Wireless Fire Detection Systems Market Revenue to Cross USD 1 Bn by 2026: Global Market Insights, Inc.

SELBYVILLE, Del., November 22, 2020 (Newswire.com) - ​According to the latest report “Wireless Fire Detection Systems Market by Component (Sensor, Call Point, Fire Alarm Panel, Input/Output Module), Product (Smoke Detector, Heat Detector, Gas Detector, Multi-sensor Detector), Model (Fully Wireless, Hybrid), Installation Type (New Installation, Retrofit), Application (Residential, Industrial, Commercial), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of wireless fire detection systems will cross $1 billion by 2026. The industry growth can be attributed to the improvement and upgrading of existing government regulations regarding fire safety and security. Simple installation of wireless fire detection systems coupled with the elimination of drilling and reconstruction for cable wiring is enhancing product demand.

The wireless fire detection systems market expansion is currently hampered due to the COVID-19 health crisis. The pandemic impacted the global economy on a large scale. Increasing financial insecurities among consumers have encouraged consumers to postpone the purchases of high-cost fire detection systems. The pandemic has also resulted in rising losses for companies operating in the market owing to disruptions in the supply chain and the unavailability of raw materials. The market statistics are expected to improve with economic revival across the globe.

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The wireless fire detection systems market for new installations segment will observe substantial growth during the forecast timeline driven by an increase in new construction of commercial & residential buildings, penetration of smart home automation solutions, and ubiquity of wireless connectivity. The rising number of government mandates regarding the performance and testing of wireless fire detection systems in newly constructed buildings is further providing lucrative opportunities for market revenue.

The Asia Pacific wireless fire detection systems market size is estimated to witness significant growth through 2026 on account of various stimulating factors such as stringent regulations in the region, economic expansion, and a shift in consumer preference toward advanced technologies including wireless & IP solutions. Growing investments in the construction of residential and commercial infrastructure in countries including India, Thailand, and Japan are also contributing to the increasing industry share.

Key players operating in the market include Honeywell, International, Inc., Siemens AG, Halma PLC, Electro Detectors Ltd., Tyco International PLC, EMS Wireless Fire and Security Ltd., and Robert Bosch GmbH. These companies are focusing on launching new products to cater to the dynamic demand from the commercial and residential segments.

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Some major findings in the wireless fire detection systems market report include:

-  High growth in the number of fire accidents and the resulting loss of life & property is contributing to the increasing demand for wireless fire detection systems across the globe.

-  Stringent laws and regulations pertaining to the installation of fire detection & alarm systems in newly constructed buildings are creating new opportunities for market growth.

-  The Latin America market is projected to grow steadily during the forecast timeline led by the gradually increasing penetration of the Internet and smart devices. Increasing consumer awareness related to upcoming technologies, such as IoT and AI, is driving the regional market value.

Table of Contents (ToC) of the report:

Chapter 3   Wireless Fire Detection Systems Market Insights

3.1    Industry segmentation

3.2    Impact of COVID-19 on wireless fire detection systems industry landscape

3.2.1    Global outlook

3.2.2    Regional impact

3.2.3    Industry value chain

3.2.4    Competitive landscape

3.3    Industry ecosystem analysis

3.4    Technology & innovation landscape

3.5    Price trend analysis, 2016 – 2026

3.6    Regulatory landscape

3.7    Industry impact forces

3.7.1    Growth drivers

3.7.2    Industry pitfalls & challenges

3.8    Growth potential analysis

3.9    Porter's analysis

3.10    PESTEL analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Source: Global Market Insights, Inc.