The fire and life safety industry is heating up with increasing opportunities for fire alarm contractors to advance into new territory. According to the Grand View Research Fire Alarm and Detection Market database, the global fire alarm and detection market size was $29.8 billion in 2021 and is expecting a compound annual growth rate (CAGR) of 7.2 percent on through to 2030.
North America emerged as the largest regional market in 2021, according to San Francisco-based Grand View, accounting for a revenue share of around 40 percent. The expansion is attributed to more stringent fire and building codes for industrial, commercial and residential occupancies; the use of addressable systems and technology advancements; fire and life safety awareness; and existing occupancies being brought up to compliance during additions, renovations and maintenance.
Ahead, we explore fire alarm industry growth factors — including recurring revenue opportunities — with subject matter experts from the manufacturing community and National Fire Alarm Protection Association (NPFA), along with a look at the latest in code compliance essentials and profitability best practices.
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