Fire Sensors And Detectors Market - Forecast(2024 - 2030)

The Fire Sensors And Detectors Market size is projected to reach $56.1 billion by 2028, growing at a CAGR of 8.5% from 2023 to 2028. With rapid industrialization and urbanization across all developed and developing nations, the need for public safety systems and a safer work environment is increasing, which plays a major factor in the growth of the Fire Sensors And Detectors Market. Technological advancements in detecting sensors such as flame detectors, smoke detectors, carbon monoxide detectors and heat detectors help modernize the Fire Sensors And Detectors Market. In these systems, sensors are programmed with Fire Alarm Control Panels to detect different kinds of hazardous signatures such as flame, smoke, carbon monoxide and heat. These fire alarm control panels are connected to a wired or wireless sensor network to report fire activity to the authority as well as sound motorized alarms so that the area could be evacuated. These aforementioned factors are positively influencing the Fire Sensors and Detectors Industry outlook during the forecast period.

The report: “Fire Sensors And Detectors Industry Outlook – Forecast (2023-2028)” by IndustryARC, covers an in-depth analysis of the following segments in the Fire Sensors And Detectors industry.

By Detector Type: Heat Detector, Flame Detector, Smoke Detector and Gas Detector.

By Fire Alarms Type: Audible Alarms, Visual Alarms and Manual Call Points Alarms.

By Connectivity: Wired Sensor Network and Wireless Sensor Network.

By Service Type: Installation and Design, Engineering Services, Maintenance, Managed Services and Others.

By End-user Industry: Healthcare, Hospitality and Travel, Transportation and Logistics, Manufacturing, Banking, Financial Services and Insurance (BFSI), Retail, Oil & Gas, Construction, Residential and Others.

By Geography: North America (the U.S., Canada and Mexico), South America (Brazil, Argentina and Others), Europe (the UK, Germany, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others) and RoW (the Middle East and Africa).

Based on Sensor Type, the smoke sensor segment in the Fire Sensors And Detectors Market report is analyzed to grow at the highest CAGR of 8.9% during the forecast period 2023-2028. The increasing number of government initiatives for the installation of smoke detectors across commercial and residential places as well as the rising technological advancements in smoke detectors are the major factors driving the growth of the smoke detectors segment. In March 2021, Johnson launched their first microprocessor-based conventional Fire Detector 700 series, which can monitor and react rapidly to building fire and smoke conditions precisely. Developments such as this help boost the smoke sensor segment, thereby boosting the Fire Sensors And Detectors Market size.

Based on End-user Industry, the Oil & Gas segment held the highest market share of 18.3% in 2021. Since many hazardous, flammable fluids and gases are present in oil and gas plants, fire accidents in the plant area can damage assets and cause fatal or non-fatal injuries to employees. This drives the adoption of Fire Sensors and Detectors in the industry. Under the 2021-2022 union budget, the Indian Government allocated $32.2 million fund to the chemical and petrochemical department. With the increase in investment across these sectors and in order to prevent fire-related accidents, the adoption of Fire Sensors and Detectors would increase its market growth.

APAC dominated the Fire Sensors And Detectors Market with a share of 36% in 2021. It is also analyzed to have significant growth over the forecasting period. This is mainly attributed to stringent government regulations towards fire safety and increased adoption of fire sensors and detectors in residential and industrial sectors. For instance, all residential units and commercial buildings in Canada are required to meet the standards of numerous national regulatory codes, including the National Fire Code (NFC), the National Building Code (NBC) and the Provincial Code. According to the NBC, fire and smoke detectors must be installed in all new dwelling units, sleeping rooms and on each floor of these units throughout the country. These stringent government regulations towards safety would boost the Fire Sensors and Detectors Industry in the North American market.

As more and more industries are being established, the demand for higher safety standards and a safer work environment is also increasing. With an increase in investments in the industrial sector to prevent the occurrence of fire-related accidents, the adoption of fire sensors and detectors tools is also increasing. In June 2021, 18 people (including 15 women) died in a fire accident at a chemical firm in Pune industrial area. Similarly, in June 2021, a major fire broke out in a chemical factory of RS chemicals, situated in an industrial area of Greater Noida. Such incidents accelerate the demand for Fire Sensors and Detectors to ensure a safer work environment for employees as well as owners.

With the increasing number of accidents in the Industrial, Commercial and Residential sectors, the demand for better safety systems is increasing which is driving to the growth of the Fire Sensors And Detectors Market. Government initiatives and stringent regulatory norms to provide better safety standards across industries are driving the Fire Sensors And Detectors Market forward. For instance, In March 2020, the Home Office introduced a new Fire Safety Bill in England and Wales. In 2021, this bill has become law – The Fire Safety Act. These initiatives would positively influence the Fire Sensors and Detectors industry outlook during the forecast period.

Fire Sensors And Detectors Market Challenges

Even though the Fire Sensors And Detectors market is growing rapidly, the cost of adopting the systems, false alarms and detection failures play a major hindrance in the market growth. Small and medium enterprises find customized fire systems expensive, which leads to reluctance in adopting these systems. The cost of installing sensors such as heat detectors and flame detectors connected with a wireless sensor network varies depending on the type and model of sensors and detectors used.

Product launches, collaborations and R&D activities are key strategies adopted by players in the Fire Sensors And Detectors Market. The top 10 companies in the Fire Sensors And Detectors Market are: