DUBLIN--(BUSINESS WIRE)--The "Fire Detection Equipment Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides the strategists, marketers and senior management with the critical information they need to assess the global fire detection equipment market as it emerges from the COVID-19 shut down.
The global fire detection equipment market reached a value of nearly $19,632.6 million in 2020, having increased at a compound annual growth rate (CAGR) of 2.64% since 2015. The market is expected to grow from $19,632.6 million in 2020 to $26,571.3 million in 2025 at a rate of 6.24%. The market is then expected to grow at a CAGR of 6.23% from 2025 and reach $35,951.6 million in 2030.
- Siemens AG
- Johnson Controls
- Carrier Global Corporation
- Honeywell International
- Robert Bosch
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Growth in the historic period resulted from government support in emphasizing safety, increase in the number of fire accidents, increase in commercial space, economic growth and rapid urbanization. Factors that negatively affected growth in the historic period were the failed smoke detection systems, and consumer reluctance. Going forward, the technological advances, growth in the construction market, increasing demand from end-user industries, stringent safety regulations, and increasing adoption of wireless technology in fire detection will drive growth. Factors that could hinder the growth of the market in the future include high costs, difficulty in operations in dwellings/informal settlements.
North America was the largest region in the fire detection equipment market, accounting for 37.4% of the total in 2020. It was followed by the Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the fire detection equipment market will be Western Europe and Asia Pacific where growth will be at CAGRs of 8.7% and 7.9% respectively during 2020-2025. These will be followed by the Eastern Europe and Africa, where the markets are expected to register CAGRs of 7.3% and 5.3% respectively during 2020-2025.
The fire detection equipment market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 64.53% of the total market in 2020. Major players in the market include Siemens AG, Johnson Controls, Carrier Global Corporation, Honeywell International, Robert Bosch and others.
Market-trend-based strategies for the fire detection equipment market include integration of smoke detectors in home automation systems to provide consumers with better security and control, considering the addition of advanced smoke detectors in commercial buildings for people and business safety, integrating the internet of things (IoT) in fire detectors to make them more technologically advanced, providing features including voice assistance to offer convenience and specific needs of some of the disabled population, manufacturing and provide features of smart smoke detectors, multi-criteria fire detectors, beam smoke and fire detectors, heat detectors, visual fire detectors and alarms, intelligent smoke and fire detectors and adopting wireless technologies. Player-adopted strategies in the fire detection equipment market include strengthening product portfolio by new product launch with innovative features and advanced technologies.
To take advantage of these opportunities, the publisher recommends fire detection equipment companies to focus on smart fire detectors, focus on IoT in fire detectors, focus on multi-criteria fire detectors, focus on voice assisted smoke detectors, establish operations in emerging markets, leverage e-commerce to maximize reach, offer value-based pricing, provide competitively priced offerings in low-income countries, participate in trade shows and events, increase visibility through business websites and listing websites, and focus on post purchase services.
For more information about this report visit https://www.researchandmarkets.com/r/uj0hcg