Fire Alarm Market Size, Share, Growth Analysis, By Product Type(Audible Alarms, Visual Alarms, and Manual Call-points Alarms), By Technology(Conventional Fire Alarm Systems and Addressable Fire Alarm Systems), By Connectivity(Wired, Wireless, and Hybrid), By End User(Commercial, Industrial, and Residential), By Region - Industry Forecast 2024-2031

Fire Alarm Market size was valued at USD 29.75 billion in 2019 and is poised to grow from USD 31.89 billion in 2023 to USD 59.63 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

Global Fire Alarm Market is fragmented with the presence of several big players such as Robert Bosch GmbH, Honeywell International, Inc., Gentex Corporation, Halma plc. Major payers are primarily focusing on the development, innovation, and efficiency of products to provide various benefits related to Fire. Increasing R&D investments is another strategy opting by key players to strengthen their market position. 'Honeywell International Inc.', 'Johnson Controls International plc', 'Siemens AG', 'United Technologies Corporation (a subsidiary of Raytheon Technologies Corporation)', 'Bosch Sicherheitssysteme GmbH', 'Halma plc', 'Gentex Corporation', 'Hochiki Corporation', 'Napco Security Technologies, Inc.', 'Notifier (a subsidiary of Honeywell International Inc.)', 'Nohmi Bosai Ltd.', 'Panasonic Corporation', 'Potter Electric Signal Company, LLC', 'Robert Bosch GmbH', 'Securiton AG', 'SimplexGrinnell (a subsidiary of Johnson Controls International plc)', 'System Sensor (a subsidiary of Honeywell International Inc.)', 'Tyco International Ltd. (a subsidiary of Johnson Controls International plc)', 'Vigilant Technologies, LLC (a subsidiary of Securitas AG)', 'Xtralis Pty Ltd (a subsidiary of Honeywell International Inc.)'

The demand for advanced fire safety systems in fire-prone industrial settings, such as automotive, power & utility, mining, petrochemical, and oil & gas exploration, will drive the market growth over the next seven years.

Consumers are preferring smart modern fire alarm systems to prevent potential fatalities and damages. Also, these alarm systems are more sensitive and effective compared to conventional systems. This consumer positively affected demand for these products, which has further contributed to revenue growth of the fire alarm market.

Globally, North America accounted for the largest global fire alarm market share in 2021. Increasing instances of fire and fatalities in the region is driving revenue growth of the market.