Wireless Fire Detection System Market to grow at 9% CAGR from 2018 to 2024: Global Market Insights Inc.
Wireless Fire Detection System Market size was estimated at approximately USD 300 million in 2017, and is set to reach 4 million units by 2024; according to a new research report by Global Market Insights, Inc. The growth of the wireless fire detection system market can be attributed to the increasing emphasis on preserving the building design, reducing asbestos, and improving the aesthetics coupled with the ease-of-installation of such systems. The establishment of various standard sand codes for radio fire alarm systems, such as the European Union’s directive EN54 Part 25, outlining the specific requirements and laboratory tests for components using radio links in a wireless fire detection system industry helps to positively boost their adoption as they help in enhancing the credibility of the solution for end-users. The stringent government regulations and mandates are expected to offer a favorable boost for the installation of fire detection systems. However, the lack of acceptance of radio fire alarm systems owing to the high cost of devices and the perception of low reliability given the vulnerability of wireless system infrastructure may pose a threat for the market growth of wireless fire detection system industry over the forecast period.
In a wireless infrastructure, various sensors and detectors communicate with the fire alarm panels through radio signals. The increase in the adoption of addressable fire alarm panels can be attributed to as the key driver for the adoption of wireless sensor technology. The market growth has gained momentum over the past few years owing to the benefits of radio fire alarm systems such as visual and auditory confirmation in cases of emergency and elimination of false alerts by means of a flexible system design. The high cost of wireless control panels may limit the market growth of the wireless fire detection system market over a short term; however, the rise in the number of regional market players offering competitive prices may boost their adoption across such regions. The growing trend of infrastructure development in developing regions including India, Brazil, and Thailand coupled with new construction activities, tightening of fire safety and security norms, and proliferation of wireless connectivity is expected to favorably boost the demand for wireless fire detection system market over the forecast period in such regions. The rise in the adoption of radio fire alarm systems in developing regions offers a stupendous potential for market growth over the next six years. In addition, 1|Page