Selbyville, Delaware, Jan. 25, 2022 (GLOBE NEWSWIRE) —
The wireless fire detection systems market size is anticipated to record a valuation of USD 2 billion by 2028, according to the most recent study by Global Market Insights Inc. The growing market trend of adopting wireless connected safety systems in commercial and residential buildings is anticipated to propel the growth during the forecast timeframe.
The market expansion of wireless fire detection systems was impacted owing to the COVID-19 pandemic. Industry leaders witnessed a slow growth due to changes in the consumer buying behavior. High financial insecurities and cash crunches attributed to job losses significantly impacted the spending capacity of consumers. Delays in lead times and deliveries have also affected distribution channels, causing significant disruptions in the supply chain. The demand for high-end wireless smoke & fire detectors decreased credited to a decline in the installation of these systems in commercial settings.
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The market for the new installation of wireless fire detection systems is poised to register a high growth rate during the forecast period driven by factors such increase in new construction activities, penetration of smart home automation solutions, and ubiquity of wireless connectivity. Favorable regulatory scenarios and mandates to install smoke detectors across the residential & commercial sectors are expected to drive the demand for new installations. The rising number of fire-related deaths coupled with technological advancements in fire detections, such as image & video capture, has propelled the demand for new wireless systems.
The Asia Pacific wireless fire detection systems market is predicted to showcase significant growth during the forecast timeline. The presence of technically equipped facilities in countries including China, South Korea, and Japan to maintain an efficient control & management of industrial settings is fostering the market progression. Industry players in the region are focusing on exporting electronic components, such as sensors, detectors & fire detection products, to North America and Europe, which will help them gain high profit margins and strengthen their market presence.
The key companies operating in the wireless fire detection systems market include Siemens AG, Honeywell, International, Inc., Robert Bosch GmbH, Halma PLC, Johnson Controls, Electro Detectors Ltd, and EMS Wireless Fire and Security Ltd. Industry participants are emphasizing on introducing new products to cater to the increasing demand from the residential and commercial segments.
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Some of the major findings in the wireless fire detection systems market report include:
- Increasing government mandates and the stringent implementation of fire detection systems owing to the rise in fire accidents in the region are creating a demand for wireless fire detection solutions. The rise in fire protection expenditure by enterprises & institutions coupled with technological innovations is fueling the overall market value.
- Call points will register a steady growth in wireless fire detection systems market due to their growing importance in initiating a quick response from fire detection systems. Technological advancements and automation trends will further support the industry revenue.
- Hybrid radio fire alarm systems offer ease-of-installation in both new buildings and retrofitting environments. The system helps to reduce labor costs associated with system installations.
- The growing trend of industrialization and urbanization in Latin America has led to business opportunities in smart manufacturing, Industry 4.0, and digital transformation, creating robust growth opportunities for the market.
Table of Contents (ToC) of the report:
Chapter 3 Wireless Fire Detection Systems Market Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.3 Industry value chain
184.108.40.206 Research & development
3.2.4 Competitive landscape
220.127.116.11 Distribution network
18.104.22.168 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Price trend analysis, 2017 – 2028
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls & challenges
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.