PORTLAND, OREGON, UNITED STATES, August 30, 2021 /EINPresswire.com/ — Rise in rate of fire safety system deployment in educational institutes, advancement of fire detection and alarming devices, and surge in awareness among residents for fire detection systems have boosted the growth of the global fire alarm and detection system market. However, high initial costs and concerns regarding false alarms & detection failure hinder the market growth. On the contrary, development of wireless and remote function fire detection and alarm system is expected to open new opportunities for the market growth.
As per the report published by Allied Market Research, titled, “Fire Alarm and Detection Systems Market by Offering (Hardware and Software), Product Type (Fire Alarm Type and Detector Type), Detection Technology (Addressable and Conventional), Connectivity (Wired and Wireless), and End User (Commercial, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global fire alarm and detection system market generated $60.50 billion in 2020, and is expected to reach $98.90 billion by 2030, growing a CAGR of 5.0% from 2021 to 2030.
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The Covid-19 pandemic forced governments to impose strict regulations on production facilities including electronics and semiconductors to curb the spread of the virus. Moreover, the lack of workforce and increased prices of raw materials negatively affected the production of fire alarms and detection systems.
The travel bans, drop in manufacturing utilization, and prolonged lockdown across European and Asian countries hampered the market. Moreover, the supply chain disrupted during the pandemic.
The report segments the global fire alarm and detection system market on the basis of offering, product type, detection technology, connectivity, end user, and region.
Based on offering, the hardware segment held the largest share in 2020, contributing to more than four-fifths of the market. However, the software segment is estimated to portray the highest CAGR of 7.2% from 2021 to 2030.
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On the basis of product type, the detector type segment is projected to manifest the highest CAGR of 6.8% during the forecast period. However, the fire alarm type segment held the lion’s share in 2020, accounting for nearly four-fifths of the market.
The global fire alarm and detection system market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding nearly one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 6.5% during the forecast period.
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The global fire alarm and detection system market includes an in-depth analysis of the prime market players such as Eaton Corporation PLC, Carrier Global Corporation, Hochiki Corporation, Halma PLC, Johnson Controls International PLC, Honeywell International Inc., NITTAN Company, Limited, NAPCO Security Technologies, Inc., Robert Bosch GmbH, and Siemens AG.
Key Benefits For Stakeholders
This study comprises analytical depiction of the global fire alarm and detection system market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall fire alarm and detection system market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current fire alarm and detection system market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and the fire alarm and detection system market share of key vendors.
The report includes the wireless fire alarm system market trends and the revenue share of key vendors.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.