Fire Alarm And Detection Market Size, Share & Trends Analysis growing at a CAGR of 7.2% from 2023 to 2030
The global fire alarm and detections market size was valued at USD 32.03 billion in 2022 and is projected to reach USD 56.07 billion by 2030, growing at a CAGR of 7.2% from 2023 to 2030. Factors such as growing installation of fire safety systems in educational facilities and growing awareness of fire detection among residential and commercial sectors, the demand for fire alarms and detection will grow.
Key Market Trends & Insights
- North America emerged as the largest regional market share of nearly 37.0% in 2022.
- By detectors type, the heat detectors is expected witness the highest CAGR over the forecast period.
- By alarm type, the audible alarms segment held the largest market share of nearly 6.0% in 2022.
- By application, the commercial segment captured the highest revenue share of over 44.0% in 2022
Market Size & Forecast
- 2022 Market Size: USD 32.03 Billion
- 2030 Projected Market Size: USD 56.07 Billion
- CAGR (2023-2030): 7.2%
- North America: Largest market in 2022
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Technological developments, elevated fire safety awareness, expanding urbanization, and industrialization are predicted to fuel growth of fire alarm and detection market. Furthermore, expansion of commercial and industrial sectors and increased awareness of fire safety have a positive impact on the business climate.
The market growth will be primarily driven by the need for improved fire safety systems in fire-prone industrial environments, including automotive, power & utility, mining, petrochemical, and oil & gas exploration industries. In light of the COVID-19 epidemic, fire safety has taken center stage in newly established work-from-home paradigm. Building managers or facility owners are protecting and maintaining fire safety systems as some parts of the world slowly see businesses restarting.
Over the next few years, market players will have growth prospects because of revaluation of fire safety regulations. In 2021, there was a little increase in demand for fire safety solutions. Vendors in this market, however, experienced modest difficulties in accepting and completing orders because of supply chain interruptions. The demand for kitchen fire safety, electrical fire safety, and heating fire safety will grow over the next few years. By the end of 2021, the international market will most likely have reached pre-COVID levels. With a brief setback brought on by supply chain delays, the market is already recovering.
