The Global Market for Fire Alarm Equipment is Projected to Reach US$6 Billion by 2024

Stringent Regulations and Technological Advances Drive the Global Fire Alarm Equipment Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Fire Alarm Equipment market. The global market for Fire Alarm Equipment is projected to reach US$6 billion by 2024, driven by increasing awareness over fire safety, growing construction activity, and strict regulations and mandates related to fire safety.

A prominent aspect in the larger security and fire safety markets, fire alarm equipment is gaining significant attention in the wake of growing fire accidents and the resultant loss of life and property. Increasing awareness in this regard in addition to mounting pressure from regulatory authorities in the form of regulations as well as mandates to upgrade and maintain efficient fire safety equipment is driving demand for fire alarm equipment, both in existing buildings and new construction. Continuing evolution in laws and the technological environment in which fire alarm equipment represents a part of is another key driver of adoption, with standards and regulations inching towards prediction of fire safety, driven by use of metrics such as building information modeling. However, growth in construction activity represents a major factor fueling sales. The market for fire alarm equipment is largely dependent on the health of the downstream construction sector. Increase in non-residential construction activity, typified by shift towards multi-story and multi-unit apartment and office buildings due to space and economic concerns are propelling demand for fire alarm equipment.

An emerging trend in the market is growing integration of fire alarm equipment into building automation systems, which is being pushed by better efficiencies and mandates from relevant authorities. The market is also witnessing development of wireless protocols for fire alarms for improved diagnosis, notification and convenience, while reducing false alarms and maintenance requirements. Improving sensor technologies are enabling quicker detection, and are enhancing reliability of the equipment. Center to these developments are technological advances in wireless sensors and advanced detection, which are expected to result in further innovation in fire alarm equipment, driving their demand going forwards. Evolving customer preferences as well as a greater need to minimize false alarms are compelling in fire alarm equipment manufacturers incorporate technologies such as wireless sensory networks, smart building and human machine interface solutions among others. Internet of Things (IoT), which currently is still nascent, is expected to confer substantial prospects going forwards as products and laws evolve. 

As stated by the new market research report on Fire Alarm Equipment, Europe represents the largest market worldwide. Rise in fire accidents and subsequent losses are leading to higher awareness over the importance of fire alarm equipment. Stringent regulations, emergence of advanced systems, growing non-residential construction activity are major factors resulting in high demand for fire alarm equipment in the U.S. Asia-Pacific represents the fastest growing market worldwide, with a CAGR of 7.7% through the analysis period. Burgeoning economies, increase in foreign investments, rise in business activities, growing urbanization and rapid expansion in building and residential units are driving demand for fire alarm equipment in the region. Fire Alarm Panels represent the largest product segment driven by high demand for Addressable Panels, while Fire Alarm Devices such as Notification Devices are expected to spearhead growth through the review period.

Major players in the market include Ampac Technologies, Bosch Building Technologies, Cooper Safety, Inc., Fenwal Controls of Japan, Ltd., Gentex Corporation, Hochiki Corporation, Hochiki America Corporation, Honeywell International, Inc., Johnson Controls International plc, Napco Security Technologies, Inc., Nohmi Bosai Ltd., Panasonic Eco Solutions Nordic AB, Siemens Building Technologies Group, Space Age Electronics, Inc., The Nittan Group and United Technologies Corporation among others.

The research report titled “Fire Alarm Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Fire Alarm Equipment in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Middle East & Africa and Latin America. Product Segments analyzed in the report include Fire Alarm Panels (Conventional Panels, Addressable Panels and Voice Evacuation Systems), and Fire Alarm Devices (Annunciators, Notification Devices and Manual Pull Stations).

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