Growing demand for fire safety driving global Smoke Detectors Market to reach $3.4 billion by 2027


Posted March 8, 2023 by avinashgogawale14

The Smoke Detectors Market will increase from USD 2.3 billion in 2022 to USD 3.4 billion in 2027 at a CAGR of 8.2%.

 
The Smoke Detectors Market is anticipated to increase from USD 2.3 billion in 2022 to USD 3.4 billion by 2027, at a compound yearly growth rate (CAGR) of 8.2%. The report emphasises the increased government support and initiatives for smoke detector installation, as well as the rising business spending on fire safety, as driving factors for the rising demand for smoke detectors. The government requirements for smoke detector installation in coaches, buses, and speciality vehicles are also mentioned in the research as a factor in the market's expansion. By power source, type, service, distribution channel, and geography, the research divides the market into segments and offers a detailed analysis of each one. Due to its better sensitivity in detecting smouldering fires, the photoelectric smoke detectors category is anticipated to hold the biggest market share during the projection period. The research further states that due to rising government initiatives and escalating regional urbanisation, the Asia Pacific area is anticipated to experience the highest growth during the forecast period.

Major companies operating in this smoke detectors market include Carrier Global Corporation (US), Honeywell International Inc. (US), HOCHIKI Corporation (Japan), Johnson Controls International plc. (US), and Siemens AG (Germany).

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Battery-powered holds the largest market share in 2021

Battery-powered smoke detectors will have the biggest market share in 2021, claims a MarketsandMarketsTM analysis. These smoke detectors are a popular option among consumers because they are simple to install and functional even when there is no electricity. The development of smoke detectors with longer battery lives, such as those powered by sealed lithium-ion batteries with a 10-year lifespan, is another result of developments in battery technology. The availability of DIY instructions also increases customers' access to these detectors. According to the report, the market is expanding as a result of rising demand from a variety of end-use sectors for battery-powered smoke detectors.

Dual-sensor smoke detectors segment is expected to hold the largest market share during the forecast period

Over the projected period, the dual-sensor smoke detector category will hold the greatest market share in the smoke detectors market. Due to their effective and dependable smoke detection systems, these detectors—a combination of ionisation and photoelectric technologies—are chosen in healthcare organisations. Due to the rising demand for effective smoke detection systems in healthcare facilities and commercial areas, the market is predicted to expand. The market is expanding as a result of growing consumer knowledge of the advantages of dual-sensor smoke detectors, such as increased safety and fewer false alarms. Moreover, technological developments like the creation of wireless dual-sensor smoke detectors are anticipated to open up profitable potential for market participants in the upcoming years.

Managed services is projected to be the second-fastest growing segment during the forecast period

Throughout the forecast period, the smoke detectors market's managed services sector is anticipated to rise at a second-faster rate. Managed services have many benefits, including lower costs, simple setup, instant notifications, customization, and dependable services. Managed service providers guarantee the safety of corporate data and the efficiency of corporate operations. In the event of an emergency fire, these services assist in handling fire safety and security. The market for smoke detectors is being driven by the growing adoption of managed services.

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Commercial industry dominated the smoke detectors market in 2021

In 2021, the market for smoke detectors was further divided into the commercial, healthcare, academic & institutional, hospitality, retail, and BFSI sectors. The commercial sector represented the greatest share of the market. Commercial smoke detectors are typically networked and connected to a central fire alarm control panel. Smoke detectors are widely used in the commercial sector since there are more commercial buildings being built around the world, especially in developing nations.

The smoke detectors market in Europe is expected to hold the largest CAGR during the forecast period

Throughout the forecast period, the European smoke detectors market is anticipated to develop at the greatest compound annual growth rate (CAGR), exceeding 9%. The region's need for smoke detectors is being driven by the strict rules that European nations have implemented for fire prevention and safety. The mandated installation of smoke detectors in homes in nations like Austria, France, and Germany contributes to the market's expansion. Also, the expansion of the market in Europe is being aided by the growing awareness of the advantages of installing smoke detectors for the protection of both people and property.

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Last Updated March 8, 2023