International. A new research report on the fire detector market, which includes the impact of COVID-19, estimates that the global forecast for 2026 will reach $2 billion by 2026 from $1.6 billion in 2020, with a CAGR of 4.2% during that period.
Key factors driving market growth include government policies, regulations, and initiatives, increasing adoption of wireless technology in flame detection systems, and increasing loss of human property due to fires.
According to the research firm Marketsandmarkets, the unique UV detector segment captured the largest market size of the overall flame detector market in 2019 and is also expected to account for the largest market share in 2020. Analysts attribute the segment's growth to demand for flame detectors in the oil and gas, chemicals, and energy industries.
These detectors are best suited for locations where hydrogen gases and hydrocarbons are used. Individual UV detectors are mainly used for indoor applications in various industries, especially in oil and gas, transportation, manufacturing, mining, and energy and energy services, where there is enormous potential and use of indoor flame detectors. This is one of the reasons for its larger market share in 2019 and the trend is expected to continue throughout the forecast period.
In terms of verticals, the report indicates that it is the pharmaceutical industry that is expected to account for the highest CAGR in the flame detector market during the forecast period. The high growth rate is driven by the need to safeguard human lives and property, as well as avoid production stoppages in the vertical. The recent COVID-19 pandemic has led to large investments in the pharmaceutical industry. Pharmaceutical buildings are in high demand for flame detection and extinguishing products. This is because this sector requires the most critical services of flame detectors, such as design and installation, service and maintenance, and security services.
The pharmaceutical industry comprises a number of laboratories and manufacturing facilities, which carry out chemical reactions and experiments for the research, development and manufacture of medicines and other health-related products. These facilities house highly professional doctors and research staff whose safety is the top priority of pharmaceutical companies. Experimentation and testing have unprecedented results, which can lead to a fire. Thus, in these facilities flame detectors are implanted to detect any possible fire in the minimum time and perform the necessary activities for fire control.
APAC (Asia Pacific) is expected to be the fastest growing region, due to increased urbanization and construction activities, and with China and Japan as the frontier markets for flame detectors in this geographic sector. The steady growth of industries in these countries after the COVID-19 pandemic is expected to drive the high growth rate. China is projected to lead the flame detector market in APAC during the forecast period, followed by Japan and South Korea. The demand for flame detectors is expected to increase with technological and economic advances. In addition, governments in this region have established fire safety standards and the flame detector market is expected to grow with the execution of these policies.
The major players involved in the flame detectors market and cited by Marketsandmarkets in the report include; Halma, Honeywell, Johnson, Controls, Siemens, United Technologies, Emerson Electric, Hochiki, MSA, Robert Bosch, Micropack Engineering, Minimax Viking and Spectrex.
