Public Address And Voice Alarm Systems Market to Reach $5.7 Billion, Globally, by 2031 at 7.8% CAGR: Allied Market Research
PORTLAND, Ore., March 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Public Address And Voice Alarm Systems Market by Component (Microphone, Loudspeaker, Controllers, Amplifier, Others), by Technology (Analog System, Digital System, IP System), by Type (Distributed PAVA System, Centralized PAVA System), by Industry Vertical (Commercial Building, Hospitality, Industrial, Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global public address and voice alarm systems industry generated $2.7 billion in 2021, and is anticipated to generate $5.7 billion by 2031, witnessing a CAGR of 7.8% from 2022 to 2031.
- The increasing emphasis on public safety in industrial and public places and the increase in demand for quick and smart voice evacuation systems drive the growth of the global public address and voice alarm systems market.
- The increasing emphasis on public safety in industrial and public places and the increase in demand for quick and smart voice evacuation systems drive the growth of the global public address and voice alarm systems market.
- However, high investment and technological & infrastructure challenges in the implementation of PAVA systems concern restrict the market growth.
- On the contrary, a rise in adoption of smart technologies and demand for mass notification systems sets potential growth opportunities for the public address and voice alarm systems industry.