Wireless Fire Detection Systems Market Set For Significant Growth In 2027 At A CAGR Of More Than 7% As Per The Business Research Company's Wireless Fire Detection Systems Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Nov. 28, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s wireless fire detection systems global market report 2023, the global wireless fire detection systems market is poised for substantial growth, with the market size expected to rise from $1.88 billion in 2022 to $2.03 billion in 2023 at a remarkable Compound Annual Growth Rate (CAGR) of 8.0%. The trajectory continues with a projected wireless fire detection systems market size of $2.72 billion by 2027, maintaining a CAGR of 7.6%. The driving force behind this growth is the escalating adoption of the smart city concept.

Growth Drivers:

The wireless fire detection systems market is experiencing robust growth, fueled by the increasing adoption of the smart city concept globally. Smart cities, incorporating technologies like Internet of Things (IoT) and big data, integrate advanced fire detection systems to enhance efficiency, safety, and sustainability. Wireless fire detection systems play a pivotal role in ensuring the safety and security of smart cities, making them indispensable components in urban development. The upcoming construction of the smart city Neom in Saudi Arabia, as part of the Vision 2030 plan, exemplifies this trend, further solidifying the market's growth prospects.

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Market Concentration:

The global wireless fire detection systems market is concentrated, with the top ten competitors accounting for 43.7% of the total market in 2022. Siemens AG holds the largest market share at 11.2%, followed by Honeywell International, Inc. with 9.2%. Other key players include Robert Bosch Gmbh, Johnson Controls International PLC, Halma Plc, Hochiki Corporation, Ceasefire Industries Pvt. Ltd, EMS Wireless Fire & Security Ltd, Electro Detectors Ltd, and Eurofyre Ltd. Market trends underscore strategies such as the development of rapid detection and alert features, advanced tools for smaller fire systems, hybrid wireless fire detectors, and collaborative initiatives among industry players.

Segmentation and Opportunities:

The wireless fire detection systems market is segmented across various dimensions:

  1. Product: Smoke Detector, Heat Detector, Gas Detector, Multi Sensor Detector
  2. Model: Fully Wireless, Hybrid
  3. Installation Type: New Installation, Retrofit
  4. Application: Indoor, Outdoor
  5. Vertical: Residential, Commercial, Government, Manufacturing

The top opportunities in the market will arise in the sensors/detectors segment, projected to gain $217.1 million in global annual sales by 2027.

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In conclusion, the wireless fire detection systems market is on an upward trajectory, driven by the growing adoption of the smart city concept and advancements in technology. Industry players can maximize the potential of this growth by leveraging the insights provided in the Global Wireless Fire Detection Systems Market Report 2023. The report offers a comprehensive analysis of market trends, competitive landscapes, and strategic opportunities, empowering businesses to make informed decisions and capitalize on emerging prospects. To stay ahead in this dynamic wireless fire detection systems market, players are encouraged to utilize the report's valuable insights and implement strategic measures that align with market trends.

Wireless Fire Detection Systems Global Market Report 2023 by The Business Research Company provides insights on the wireless fire detection systems market size, wireless fire detection systems market segments, wireless fire detection systems market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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