International. The size of the global fire detection and alarm market is expected to reach $62.02 billion by 2028, recording a CAGR of 4.1% during the forecast period, according to a study by Grand View Research, Inc.
Research suggests that the market is gaining importance, even more so amid the Covid-19 pandemic that hit the global economy in 2020, with companies shifting to remote working models. The demand for residential fire safety witnessed an increase, and people spent long hours working from home.
Global demand exceeded $40 billion in 2020 and will continue to grow over the next seven years, according to Grand View analysts. While the pandemic created some lucrative opportunities for OEMs, it also increased awareness about asset safety in the commercial sector. As businesses resume, the need to safeguard facilities with guidelines and facilities that promote fire safety will encourage building owners to replace old equipment or install new safety devices.
In addition, the findings suggest that advances in fire safety products by leveraging the latest wireless technologies will help OEMs keep up with the competitive rivalry in the industry. Advances followed by cost-effective products and service and maintenance pole installations will go a long way toward boosting sales. Suppliers aim to launch new products and seize opportunities in emerging markets by developing a local sales network and closing new business deals.
All these efforts of the OEMs will drive the growth of the market in the coming years. In addition to sales of new equipment, the demand of the replacement market is also increasing. Aging infrastructure with outdated fire safety devices will pave the way for new business opportunities over the next seven years. The replacement scenario is likely to create opportunities in the North American and European markets, where the market has peaked in terms of growth.
