Wireless Fire Detection System Market size worth over $1 Bn by 2026
Published Date: November 20, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Wireless Fire Detection System Market size is set to exceed USD 1 billion by 2026, according to a new research report by Global Market Insights, Inc.
The wireless fire detection system market growth is driven by the rapidly increasing demand for simple and easy-to-install fire safety equipment. A conventional fire alarm requires a complicated wiring network that disturbs the interiors of a building. Wireless detection systems allow users to improve building fire safety without compromising the aesthetic appeal.
Ongoing R&D and innovations for the development of intelligent wireless fire detection systems are expected to augment the market revenue during the forecast period. Research institutes are collaborating with market players to introduce low-cost wireless fire detection systems. For instance, in September 2020, researchers from the Unitec Institute of Technology, New Zealand developed an IoT-based fire detection system, FireNot, in collaboration with industry leaders in the region.
The wireless fire detection system market expansion is restricted due to the high cost of these systems. The use of high-quality components including sensors and fire alarm panels increases the cost of ownership of these systems. Consumer perceptions related to the low reliability of wireless fire detection systems are challenging the industry growth. The complexity of the wireless infrastructure in these systems poses maintenance and repair challenges. However, the impact of these restraints is estimated to be minimized over the coming years owing to the ongoing R&D initiatives by market participants.
The global economy has witnessed unprecedented impacts of the COVID-19 pandemic. The government enforced lockdowns and movement restrictions have led to a slowdown in the business growth of several wireless fire detection system companies. Several countries across the globe have banned the import of electronic components from China, forcing manufacturers to source components at a higher cost from the domestic markets. The market is forecast to observe growing demand with a reduction in the pandemic impacts.
Rising importance of fire alarm panels in wireless fire detection systems
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The fire alarm panel segment in the wireless fire detection system market valued at around USD 135 million in 2019 impelled by the increasing importance of fire alarm panels in wireless fire detection systems. Fire alarm panels allow users to remotely control the operation of their wireless systems. The ability of these panels to maintain the operational integrity of wireless alarm systems is contributing to their growing adoption in the market.
Low-cost smoke detectors to improve the industry value
The smoke detector segment will showcase growth of over 9% till 2026 propelled by their low-cost compared to other detectors. Several benefits offered by smoke detectors including simple electronic circuitry and low maintenance costs are driving the market expansion. Market leaders are launching technologically advanced laser and photoelectric smoke detectors to capitalize on the growing demand and increase their revenues.
Browse key industry insights spread across 330 pages with 649 market data tables & 21 figures & charts from the report, “Wireless Fire Detection System Market Size, By Component (Sensor, Call Point, Fire Alarm Panel, Input/Output Module), By Product (Smoke Detector [Photoelectric, Ionization, Dual Sensor], Heat Detector, Gas Detector, Multi-sensor Detector), By Model (Fully Wireless, Hybrid), By Installation Type (New Installation, Retrofit), By Application (Residential, Industrial, Commercial [BFSI, Education, Government, Healthcare, Hospitality, Retail]) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026” in detail along with the table of contents:
Increasing growth opportunities for the market in commercial applications
The commercial application is anticipated to reach USD 370 million by 2026. The growing usage of wireless fire detection systems in banks and financial institutions to prevent property damage, loss of assets, and ensure employee & customer safety in case of accidental fires is improving the market statistics. The high importance of fire detection systems in educational facilities is also boosting the market demand.
Stringent fire safety regulations in European region will fuel the market growth
The Europe wireless fire detection system market size was more than USD 200 million in 2019 on account of the presence of regulations and stringent certification requirements. In addition to fire safety regulations, authorities in the region have also established strict codes and standards to ensure the high reliability of wireless alarm systems.
Key participants operating in the wireless fire detection system market include Detectomat GmbH, Siemens AG, Sterling Safety Systems, Halma PLC, Robert Bosch GmbH, Tyco International PLC, EuroFyre Ltd., HOCHIKI Corporation, EMS Wireless Fire and Security Ltd., Electro Detectors Ltd., and Honeywell International, Inc. These companies are focusing on merger & acquisition strategies to enhance their customer base and core competencies.
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