Expected growth at a 7.5% CAGR underscores the burgeoning fire alarm market

A new report by Zion Market Research has projected that the global fire alarm market will attain a size of USD 50.8 billion by the year 2030.

According to the findings of the research, this indicates a compound annual growth rate (CAGR) of around 7.5% between 2023 and 2030. The report’s key details can be viewed here.

Fire alarm market to expand with rising incidents of fire-related fatalities

The increasing occurrence of fire-related fatalities is a key factor poised to drive the growth of the fire alarm market during the forecast period.

The market size, which was valued at around USD 28.5 billion in 2022, is estimated to more than double over the next eight years.

Manual initiating devices predicted to dominate the fire alarm market

The report divides the fire alarm market into segments based on product type, connectivity, end user, detectors, and region. In terms of product type, the manual initiating devices segment is anticipated to capture the most significant revenue share over the forecast period.

Addressable system to continue leading the fire alarm market

Concerning connectivity, the addressable system, which held the largest revenue share in 2021, is anticipated to maintain its dominance throughout the forecast period.

Geographically, North America is predicted to remain the market leader during the same period.

Fire alarm systems play an integral role in safeguarding individuals and property, primarily by providing early warning signals in case of fire or smoke.

This alerts occupants to evacuate the premises promptly, while enabling emergency services to initiate appropriate actions.

The technological advancements in recent years have resulted in the development of more sophisticated fire alarm systems, such as addressable systems and intelligent systems, offering enhanced features like accurate location identification and advanced detection algorithms.

The fire alarm market continues to be fuelled by factors such as these technological advancements, strict regulations imposed by government bodies, and growing safety awareness.

This news is of crucial importance as it highlights the escalating need for fire alarm systems due to stringent fire safety regulations and increasing incidents of fire-related casualties and property damage.

The data outlined in the report will offer significant insight to manufacturers, stakeholders, and decision-makers within the fire and safety industry.

IFSJ Comment

This news is crucial for the fire and safety industry as it provides valuable insights into the projected market growth, indicating potential business opportunities and higher revenues.

It underscores the impact of technological advancements, which drive product innovation and competitiveness.

The report also highlights the significant influence of government regulations, emphasising the need for businesses to stay informed and adapt accordingly.

Furthermore, it provides details about regional trends and potential market challenges, guiding companies in strategic planning and problem-solving to ensure sustainable growth.