The European fire alarm system market is anticipated to exhibit a considerable CAGR of 7.2% during the forecast period. Population growth, demographic changes, and a favorable economic environment are driving high demand for residential buildings. According to DIW Berlin, the German Institute for Economic Research, the construction volume in Germany was around $510 billion in 2019. Of these, around 57.0% was generated from residential, 29.0% from commercial and 14.0% from public infrastructure. And these numbers are expected to increase in the future, owing to the growing population and rising number of immigrants. 

The growing adoption of fire alarm systems in commercial, industrial, and residential buildings owing to the increasing stringency in the fire safety regulations is anticipated to drive the regional growth of the fire alarm system market. In the EU it is mandatory to adopt all fire preventive measures to get insurance coverage for buildings. Therefore, the growing building insurance proposals are supporting the growth of the fire alarm system market in the European region.

The fire alarm system market is segmented based on products and applications. Based on the product, the fire alarm system market is segmented into the conventional fire alarm system and addressable fire alarm system. Based on application, the market is segmented into commercial, industrial, and residential. The compulsion of installing fire safety systems in commercial buildings for purpose of getting insurance is anticipated to drive the growth of this market segment.

Key market players contributing to the growth of the European fire alarm system market include ADT, LLC, Halma plc, Honeywell International, Inc., Johnson Controls International plc, Robert Bosch GmbH, and United Technologies Corp. The diverse product portfolio, adoption of different growth strategies continuously, strategically positioned R&D centers, and technological advancements are some of the major activities the players in the fire alarm system market are adopting to remain competitive in the marketplace. 

Research Methodology

The market study of the European fire alarm system market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. European Fire Alarm System Market Research and Analysis by Product Type
2. European Fire Alarm System Market Research and Analysis by Application

The Report Covers

• Comprehensive research methodology of the European fire alarm system market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the European fire alarm system market.
• Insights about market determinants that are stimulating the European fire alarm system market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Profiles and recent developments of market players.