US Fire Alarm System Contractor Market Revenue to cross US$ 2.43 Billion by 2031

Surge in Fire Incidents Boosts US Fire Alarm System Contractor Market Growth   

According to our latest market study on "US Fire Alarm System Contractor Market Size and Forecast (2021–2031), Trend, and Growth Opportunity Analysis — by Technology, Product Type, and Application," the market was valued at US$ 1.49 billion in 2023 and is anticipated to reach US$ 2.43 billion by 2031; it is estimated to record a CAGR of 6.3% from 2023 to 2031. The report includes growth prospects in light of current US Fire Alarm System Contractor Market trends and driving factors influencing the market growth.   

The US is witnessing continuous growth in the number of fire incidents. As per the National Fire Protection Association (NFPA), in 2022, the US experienced 36 large-loss fires or explosions, which is the second-highest number of such accidents in the previous ten years; these 36 incidents consisted of 29 structure fires and seven non-structure fires, which included 3 wildland/urban interface (WUI) fires, 3 vehicle fires, and 1 fire outside a structure. These large-loss fires caused an estimated US$ 1.39 billion in direct property damage, accounting for approximately 8% of the total projected financial loss from all fires reported in 2022. The largest incident in the US in 2022 occurred at a gas distribution plant in Haven, Kansas, with a loss of more than US$ 200 million. Furthermore, the structural fires caused a total property loss of US$ 1 billion, accounting for ~81% of the total losses of large-loss fires. Eight of the structural fires occurred at manufacturing plants, four of which emerged from food-related processes, one in a maintenance equipment facility, one in a natural gas production plant, and one in an electronic appliance factory. These fires caused a cumulative property loss of US$ 256.4 million. Also, five fires broke out in storage properties: four in warehouses and one in a food storage building. These resulted in a collective loss of US$ 175.6 million. Two other incidents involved storage units: one as an outside fire and the other as a vehicle fire. Four large-loss fires happened in structures under construction, three in apartment buildings, and one in a hotel. These fires caused a total loss of US$ 156.2 million. Three fires in industrial enterprises caused a total loss of US$ 243.1 million. One of the plants was responsible for gas distribution, one for electricity generation, and one for sanitary waste disposal. There were also three fires in stores and offices, with a total loss of US$ 6.7 million. Also, seven non-structure fires resulted in cumulative losses of US$ 351.8 million, or more than 19% of the total losses from all large-loss fires. Therefore, the growing number of fire incidents fuels the need for fire alarm systems, which fuels the US Fire Alarm System Contractor Market growth.

The scope of the US Fire Alarm System Contractor Market report focuses on North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Based on technology, the addressable systems segment held a larger US Fire Alarm System Contractor Market share in 2023. Addressable fire alarm systems are a more sophisticated method of fire detection. In these systems, each detector and device has a unique address, which allows the control panel to locate the exact position of the fire. This function is especially useful in larger buildings where a timely and targeted reaction is required. Knowing where the fire is located allows emergency personnel to act more quickly and efficiently, which can save lives and decrease property damage. Therefore, the demand for addressable fire alarm systems is significantly high in industrial and commercial settings, along with large residential buildings, which is likely to have a significant impact on the US Fire Alarm System Contractor Market forecast in the coming years. 

Based on product type, the detector type segment held a larger US Fire Alarm System Contractor Market share in 2023. A fire detector device can detect a fire and deliver a signal to an alarm circuit. Fire detectors can be triggered by flames, heat, smoke, or any combination of these sources. Heat detectors are used in laundries and galleries. Smoke detectors are used in accommodation areas, machinery spaces, and cargo holds. A fire detection system can help save lives by alerting building occupants to the presence of a fire and allowing them to evacuate safely. Early warning alerts can notify authorized people of a potential hazard. A fire detector can help protect the building and its contents from damage by detecting a fire early and alerting the authorities for quick respond to the crisis. It is an important safety measure that can help protect assets and minimize the impact of a fire on a business or organization. The detector type segment is further subsegmented into smoke detectors, heat detectors, flame detectors, and others.

Western States Fire Protection (API Integrators); Everon, LLC; Emcor Group Inc; Pye-Barker Fire & Safety, LLC; Cintas Corp; Summit Fire Protection Co; Johnson Controls International Plc; The Hiller Companies, LLC.; Convergint Technologies LLC; Koorsen Fire & Security, Inc.; Encore Fire Protection LLC; and Thompson Safety are among the key players profiled in the US Fire Alarm System Contractor Market report. Several other major players were also studied and analyzed in the market report to get a holistic view of the market and its ecosystem. The US Fire Alarm System Contractor Market analysis provides detailed market insights, which help the key players strategize their growth.

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