Worldwide demand for fire alarm systems is forecasted to increase at a CAGR of 6.6% between 2022 and 2032. At present, the global fire alarm systems market is valued at US$ 30.12 billion and is anticipated to reach US$ 57.08 billion by 2032.
Fact.MR, a market research and consulting firm, says that the global fire alarm systems market would be worth US$ 30.12 Bn in 2022 and have a CAGR of 6.6% between 2022 and 2032. Fact.MR has specifically stated that deployment of fire alarm systems in comparison with conventional fire alarm systems is bound to prove to be cost-effective for the building contractors.
As such, the global fire alarm systems market is expected to be worth US$ 57.08 Bn by the year 2032. Fire alarm systems are being increasingly used by oil & gas vertical, power, energy, and the automotive vertical.
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The construction vertical is at its peak, with governments across the globe asking for installation of smoke alarms and detection systems in the buildings.
Fire alarms, these days, could either be directly automated from the smoke and heat detectors or activate manually through fire alarm devices like pull stations/speaker strobes that sound like an alarm. Several countries have laid down safety guidelines regarding installation of fire alarm systems.
What Augmenting Fire Alarm Systems Market Growth?
“Rapidly Increasing Advancements in Fire Detection & Warning Technology”
Fire alarm systems that are integrated with ionization technology have been popular for years and are expected to witness steady adoption during the assessment period.
As fire detector systems are becoming more technologically advanced, leading companies across industries are seeking effective fire detection systems that align with the environment and their working conditions.
The market revenue is primarily driven by factors such as the rising rate of fire safety system deployment in educational institutions and the rise in awareness among residents of fire detection systems. Advancements in fire alarm and detection and smoke detectors combined with IoT and big data technologies are anticipated to drive market expansion over the coming years.
In the past few years, the market for fire alarm systems has witnessed vast developments in terms of technological advancements. The rising number of companies in the market continues to push fire alarm systems in terms of technological evolution.
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Key Segments Covered in Fire Alarm Systems Industry Survey
Competitive Landscape
Fire alarm system manufacturers are focusing on research and development initiatives to create cutting-edge products that incorporate the newest technologies. Offering post-sale services to make sure the installations adhere to safety and operation standards will be another go-to-market priority.
Fire alarm system providers strive to provide supplementary services, new goods, training, and help in choosing the best product for a certain application.
For instance:
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Key players in the Fire Alarm Systems Market
Key Takeaways from Fire Alarm Systems Market Study
Fact.MR’s Domain Knowledge in Industrial Goods Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over a thousand reports and 1 billion-plus data points, the team has analyzed the industrial goods division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Aug 04, 2022
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