Global Fire Alarm Market Size, Share, Growth Analysis, By Product, By Detector Type, By Alarm Type, By Application, By End-User - Industry Forecast 2023-2030

Fire Alarm Market size was valued at USD 29.75 billion in 2021 and is poised to grow from USD 31.89 billion in 2022 to USD 59.63 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).

The demand for fire alarms is anticipated to increase during the projection period as more people become aware of how to protect themselves from fire events. The market is expected to grow during the forecast period due to factors such the continued development of the building industry, the global expansion of residential and commercial infrastructure, and the growing deployment of fire protection systems in educational institutions.

Additionally, increasing corporate fire-related expenses as well as an increase in property losses and mortality are fueling the market's expansion. Future market trends will be influenced by growing public awareness of safety and security issues as well as ongoing technology advancements in alarming devices. Government programmes and support are becoming more widespread, and the building of smart buildings is increasing, both of which drive market growth throughout the projection period.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Fire Alarm Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

Global Fire Alarm Market is segmented on the basis of application, end-user, and region as well. By application, the market is segmented into Fire safety, electrical fire safety, and heater fire safety. By end-user, the market is categorized into consumer electronics, healthcare, automotive, aerospace & defence, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Driver

Global Fire Alarm Market to Experience Lucrative Opportunities Due to Growing Demand for Worker's Safety in Critical, Industrial Setting

Over the next seven years, the demand for sophisticated fire safety systems in industries that are prone to fire, such as the automotive, power & utility, mining, petrochemical, and oil & gas exploration, will propel market expansion.

Given the COVID-19 epidemic, fire safety is becoming more and more important in the brand-new work-from-home model. Building managers or facility owners are securing and maintaining fire safety systems while businesses are gradually reopening in some regions of the world.

Restraint

Compromise of Efficiency and Quality to Stagnate Market Growth

Fire alarm systems are intended to raise awareness of the risk of fire, but they do not ensure early warning or fire protection. For a number of reasons, any fire detection system could be compromised or fail to issue a warning.

For example, smoke from a growing fire might not reach the sensor chambers of the smoke detector or the volume of smoke might not be enough to set them off.

Market Trends

The demand for technologically advanced systems will grow in the global fire alarm market.

In order to avoid probable fatalities and losses, consumers are favouring sophisticated modern fire alarm systems. In comparison to traditional systems, modern alarm systems are much more responsive and efficient. The demand for these goods was favourably impacted by this customer, which helped the fire alarm market's income to increase.

The installation of smart fire alarm systems is becoming more and more popular with consumers. Businesses that cater to both business-to-business (B2B) and business-to-consumer (B2C) customers are heavily investing in and upgrading fire alarm systems that are equipped with wireless technology and smart gadgets in order to protect and manage automated buildings from a mobile application or remote-control panel.