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Global fire alarm and detection market to reach $53.15bn in 2032

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The global fire alarm and detection market is expected to be $53.15bn in 2032 expanding at a CAGR of 6% from 2022 through to 2032. The market is currently valued at $29.68bn in 2022.

The increase is forecasted to comes from a demand for developed fire safety systems in mining, automotive, petrochemical, oil and gas exploration, and power and utility sectors.

Rising deployment of fire alarm and detection systems across educational institutes and increasing awareness about its benefits among residents for fire detection systems are key factors propelling market expansion during the forecast period. Furthermore, ongoing technological developments in fire detection and alarming devices is expected to boost the industry’s growth in the coming time.

In addition, the advancement of wireless and remote function fire detection and alarm systems are anticipated to offer significant opportunities for expansion in the evaluation time.  

The Covid-19 pandemic ushered in a change in the demand and consumption pattern of fire alarm and detection systems. With increasing hospitalisation rates and shift towards remote working, the need for residential and healthcare setting oriented fire safety protocols have increased, leading to growing sales of fire alarm and detection systems across these domains.

Key players in the global fire alarm and detection market have adopted various strategies of mergers, acquisitions, and partnerships. In August 2021, ProPharma group acquired iSafety Systems, an Indian pharmacovigilance service provider.

Then in July 2021, ICON plc acquired a CRO, called PRA Health Sciences. The objective of the acquisition was to increase the services portfolio of ICON plc. In October 2020, Honeywell rolled out its first tools from its new suite of Connected Life Safety Services (CLSS), which is its first all-in-one cloud platform for fire safety systems.