Press Release

Fire Alarm and Detection Technology Market: Surging Government Rules and Regulations to Witness High Market Demand

Published Date : 19 Dec 2019

The fire alarm and detection technology market is expected to grow at CAGR 5.7% during the forecast period. Stringent regulations implemented by government across the different regions regarding safety of people at public and residential places is a major reason driving the growth of the market. Additionally, increasing smart city projects and rising awareness of individual towards safety and security are some other major reasons.

Governments across the globe have implemented different laws regarding fire alarm and detection system. With the advent of growing population, more and more people are moving to cities. To handle this large-scale urbanization, the concept of smart cities has evolved to improve the quality of life. Fire alarm and detection technology integration in smart city helps to protect and safeguard people.

Addressable alarm technology to hold the largest market share during the forecast period

Fire alarm and detection market is segmented into alarm technology, detector technology, application and geography. By alarm technology, addressable alarm technology is anticipated to hold the major market share in the upcoming years. By detector technology, smoke detector is expected to dominate in the global fire alarm and detection market. By application market is segmented into Commercial and Residential. The commercial segment is likely to hold the major market share in the global fire alarm and detection market. This is mainly due to the growing installation of fire alarm systems in the in the office buildings, industrial complexes, restaurants, and other non-residential properties.

North America continue to dominate the global market

On the basis of geography, market is segmented into North America, Europe, Asia Pacific, and LAMEA. North America is anticipated to be the largest market and expected to remain so over the forecast period-2026. The region is an early adapter of fire alarm and detection technology, and known as home to the home for leading player of market. In addition to this, Asia Pacific region is emerging as a fastest growing region in the fire alarm and detection market. The growth of infrastructure development in the countries such as India and Thailand coupled with new construction activities, tightening of fire safety and security practices, and the proliferation of wireless connectivity are expected drive the demand for fire detection systems over the forecast period 2026.

The market is fluctuating due to the presence of Gentex Corporation, Halma PLC, Hochiki Corporation, Emersion Electric Co., Fike Corporation and Honeywell International, Inc. among others.