SecurityWorldMarket

18/03/2020

Stringent regulation upgrades drive fire alarm market

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The global fire alarm and detection market size is expected to reach USD 75.3 billion by 2027, expanding at a CAGR of 8.5% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing awareness towards the safety and security of assets across the globe is expected to offer significant opportunities for technological innovations in the market

Additionally, rise in the consumer spending on fire protection devices especially across the enterprise and industrial sectors in order to reduce the risk of accidents is expected to spur market growth. Moreover, stringent government regulations and mandates regarding workplace safety, and increasing demand for state-of-the-art fire alarm & detection system is expected to fuel the market.

The need for upgrading the existing alarm and detection systems to more advanced versions that consequently comply with the new stringent regulations will drive the market. A growing number of fire accidents has developed into the need for installation of advanced alarm and detection systems across the residential, commercial, and industrial sectors. For instance, legislative requirements from different countries including the National Fire Protection Association, USA, and Building Code of Australia have mandated the installation of fire detection devices, thereby boosting the demand for these devices.

North America dominated the market in 2019 and is expected by the researchers to continue its dominance over the forthcoming years.  Whilst the Asia Pacific region is anticipated to exhibit the highest CAGR from 2020 to 2027. Growing industrialisation and urbanisation in emerging markets such as India, China, and Japan is expected to accelerate infrastructure spending including mass transportation such as airport security for example.

The fire detector segment is expected to dominate the market owing to stringent government regulations across various countries mandating the installation of the devices. For instance, in India, the National Building Code (NBC) was published in 2016 to implement building standards ensuring safety through the use of active and passive smoke detection systems. The segment is expected to reach USD 38.1 billion by 2027

Within the detectors segment, smoke detectors are expected to dominate and the analysts expect that trend to continue over the forecast period, anticipating it to reach USD 17.0 billion by 2027. 

Prominent industry participants cited by the researchers include Bosch; Eaton Gentex; United Technologies Corporatiion; Honeywell; and Johnson Controls.


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