Increase in demand for next-generation, technologically advanced fire detection sensors and systems from industrial and residential sectors drives the market January 31, 2023 10:30 ET | Source:
Wilmington,Delaware, United States, Jan. 31, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a recent market research by TMR, the global fire detection sensors market is anticipated to rise from its initial valuation of US$ 29.3 Bn in 2021, and reach market value of US$ 40.4 Bn by 2031, at the end of the forecast period. It also projects that the global market will expand at a CAGR of 3.3% during the forecast period 2022-2031. Increase in demand for next generation fire detection systems that utilize emerging technologies such as IoT, is anticipated to positively impact market expansion in the coming years. Additionally, rise in demand for technologically advanced products from industrial and residential sectors is also propelling market growth.
Fire Detection Sensors Market: Key Findings of Report
Rise in Adoption of Smoke Detectors: Based on type, industry players offer three key products, namely, smoke detectors, heat detectors, and flame detectors. Among these, smoke detectors led the global industry in 2021, in terms of demand. The segment accounted for a leading share of 41.8% in 2021, and is anticipated to dominate the industry in the next few years. Smoke detectors are installed in homes and buildings to facilitate early and rapid detection of fire.
Installing these devices can help prevent fire-related deaths and injuries. Several governments across the world are making the installation of these devices mandatory in residential and commercial properties. This trend is anticipated to bolster the market in the near future.
Increase in Demand from Oil & Gas Sector: Fire and smoke detectors are majorly used in high-risk industries to safeguard workers and assets from fire hazards and accidents.
In the oil & gas sector, various fire alarm systems for gas, smoke, and fire are used to reduce risks and ensure protection of workers and equipment. Furthermore, increase in adoption of wireless gas sensors to ensure proper gas plant safety is also expected to boost market expansion.
Request to Sample PDF of this Strategic Report (Use Corporate Mail ID for Top Priority)
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=79555
Fire Detection Sensors
Market: Growth
Opportunities
Emergence and rapid adoption of IoT-enabled sensors and fire detection systems augments market development
Rise in adoption of
advanced smoke detectors bolsters industry growth
Increase in demand for latest fire detection sensors that feature wireless connectivity boosts market growth
Fire Detection Sensors Market: Key Players
Leading companies in the global market include Emerson Electric Co., Honeywell International Inc., Robert Bosch LLC, Tyco Security Products, Halma PLC, Johnson Controls, Securiton AG, Hochiki Europe, LLC, Protec Fire and Security Group Ltd., and Siemens AG. Key players are engaged in various strategies, such as product inventory expansion, collaborations, and strategic partnerships in a bid to enlarge their market share. Most manufacturers are focusing on developing new-age and technologically advanced products that offer features such as easy maintenance and installations, increased flexibility, and fast & accurate fire detection.
Fire Detection Sensors Market: Regional Growth Assessment
North America dominated the global industry with a market share of 33.3% in 2021. The market is also expected to record substantial growth in the next few years, owing to increase in instances of fire accidents in industrial, as well as residential settings, and surge in demand for advanced safety devices and solutions in dorms, rental houses, hotels, and homes.
Asia Pacific region is estimated to display significant growth in the global market during the forecast period. This can be attributed to fast paced urbanization in developing economies, increase in trend of industrialization, and rise in number of smart city projects undertaken by several regional governments. Furthermore, stringent government guidelines and regulations about installing proper and reliable fire detection sensors is also boosting the market.
