The global fire alarm and detection market revenue is expected to expand at a lucrative CAGR over the forecast period. Mandates mentioned in building codes made by governments across the globe for installation of fire alarm and detection systems is a key factor expected to drive growth of the global fire alarm and detection market.
The global fire alarm and detection market is segmented on the basis of alarm technology, detection technology, application, and region.
On the basis of alarm technology, the global market is segmented into conventional systems and addressable systems.
On the basis of detection technology, the global market is segmented into flame detectors, smoke detectors, and heat detectors. Smoke detectors segment is expected to gain popularity and is expected to have high adoption rate as they are cost-effective and have longer life span.
On the basis application, the global market is segmented into commercial and non-commercial. The commercial segment is expected to contribute major revenue share, owing to increasing number of fire alarm and detection systems installations in commercial places such as offices, restaurants, industrial complexes, and various other non-residential locations.
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On the basis of region, the global fire alarm and detection market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
In 2016, market in North America accounted for largest share in the global fire alarm and detection market in terms of revenue. Europe market is estimated to account for second-largest revenue share, followed by markets in Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to register highest CAGR during the forecast period.
Key players operating in the global fire alarm and detection market include Emersion Electric Co., Fike Corporation, Gentex Corporation, Halma PLC., Siemens AG, Hochiki Corporation, Honeywell International, Inc., Robert Bosch GmbH, Minimax USA LLC, Tyco International PLC, and other prominent players.