LONDON, Aug. 1, 2016 /PRNewswire/ -- The rapid growth of the construction sector in developing countries in Asia and the Middle East has given a huge boost to the voice alarm systems (VAS) market. New buildings are proving lucrative end-user segments as they have codes that mandate VAS installation; existing buildings requiring retrofits, on the other hand, are harder to penetrate as they lack VAS standards. Manufacturers and value chain partners are acknowledging this issue by lobbying to include VAS installation in building codes.
New analysis from Frost & Sullivan, World Voice Alarm Systems Market (http://www.frost.com/sublib/display-report.do?id=MB52-01-00-00-00&src=PR), finds that the market earned revenues of $584.1 million in 2015 and estimates this to reach $933.7 million in 2019. VAS has significant penetration in Europe and North America, while the Asia-Pacific and Rest-of-World markets are still nascent, but have high potential.
For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/EIA_PR_AZanchi_MB52_19JUL16
Building owners are demonstrating a marked preference for VAS as an extended fire alarm system due to its efficiency. In response, manufacturers are integrating VAS with fire and safety systems (FAS) and public address systems (PAS) to enhance operational and control management.
"The need to safeguard life and assets is a crucial driver for investments on VAS in industrial plants, offices, tunnels, transportation, public utilities, museums and schools," said Frost & Sullivan Building Management Technologies Research Analyst Dhivya Sundara Manohar. "In Europe and North America, a building of any size needs to install VAS to obtain certifications from the respective approving authorities."
Although most developed countries have standards in place for emergency alerts, emerging countries do not have common laws or standards. This heterogeneous spread of legislation and uneven code implementation, sometimes within the same region, has hindered market growth to a large extent. Stakeholders have to make concerted efforts to ensure the framing of global or regional common laws to improve product quality and market penetration across the globe.
Deeper market penetration at the low-end and extended applications will go a long way in opening up the mass market to VAS. As the systems have a wide price range, costs are not likely to be a vital purchase factor. In fact, end users will prefer the higher-priced distributed system technology to central systems due to their greater ease of installation and integration.
"Meanwhile, the rising need for integration is compelling VAS manufacturers to optimize their partnerships with system integrators and channel partners," noted Manohar. "Suppliers also have to increase the number of awareness programmes, such as workshops and promotional events for end users and specifiers, to reach a wider customer base."
In due course, product innovations as well as manufacturers' focus on developing systems with intelligent technology will result in smarter and more cost-effective systems that will appeal to users across the spectrum.
World Voice Alarm Systems Market is part of the Building Management Technologies Growth Partnership Service program. Frost & Sullivan's related studies include: Global Energy Harvesting Market, The North American HVAC Controls Market, 2016 Global Outlook of the Energy & Environment Industry, 2016 Asia-Pacific Energy and Environment Industry Outlook A Quick Snapshot, 2016 Global Homes and Buildings Industry Outlook, and Contract Food Services in the Australian Facilities Management Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/booming-construction-sector-in-emerging-countries-creates-a-fertile-market-for-voice-alarm-systems-300306752.html
SOURCE Frost & Sullivan