Fire Alarm Systems Market is Slated to Increase At a CAGR of 5.8% 2022-2029

Key Takeaways of Fire Alarm System Market Study

• Addressable systems are estimated to continue to hold a significant market share of the global fire alarm systems market among all the segments by solution, during the forecast period of 2022-2029.
• Designing & installation services are estimated to continue to hold the largest market share of the global fire alarm systems market among all the segments by professional service, during the forecast period.
• Among all the applications, the industrial sector is estimated to register the highest CAGR in the global fire alarm systems market.

Fire Alarm Systems Market – How Growth will Unfold

Both, conventional and addressable fire alarm systems continue to stay at the top against other solutions such as professional services and managed services. Among them, addressable fire alarm systems are likely to see substantial adoption, owing to better efficiency in terms of time and cost over conventional versions.

As both system types hold around 4/5 of total market revenue, players in the fire alarm systems market are highly focused on these solutions. This study further reveals that, addressable fire alarm systems market will register revenue nearly thrice that of their conventional counterparts by the end of 2029.

Increasing Demand for Fire Alarm Systems in Construction Industry

The industrial sector requires secure facilities that integrate industrial process systems and equipment designed to produce end products such as vehicles, textiles, chemicals or processed metals, and electricity. Rising demand for secure infrastructure is expected to lead to increasing installation of fire alarm systems.

• In September 2022, Bosch Limited launched AVIOTEC IP starlight 8000, a video-based fire detection solution that can be used in tunnels, to ensure reliable and early detection of smoke and flames.

More Valuable Insights on Fire Alarm Systems Market

Future Market Insights offers an unbiased analysis of the global fire alarm systems market, providing historical data for 2014-2021 and forecast statistics for 2022-2029. To understand opportunities in the fire alarm system market, the market is segmented on the basis of solution (type of system and services) and application (commercial, industrial, and residential), across seven major regions.

FIRE ALARM SYSTEMS MARKET TAXONOMY