By 2029, the Fire Alarm Systems Market is expected to grow at a CAGR of 5.8%, reaching a value of US$ 33,521 Mn. Fire alarm systems and fire safety components are now subject to stringent government safety requirements and regulations in both commercial and residential construction. Modern systems have more advanced capabilities than older, more basic systems, such as improved smoke/flame detection and signaling technology.
New technologies like cloud-based fire alarm control panels and video-based smoke/flame detectors are used in these systems. Commercial fire alarm systems can identify dangers and send out a signal to alert persons inside the building and provide data to the monitoring firm, allowing them to dispatch emergency services.
Takeaways from the Fire Alarm System Market Research
- During the projection period of 2022-2029, addressable systems are expected to maintain a considerable market share of the global fire alarm systems market across all solution segments.
- During the forecast period, design & installation services are expected to continue to maintain the biggest market share of the worldwide fire alarm systems market among all professional service segments.
- The industrial sector is expected to have the highest CAGR in the global fire alarm systems market among all applications.
- Johnson Controls
- United Technologies Corporation
- Honeywell International