LONDON, April 12, 2012 /PRNewswire/ -- The implementation of standards and building codes mandating their use is driving voice alarm markets in Europe and North America. Certain pockets of Asia have adopted similar initiatives and others are expected to follow, leading to higher annual growth rates in the Asia-Pacific market.
New analysis from Frost & Sullivan (http://www.buildingtechnologies.frost.com), Global Voice Alarms Market, finds that the market earned revenues of $389.4 million in 2010 and estimates this to reach $736.9 million in 2017. The research covers opportunities in new and existing buildings across North America, Europe, Asia-Pacific and Rest-of-World.
"The world voice alarm market is recovering rapidly and growing steadily due to the introduction of new standards in the leading markets of United States and Europe," notes Frost & Sullivan Senior Research Analyst Neetha Jayanth. "Such standards have set quality benchmarks, even while boosting customer value and perception of voice alarms. In some countries, this is being reinforced by strengthening building codes that mandate the use of voice evacuation or alarms in specific building categories."
Voice alarms have traditionally been seen as a niche market in fire detection and have not been regarded as a necessity. Large-scale, high-end projects and buildings have adopted voice alarms, resulting in markets in North America and Europe having developed faster than the rest of the world.
While these regions will make the largest contribution in terms of revenue, Asia- Pacific will be on a higher growth path, as local governments adopt more safety mandates as part of their building codes.
However, prices will rise as production of lower-end models halts with the imposition of quality standards in developed markets. Upper-end models will also experience a rise in price as technology improvements and integration with other building systems are implemented. This is expected to affect demand, particularly in the existing buildings segment.
"Existing buildings offer significant potential, as they account for a large share of total building stock," remarks Jayanth. "Due to the additional costs involved in upgrading existing systems and installing new ones, this market has been difficult to penetrate across all regions."
The presence of strong building codes will need to be leveraged to enhance penetration rates and improve awareness about voice alarms. The trend of integrating voice alarm systems with other systems like public address will also facilitate expansion to segments such as retail and hospitality.
"Consolidation and collaboration with manufacturers in fire and safety, public address and other sound and communication systems will result in improved product offerings," concludes Jayanth. "This, in turn, will offer end-users greater benefits than merely voice evacuation, while simultaneously adding more value to their returns on investment."
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SOURCE Frost & Sullivan