Fire Alarm Systems Market is Expected to Grow at a CAGR of 5.3% from 2023 to 2033 | Report by FMI

The fire alarm systems market is predicted to be valued at US$ 24.1 billion in 2023, rising to US$ 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 utilised to monitor the structure and its surroundings for fire outbreaks at all times. Product deployment in educational institutions is increasing, which is driving market growth.

Fire alarm and detection systems are commonly employed to assist in the detection of smoking in toilets and fire in laboratories to protect the safety of youngsters. 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 utilising the Internet of Things (IoT) and artificial intelligence (AI). Growing smart building development, as well as a slew of government programmes focused at improving fire safety and security, are projected to propel the industry forward.

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Key Takeaways:

• 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.

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Awareness Campaigns – Key Focus of Manufacturers

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 situation 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 safeguard the area through intelligent safety solution.

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Key Segments Covered in the Fire Alarm Systems Market Report

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)