The global fire alarm system market is projected to grow at a considerable CAGR of 7.2% during the forecast period (2020-2026). A sudden outburst of fire can have a far-reaching negative impact on the institution's buildings, contents, and mission. Collections damage, operations and mission damage, structure damage, knowledge loss, injury or loss of life, and the threat to buildings security among others are the major severe consequences of fire outbreak. To minimize the negative consequences of fire, identification of a advancing fire emergency promptly is of utmost importance. The fire alarms are aptly designed for this purpose. Depending on the anticipated fire scenario, building and use type, number & type of occupants, and criticality of contents & mission, these systems can provide several main functions. 

The growing adoption of the fire alarm system in commercial, residential, and industrial buildings for a safety measure against fire mishap is a key factor driving the demand for fire alarm systems across the globe, which in turn is anticipated to drive the growth of the global fire alarm system market. Moreover, the stringent government regulation regarding the use of fire safety equipment in commercial and industrial buildings is also encouraging the huge adoption of fire alarm systems in commercial and industrial buildings. Thereby, is anticipated to drive the market growth.  However, product failure, unwanted or fake fire alarm are the key factors that are being responsible for the negligence of their importance; this may restrain the growth of the market. 

Segmental Outlook  

The fire alarm system market is segmented based on products and applications. Based on the product, the market is segmented into the conventional fire alarm system and addressable the 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. 

Global Fire Alarm System Market Share by Product, 2019 (%)

Regional Outlook 

The global fire alarm system market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to hold a major market share in the global fire alarm system market. The US is anticipated to hold a major market share in the regional market. In the US, according to the Federal Law and further, through the Public Buildings Amendments of 1988, 40 U.S.C. 3312 (formerly Section 21 of the Public Buildings Act of 1959, 40 U.S.C. 619), each building constructed or altered by the US General Services Administration (GSA) or any other federal agency should be in compliance with one of the nationally recognized model building codes and with other applicable nationally recognized codes. The presence of strict laws and regulations related to fire safety is a key factor contributing to the demand for the fire alarm system in the region.

Asia-Pacific is expected to witness significant market growth

China is the major contributor to the high growth of the fire alarm system market in Asia-Pacific. Moreover, the developing construction industry of the major economies of Asia-Pacific such as India, China, Japan, and Singapore among others is creating for such material to meet the fire safety requirements in buildings. Governments of emerging economies including China, India, and Middle East countries have increased expenditure on infrastructure development to cater to the growing urban population, which is expected to create opportunities for foreign investments. Hence, high investment in the overall infrastructural development is anticipated to increase the demand for these products over the forecast period.

Market Players Outlook

Key market players contributing to the growth of the global fire alarm system market that include Johnson Controls International plc, Honeywell International, Inc., NAPCO Security Technologies, Inc., United Technologies Corp., Panasonic Corp., Robert Bosch GmbH, and Carrier Global 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. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global fire alarm system market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.