim at launching a cutting-edge product by making heavy investment in research and development. This product is quick to install and cost-effective too.

Another key focus of these key players is to increase awareness regarding the necessity and effectiveness of fire alarms and detection devices. Further, these players also aim at following a few effective strategies such as novel product development, geographical expansion, mergers and acquisitions and other strategic initiatives.

Latest Developments

Johnson Controls, a pioneer in healthy, innovative, and sustainable buildings, in September 2022, introduced an alternative approach to fire detection with its FireClass range, a class of open-protocol fire detection products. FireClass is a comprehensive line of industry-approved products designed to make spaces sound and intact during hazardous situations such as fire in commercial, residential, corporate, retail, leisure, care home, manufacturing, and warehouse settings.

Siemens introduced a new digital service portfolio of fire safety digital services, in September 2020, the first-in-market portfolio of digital and managed services that connects fire safety systems to the cloud, allowing businesses to transition from a reactive, compliance-led approach to safeguarding the area through intelligent safety solutions.

Leading Key Players:

Johnson Controls
United Technologies Corporation
Honeywell International
Siemens
Halma
Eaton
Allcoopers Limited
Bosch Limited
Hochiki Europe, LLC.
Gentex Corporation
Securiton AG
Minimax Viking
Fike Corporation

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Fire Alarm Systems Market Segmentation:

By Solution:

Conventional Fire Alarm Systems
Addressable Fire Alarm Systems

By Application:

Commercial
Industrial
Residential

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)

Author By:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

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