SAN FRANCISCO, May 16, 2018
SAN FRANCISCO, May 16, 2018 /PRNewswire/ --
The global fire alarm market size is expected to reach USD 23.2 billion by 2025, according to a study by Grand View Research, Inc., registering a CAGR of 4.3% during the forecast period. Fire alarm and detectors can protect assets, avoid casualties, and prevent property damages by raising alerts about a fire outbreak at an early stage. Recent accidents, such as the Grenfell Tower fire in London in June 2017, have triggered the need to equip high rise towers with effective fire alarm and detection systems. Growth in new residential and commercial construction activities as well as renovation projects, and subsequent need to upgrade existing fire alarm and detection systems are also emerging as key factors driving fire alarm and detection market growth.
Advances in technology have resulted in introduction of wireless and quick response systems that can detect the exact location of the fire and curb false alarms. These systems are suitable for large-scale applications. However, these systems are expensive as they incorporate several electronic components and devices. Conventional systems are preferred for small-scale applications owing to cost constraints.
Fire safety norms are particularly stringent in North America and Europe. Moreover, the two regions are home to prominent market players, such as Emerson Electric Co., Fike Corporation, Gentex Corporation, and Halma plc. Hence, the North American and European regional markets are currently dominating the fire alarm market. However, regional markets in emerging economies, such as India and China, are expected to exhibit a higher CAGR over the forecast period in line with growing awareness about fire safety.
Browse full research report with TOC on "Fire Alarm and Detection Market Size, Share & Trends Analysis Report By Alarm Technology (Conventional, Addressable), By Detection Technology (Flame, Smoke, Heat), By Application, And Segment Forecasts, 2018 - 2025"at: https://www.grandviewresearch.com/industry-analysis/fire-alarm-market
Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global Fire Alarm & Detection Market based on alarm technology, detection technology, application, and region:
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