The global fire alarm and detection market size is projected to touch USD 75.3 billion by 2027. It is estimated to register 8.5% CAGR over the forecast duration, as per a new report by Million Insights. Growing awareness about the safety of people and properties is driving the demand for the product. Consumer spending on fire safety devices has surged in the recent past owing to increasing awareness and effectiveness of these devices. Moreover, government regulations aimed at mandating the use of fire alarms and detection equipment has driven the market growth in the past few years.
End-use industries are abiding by government regulations, which have led to the replacement of existing fire safety equipment. Growing fire accidents and loss of life and livelihoods have encouraged various industrial, commercial and residential establishments to adhere to the fire safety norms.
In 2019, North America accounted for the highest share in the fire alarm and detection market and it is estimated to continue domination over the forecast period. Rapid infrastructural and industrialization in countries such as Canada and the United States is driving regional growth. The Canadian government has introduced “investing in Canada Plan” with an aim to invest USD 139 in the infrastructural development by 2028. On the other hand, Asia Pacific is projected to register the maximum growth over the forecast duration owing to rising industrialization and urbanization in countries such as China, Japan and India.
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Further key findings from the report suggest:
• Fire detectors product is projected to be valued USD 38.1 billion by the end of the forecast year 2027.
• Under fire detector, the smoke detector is likely to acquire the major share and expected to reach USD 17.0 billion by 2027.
• Among application, the commercial segment is anticipated to register 8.5% CAGR over the forecast duration.
• North America is projected to account for USD 21.8 billion by 2027 owing to the increasing infrastructural development in Canada and the United States.
• Major market players are Johnson Controls, Nittan Company, Ltd., Space Age Electronics, Halma plc, Gentex Corporation and Bosch GmbH among others.
Million Insights has segmented the global fire alarm and detection market based on product, type, application and region:
Fire Alarm and Detection Product Outlook (Revenue, USD Million, 2016 - 2027)
• Fire Detectors
• Fire Alarms
Fire Detectors Type Outlook (Revenue, USD Million, 2016 - 2027)
• Flame Detectors
• Smoke Detectors
• Heat Detectors
Fire Alarms Type Outlook (Revenue, USD Million, 2016 - 2027)
• Audible Alarms
• Visual Alarms
• Manual Call-points
Fire Alarm and Detection Application Outlook (Revenue, USD Million, 2016 - 2027)
Fire Alarm and Detection Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa