Asia Pacific excluding Japan (APEJ) is developing a lucrative market for manufacturers of fire alarm systems. Market attractiveness of APEJ is attributed to new safety standards and regulations in China and India.
LONDON, ENGLAND / ACCESSWIRE / February 10, 2020 / The global fire alarm systems market is poised for revenues of over US$ 33 Bn by 2029, with major demand contributed by the construction sector. The market is projected to grow at a promising CAGR between 2019 and 2029, according to a new Future Market Insights (FMI) study. The report says that the key players in fire alarm systems market are focused on integration of innovative technologies to better cater to evolving consumer needs.
"Sales of fire alarm systems continue to progress; as smart infrastructure continues to be the frontier of civil facilities. In addition to the evolving regulatory norms, tech-enabled transformation of construction industry is impelling the growth of market," concludes the FMI report.
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Fire Alarm Systems Market: Key Findings
- Rising demand from construction sector is bolstering growth of the market
- Addressable fire alarm systems continue to be the top-selling category, owing to their superior features
- Adoption in commercial application areas remains a significant contributor to market growth
- North America continues to lead the fire alarm systems market, accounting for a quarter of global market revenues
Key Growth Drivers - Fire Alarm Systems Market
- Rapid advancements in wireless technologies is a key booster to sales of fire alarm systems.
- Increasing demand for secure infrastructure is creating an influx of opportunities for market players
- Regulatory framework regarding personnel safety continues to work in favor of fire alarm system sales in commercial and industrial sectors
Key Impediments - Fire Alarm Systems Market
- Increasing rate of false alarms remains a longstanding challenge, creating negative consumer perception
- High maintenance of smart/wireless smoke detectors continues to hamper wider adoption of fire alarm systems
Competition Landscape
The global fire alarm systems market is moderately concentrated, where leading players account for nearly a third of overall value. Market players are primarily focusing on innovative offerings in categories such as video image smoke, flame detection systems, and cloud-based fire alarm systems. Leading players are also entering strategic partnerships, and collaborations for a stronghold in global market. The report offers deep-dive insights on some of the leading market players, which include but are not limited to, Johnson Controls, United Technologies Corporation, Honeywell International, Siemens, and Eaton.
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About the Report
This 270+ page study offers readers with a comprehensive market forecast on the flanges market. Global, regional, and country levels analysis of the latest industry trends impacting the mining lubricants market. The study provides compelling insights on mining lubricants market on basis of solutions (type of system, services), and application (commercial, industrial, residential) across 30 countries spanning seven key regions - North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (excluding Japan), and MEA.
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SOURCE: Future Market Insights