However, the relatively high cost of industrial fire alarm systems, along with concerns about false alarms and detection failures are restraining the market growth. Additionally, advancements in fire detection and alarm devices are expected to boost market growth during the forecast period. North America is expected to be the leading contributor to the market during the forecast period, followed by Europe and Asia-Pacific.įactors such as increase in installation of fire safety systems in educational institutions and awareness among residents of fire detection systems are likely to trigger alarming growth in fire detection market. According to a new report published by Allied Market Research, titled, “Fire Alarm and Detection System Market by Offering, Product Type, Detection Technology, Connectivity, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global fire alarm and detection system industry size was valued at $60.51 billion in 2020, and is projected to reach $98.90 billion by 2030, registering a CAGR of 5.0%. PORTLAND, OREGON, UNITED STATES, Octo/ / - Fire Alarm and Detection System Market by Offering (Hardware and Software), Product Type (Fire Alarm Type and Detector Type), Detection Technology (Addressable and Conventional), Connectivity (Wired and Wireless), and End User (Commercial, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2030.
Fire Alarm and Detection System Market Expected to Reach $98.90 Billion by 2030
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