Global smoke detector market is expected to register a 5.2% CAGR over the forecast period. Moreover, the global smoke detector market was valued at USD 1.4 Billion in 2016 and is expected to reach at notable revenue of USD 2.31 Billion by the end of 2024.
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“Global Smoke Detector Market Analysis & Opportunity Outlook 2021”
The global smoke detector market is segmented into product type such as photoelectric smoke detector, dual sensor smoke detector, ionization smoke detector, others. Among these segments, dual sensor smoke detector segment is expected to grow at maximum CAGR during the forecast period.
The expansion of the dual sensor smoke detector segment can be attributed to its capability to detect both fast-flame and smoldering fires. Moreover, it can be used in industries, commercial buildings as well as in residential buildings.
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A number of factors such as increasing constructional activities, rising number of smart homes and growing technological advancements in fire detecting technologies are anticipated to drive the growth of smoke detector market over the forecast period.
The residential segment by end user is likely to grow at remarkable pace during the forecast period. Rising safety and security concerns amongst the consumers and growing adoption of advanced technologies are likely to drive the global market during the forecast period.
However, commercial segment by end user accounted for maximum share in 2015 and is anticipated to witness considerable growth during the forecast period.
Rising number of deaths by fire
Accidents by fires in residential, industrial and commercial buildings due to a number of reasons such as poor electric wiring, overloaded electric systems, smoking of cigarettes, storage of flammable liquids and other combustibles with insufficient protection and other reasons are increasing. Further, rising accidents and increasing number of injuries and deaths by fire are some of the major factors which are fuelling the demand for smoke detectors in residential, industrial and commercial buildings.
Favourable government regulations and programme
Government’s regulations regarding implementation of fire alarms and smoke detectors in buildings in order to ensure public safety is a major factor which is projected to drive the growth of smoke detector market during the forecast period. Smoke detectors are able to detect smoke and alert the house owners in case of smoke or fire.
Further, growing spending by consumers on safety regulations is projected to foster the growth of this segment during the forecast period.
Although, high installation cost, annual maintenance charges and un-organized market are some of the factors that are likely to inhibit the growth of the smoke detector market in the near future.
The report titled “Global Smoke Detector Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global smoke detector market in terms of market segmentation by product type, by power source, by services, by end-user type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global smoke detector market which includes company profiling of Honeywell International Incorporation, Siemens AG, Hochiki America Corporation, Tyco International PLC, United Technologies Corporation, Johnson Controls International Plc., Hitachi Ltd, and NEST Technologies Corp. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global smoke detector market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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