Fire Alarm Systems Market to Cross US$ 33 Bn by 2029; Drop in New Construction Projects to Hurt Demand, During Covid-19 Outbreak, says Future Market Insights

Fire alarm system manufacturers are displaying interest in the integration of new artificial intelligence and Internet of Things technologies to boost connectivity functionalities in their offerings.

DUBAI, UAE / ACCESSWIRE / August 13, 2020 / The fire alarm system market is projected to grow 2x by 2029 reaching a valuation of US$ 33 Bn in the projection period. A recent report by FMI states that the current coronavirus pandemic is likely to negatively affect the fire alarm systems market. Suspended activities in the construction sector, coupled with disruption in component production is likely to hurt short term market prospects. However, aftermarket and maintenance applications will sustain the industry through the crisis period.

“The rising numbers of smart cities coupled with growing awareness on fire safety is driving demand. High potential for life and property damage has resulted in major awareness initiatives, which will help build demand for fire alarm systems for the years ahead,” states the FMI analyst.

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Fire Alarm Systems Market- Critical Takeaways

  • Addressable and wireless communication systems are gaining demand, particularly in commercial applications to minimize risks of false alarms.
  • Public Address and Voice Alarm systems are highly sought after, driven by efficacy in applications for large premises.
  • Asia Pacific is displaying lucrative growth opportunities owing to the presence of major market players, and urbanization in China, Japan, and India.

Fire Alarm Systems Market- Drivers

  • Strict implementation of fire safety and building code regulations in multiple countries around the world is a key driver for fire alarm system sales.
  • The flourishing building and construction industry and the high number of new projects supports market growth.

Fire Alarm Systems Market- Restraints

  • High costs of installation and maintenance of fire alarm systems is a major hinderance to market growth.
  • Complexity and costs of retrofitting fire alarm systems to older buildings holds back adoption rates.

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Coronavirus Impact on Fire Alarm Systems Market

As the coronavirus crisis continues to spread at a rapid pace around the globe, ensuring fire safety for schools, healthcare facilities, and businesses remain on priority, creating demand for aftermarket and maintenance services in the fire alarm systems market. However, short term prospects of the industry are likely to be dimmed as new construction projects around the world have been stopped or delayed. In addition, lockdown measures are hurting fire alarm system component production through 2020 further hurting market prospects.

Competitive Landscape

Firetrol protection Systems Inc., Johnson Controls, Argus Fire Protection Co. Ltd., United Technologies Corp., ORR Protection, Honeywell International, Fireline Corp., Siemens, MIRCOM, Halma, Fike Corp., Eaton, Minimax Viking, and Allcoopers Ltd., are some of the leading fire alarm system manufacturers.

Major manufacturers in the fire alarm systems market are pushing for product design innovations to improve connectivity and functionality of product offerings through the integration of new technologies.

For instance, C-Tec has revealed a new CAST XPF fire alarm system including autonomous decision making, high speed data transmission, and group activation features. Potter Electric Signal Company has unveiled the integration of its fire alarm systems with IntelliView dashboard for web and mobile app access. Further, AtlasIED has introduced 4 variants of UL-1480 certified speakers in fire alarm and signaling systems.

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About the Study

The study offers readers a comprehensive assessment of the fire alarm system market. Global, regional and national-level analysis of the latest trends influencing the fire alarm system market is covered in this FMI report. The study provides insights according to system type (solution and services), and application (commercial, industrial, and residential), in seven regions (North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific excluding Japan, and MEA).

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