At what rate will the fire alarm systems market rise?
The global fire alarm systems market is expected to expand at a healthy pace over the forecast period of 2019-2029. The global fire alarm systems market was valued at US$ 17.5 Bn in 2018, and is projected to expand 1.8X by the end of 2029, reaching US$ 33.5 Mn.
Which region will lead the global fire alarm systems market?
North America remains the largest shareholder in the global fire alarm systems market. The U.S. has emerged as a dominant region in the fire alarm systems market in terms of consumption. However, the market in Asia Pacific excluding Japan (APEJ) is expected to experience higher growth in the near future, owing to the introduction of new safety standards and regulations.
Which solution segment would offer higher growth opportunities?
The fire alarm systems market earns major revenue from addressable systems, as these are highly effective in terms time and cost over other solution types.
What are the key challenges restricting widespread uptake of fire alarm systems?
Rise in incidents of false alarms and high maintenance required for smart/wireless smoke detectors are key factors hampering the growth of the global fire alarm systems market.
Which application category will have the largest sales growth in the next five years?
Fire alarm systems find immense utilization in the commercial and industrial sectors. Both the application categories are estimated to account for over 75% share in global revenue.
Who are some of the leading players in fire alarm systems market?
Some of the leading players in global fire alarm systems market include Johnson Controls, United Technologies Corporation, Honeywell International, Siemens, and Eaton. Accounting for 31% of overall market value in 2018, these key players are strategically focusing on new product innovation, mergers & acquisitions, and strategic collaborations to gain a strong foothold in the global fire alarm systems market.
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