27 Jan Global wireless fire protection systems market to grow at a CAGR of 9%
The global wireless fire protection systems market is set to grow to US$4.2 billion by 2030, from US$2.5 billion in 2021. This represents a compound annual growth rate of 9% over the forecast period, according to a research report published by Spherical Insights & Consulting.
The report predicts that the market will be driven by the growing attention on aesthetics and design. Another key factor fuelling the market is the expansion of government requirements and regulations for fire protection systems.
Now more than ever mor wireless technologies are being implemented in safety systems. This makes remote access easier and supports communication between field equipment and control stations.
The decreasing cost of IR systems is also thought to be increasing demand for wireless fire detection systems. In addition, has the market has become more competitive, there has been a significant decrease in the price of sensors used in the systems, which is helping to push demand.
The one barrier to growth could be the lack of acceptance in the industry for such systems, due to perceptions of dependability and high maintenance costs.