Increasing number of residential and commercial mishaps and popularity for smart homes across the globe to drive the smoke detectors market
The global smoke detector market is poised to reach US$ 3.55 Bn by 2030, expanding at a CAGR of 6.0% during the forecast period from 2023 to 2030. Increasing safety concerns for residential and commercial buildings and mounting penetration towards smart homes are perpetually growing the demand for smoke detectors. In addition, the integration of smoke detectors with digitization like IoT and AI are identified as the major factors driving demand for smoke detectors worldwide. However, higher installation cost and replacement cost due to transition from conventional to modern detectors are the major challenges faced by smoke detector market globally.
Increasing Demand from the Commercial and Residential buildings to Drive Growth Prospects
Strict government policies and regulations in developing economies has mandate for the use of smoke detectors in commercial and residential infrastructures. Significant growth in urbanization across the globe is expected to increase the demand for smoke detectors from the sectors. Other key features affecting the growth of smoke detectors includes government initiatives, increasing adoption for smart technology like smart homes and security. With the infrastructural developments such as entertainment buildings, hotels, educational institutions, and other commercial buildings, owing to the ability to provide fire protection will drive the demand for smoke detectors.
Growing number of construction activities has initiated the need for smoke detectors to be installed in commercial infrastructures such as office spaces, shopping malls, buses, metros, and recreational centers. In the recent years, U.K. has increased its fire services across residential segment which is expected to boost up the smoke detector market.
North America to Dominate, Asia Pacific to Witness Strong Growth
In the recent years, due to advancement in technology the North America holds around one-third of smoke detector market. The increased strictness in government policies and mandates for fire safety regulation in the U.S. and Canada has increased the demand for smoke detectors in this region. According to the National Fire Protection Association (NFPA), around 4% of homes in North America face death and mishaps due to non-availability of smoke detectors. In order to minimize the risk of deaths in residential and commercial buildings, use of smoke detectors has been mandated by government which in turn will drive the demand for smoke detectors across the region.
Asia Pacific region is going to witness a lucrative growth among the emerging economies such as China, India and Indonesia. The incorporation of the digital technology such as IoT and AI is bound to fetch a massive change to both small and large scale sectors in the Asia Pacific region. Growing construction activities in residential, commercial, industrial, and civil engineering sectors has fuel up the need for smoke detectors.
Implementation of smoke detectors with IoT will automatically enable the user by using a text-to-speech system for any fire mishap, owing to minimize casualties, economic & physical losses and operational activities. Integration of AI with smoke detectors helps in differentiate between combustion and non-combustion particles, which in turn reduces unwanted and false fire alarms with accurate detection.
Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study includes Kidde, Honeywell International Inc., Johnson Controls, BRK Brands, Inc., Siemens AG, ABB Group, Hochiki Corporation, Xtralis Pty Ltd., Robert Bosch LLC, and Huawei Technologies Co., Ltd.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smoke Detector market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
