Fire Alarm and Detection System Market

Fire Alarm and Detection System Market Size, Growth, Trends & Forecast (2022 - 2027)

The global Fire Alarm and Detection Market is expected to increase at a CAGR of 8.3%, from $39.05 billion in 2020 to $73.76 billion in 2026. Fire alarm and detection systems are in high demand in fire-prone industries such as oil and gas, manufacturing, utilities, automotive, mining, petrochemical, and exploration.

In the event of a gas leak or a fire, a fire alarm and detection system are utilised to sound an alarm. An electrical alarm, printed circuit board, sensing chamber, and polystyrene plastic enclosure make up the device. Smoke, multi-sensor, carbon monoxide, and heat detectors are all typical options. When the system detects fire or smoke, it raises an alarm for the inhabitants while also notifying the staff monitoring station to begin the evacuation procedure. Early detection of dangers is aided by a fire alarm and detection systems, which can be simply put in enclosed places, reducing the likelihood of deadly fire incidents.

Fire Alarm and Detection System Market Recent Developments

Eaton, a power management firm, said today that its Vehicle Group is now offering Master Differential Install Kits, which make upgrading to an Eaton aftermarket differential a lot easier. Each kit includes everything you'll need to install an Eaton differential and/or replace a ring and pinion properly.

The Honeywell Compact Inertial Navigation System and the Honeywell Radar Velocity System are two new durable navigation systems from Honeywell. These systems, in conjunction with GPSdome, an anti-jamming technology developed by Honeywell's partner InfiniDome, are aimed at commercial and military customers who want tiny, light, and low-power navigation solutions. Multiple layers of protection will be provided by the systems, allowing activities to continue even in GNSS-challenged or prohibited situations.

Johnson Controls has received the world's first ISASecure CSA certification for its smart buildings products, the YORK® YK and YZ centrifugal chillers, according to the ISASecure Program.

Fire Alarm and Detection System Market Drivers

One of the primary reasons driving the market's growth is increased product acceptance in the residential sector around the world. Fire detection and alarm systems are commonly used to continuously monitor the building and its surroundings for fire outbreaks. In addition, the increased use of products in educational institutions is boosting the market growth. To safeguard the safety of children, fire alarm and detection systems are widely utilised to assist in detecting smoking in restrooms and fire in laboratories. Furthermore, different product advancements, such as the introduction of wireless systems, are propelling the industry forward. To monitor ambient temperatures, transmit real-time notifications to fire departments, and eliminate false alarms, these systems are combined with the Internet of Things (IoT) and artificial intelligence (AI) solutions. Other reasons, such as the rise in smart building construction and the implementation of different government efforts to increase fire safety and security, are expected to propel the market forward.

Fire Alarm and Detection System Market Restraints

High initial set-up costs, and false alarms and detection failure are the only restraints for the global fire alarm and detection system market.

Fire Alarm and Detection System Market Segmentation

Product: The market is segmented into Detectors and Alarms.

In 2020, the fire detectors product segment had the biggest revenue share, with over 51%. Fire detectors can be used to identify leakage, such as gas leaks, that could lead to a fire. Regulations encouraging the use of fire detectors in numerous countries are an important factor favouring product sales, which is likely to continue until 2028. From 2022 - 2027, the fire alarms category is predicted to grow at the quickest rate, exceeding 4%. Regulations governing fire safety will continue to be important in driving product demand.

Over the projection period, the fire alarms product segment is expected to grow at an annual rate of 8.6%. The use of speakers in fire alarms is expected to provide considerable growth prospects for system integrators and manufacturers in the industry. Furthermore, technological advancements have reduced the number of false alerts, which is expected to attract more customers.

Type: The market is segmented into Heat and Smoke Detectors, and Manual Call-Points, Visual, and Audible Alarms.

Over the predicted period, heat detectors will have the highest CAGR, reaching 4%. Where the ambient temperature is high or where temperature changes rapidly, heat detectors are the best solution. Garages, mechanical rooms, storage facilities, and commercial kitchens are just a few examples.

In 2020, the smoke detectors category dominated the market, accounting for almost 45 per cent of sales. Smoke detectors are commonly utilised in situations where a smouldering slow fire might occur, such as residences or commercial buildings. Intelligent or smart smoke detectors have been developed as a result of technological advancements, and they will be critical in increasing product sales. Furthermore, for the past few years, the advent of novel items with longer life spans and improved cost-efficiency has aided in keeping segment demand afloat.

With a sales share of more than 47% in 2020, audible alarms became the most popular sector. The sector will continue to lead during the projected period, as audible alarms are an important part of any fire alarm system because they can alert individuals to a potentially dangerous scenario.

Application: The market is segmented into Commercial and Residential.

In 2020, the commercial segment had the biggest revenue share of more than 44%, and it is expected to keep this position throughout the projection period. The necessity of fire safety equipment in corporate buildings is expanding, as is the requirement to obey government regulations. As the number of business centres grows, so does the demand for modern fire alarm and detection systems. The necessity of fire safety solutions in the residential sector has increased as work-from-home has become the new standard. From 2022 - 2027, the residential segment is expected to grow at the quickest rate, with a CAGR of more than 4%.

Fire Alarm and Detection System Market Regional Analysis

The market in North America is valued at $14.1 billion. The United States is the biggest contributor to the region's development. Regional expansion is fueled by factors such as strict government rules and rapid infrastructure development. In addition, leading fire alarm and detection companies such as Gentex Corporation, Fike Corporation, Honeywell International Inc., and Emerson are based in the region. These companies are increasingly focusing on raising fire safety knowledge to gain a large consumer base.

Over the forecast period, Asia Pacific is expected to have a CAGR of 11.8 per cent. The region's rise can be attributed to factors like the development of high-end fire detection components and the existence of multiple sensor-manufacturing firms. Rapid urbanisation in countries like Japan, India, and China is also propelling regional development.

The fire alarm and detection market in Europe have matured as a result of Europe's early adoption of this technology and strict government regulations governing fire safety. The requirement for better safety and security features to meet specific legislation is expected to drive the market for fire detection systems to grow. The fire alarm and detection technology market in LAMEA is dominated by global firms such as Honeywell Life Safety, UTC, Siemens, Tyco, and Bosch, as well as national businesses such as Aguilera Electronics.

Fire Alarm and Detection System Market Leader

NAPCO Security Technologies is the leading provider of fire alarm and detection systems in the world.

Fire Alarm and Detection System Market Key Players

1. Carrier Global Corp (US)
2. Honeywell (US)
3. Emerson Electric (US)
4. Eaton Corp (Ireland)
5. Johnson Controls (Ireland)
6. Halma PLC (UK)
7. Hochiki Corp (Japan)
8. Nittan Co Ltd (Japan)
9. Robert Bosch (Germany)
10. Siemens Building Technologies (Switzerland)

Impact of COVID-19 for Fire Alarm and Detection System Market

The COVID-19 pandemic has caused a major drop in the market. Because of a shortage of raw materials as a result of the supply chain disruption, the production of new gadgets has slowed. Furthermore, the closure of several industrial and commercial facilities has resulted in low demand for the replacement of existing fire alarms and detection devices, limiting the market growth. However, when numerous economic sectors are systematically reopened, demand for the commodity is expected to increase throughout the anticipated years. Companies are expected to recover faster with the implementation of cost-effective and long-lasting fire alarms and detection systems.