Description
The global smoke detector market size was valued at USD 1,946.1 million in 2020 to USD 3,405.7 million by 2027, at a CAGR of 8.3% from 2021 to 2027. Smoke detectors are mainly mounted on the ceilings of residential and non-residential buildings to identify the presence of smoke. The detection of smoke triggers an alarm to alert the occupants and thereby avoids fatalities caused due to fire hazards. Properly planned installation of smoke detectors minimizes the risks of sudden fire hazards and reduces the loss and damage of property and human life. Smoke detectors are classified into two main types mainly, photoelectric smoke detectors and ionization smoke detectors. However, the combination of both these types is also available in the market.
The growth in the construction industry globally is a major driving factor for implementing smoke detectors in both residential and commercial buildings. People are becoming aware of the circumstances of fire hazards and their heavy toll on both human and property assets. This motivates the use of smoke detectors as they are an inexpensive alternative for fire prevention. Moreover, various governments have passed stringent laws and regulations regarding fire safety for both residential, commercial, and industrial buildings. These laws make it mandatory to install smoke detectors and sprinkler systems to avoid fire-related hazards while constructing these buildings. Implementation of such laws and regulations drives the growth of the smoke detectors market globally. However, the complications in the installation and operation of smoke detectors are expected to restrain the market growth. The main disadvantage of smoke detectors is the possibility of false alarms.
A smoke detector may go off irrespective of the source of smoke, for instance, it may get triggered by the smoke generated in kitchens, directed cigarette smoke, presence of dust or insects, and others. The detector should be installed at places that are likely to catch fires, which needs to be appropriately planned. These installation services often incur high costs, which in turn can hamper the implementation of smoke detectors; thereby, restraining the growth of the smoke detector market industry globally. On the contrary, the developing and under-developed countries possess more significant opportunities to develop the smoke detector market. Lack of awareness, illiteracy, poor economic conditions, and others mainly hamper the use of smoke detectors. However, the government efforts for spreading awareness toward fire safety are expected to create lucrative opportunities for the smoke detectors market growth.
Get a Sample PDF copy of the Report: – https://www.marketstatsville.com/request-sample/smoke-detector-market
Global Smoke Detector Market Dynamics
Drivers: Growth in the construction industry and consumer spending on construction
The construction industry has flourished considerably in the past few years. According to the report published by Global Construction Perspectives and Oxford Economics in 2018, the global construction market is expected to grow by $8.0 trillion by the year 2030. The construction industry mainly drives growth in the U.S., China, and India. The growth in the construction industry directly drives the demand for smoke detectors in these regions.
Moreover, based on the statistics published by The American Institute of Architects in 2019, the spending on non-residential buildings in the U.S. grew by 4.4% during the year 2019. Within this, the office and commercial spaces exhibit the highest growth with 5%. The surged spending on construction activities; thereby, providing healthy demand for the smoke detectors market.
Restraints: Complications in installation and operation of smoke detectors
The main advantage of smoke detectors is the possibility of false alarms. A smoke detector may go off irrespective of the source of smoke, for instance, it may get triggered by the smoke generated in kitchens, directed cigarette smoke, presence of dust or insects, and others. Furthermore, the installation of smoke detectors is also a complicated process. The detector should be installed at places that are likely to catch fires, which needs to be appropriately planned. These installation services often incur high costs, which are expected to hamper the implementation of smoke detectors. Such factors restrain the growth of the smoke detector market globally.
Opportunities: Scope for investment across the untapped market
The developing and under-developed countries possess more significant opportunities for the growth of the smoke detector market. Lack of awareness, illiteracy, poor economic conditions, and others mainly hamper the use of smoke detectors in these regions. However, the government efforts for spreading awareness toward fire safety are anticipated to create lucrative opportunities for the growth of the smoke detectors market.
Scope of the Report
The study categorizes the smoke detector market based on product type, installation type, end user, distribution channel, and regions.
By Product Type Outlook (Thousand Units, Sales, USD Million, 2017-2027)
Installation Type
Photoelectric Smoke Detector
Dual Sensor Smoke Detector
Others
By Installation Type Outlook (Thousand Units, Sales, USD Million, 2017-2027)
Hardwired
Battery-Operated
By End User Outlook (Thousand Units, Sales, USD Million, 2017-2027)
Commercial
Residential
Manufacturing
Telecommunication
Automotive
Oil & gas
Others
By Distribution Channel Outlook (Thousand Units, Sales, USD Million, 2017-2027)
Online
Independent Sites (Manufacturers Website)
Dependent Sites (Ecommerce)
Offline
Electronic Stores
Wholesalers
Standalone Stores
Independent Sellers
Others
Buy an exclusive copy: – https://www.marketstatsville.com/buy-now/smoke-detector-market
By Region Outlook (Thousand Units, Sales, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Battery-operated, by installation type, is estimated to account for the highest CAGR during the forecast period
By implementation type, the smoke detector market is bifurcated into hardwired and battery-operated smoke detectors. Battery-operated is the fastest-growing segment with a CAGR of 9.2% during the forecast period, 2021-2027, and has a market revenue share of 45.09% in 2020.
Battery-powered smoke detectors are mainly installed where the connected power source is unavailable in the building, and there is no space for a wired connection. Battery-powered smoke detectors are also called wireless smoke detectors and are easy to install. They can be installed simply by screwing into the wall or the ceiling but require battery replacements regularly. Battery-powered smoke detectors are suitable for applications in dwellings, where the wired system is not pre-installed during construction. Battery-powered smoke detectors are inexpensive compared to wired detectors; however, they require a periodical change of batteries, which might prove to be a tedious task.
Moreover, battery-powered smoke detectors have lucrative growth opportunities in developing countries, where the penetration of smoke detectors has been increasing in recent years. The developed infrastructure in these areas is not constructed with a hardwired fire protection system, which creates a demand for battery-powered devices. In addition, the ease of installation and product developments such as in-built Wi-Fi or Bluetooth connectivity is expected to create growth opportunities for the battery-powered smoke detectors market.
Europe accounts for the highest CAGR during the forecast period in the smoke detector market.
Based on region, the global smoke detector market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 9.5% during the forecast period 2021-2027. The European region includes countries such as the UK, France, Germany, Italy, Spain, and the rest of the European countries. The healthy economic conditions of the European region have led the countries to adopt smoke detectors in commercial, residential, and manufacturing applications.
Smoking detectors are compulsory in all European countries in all residential spaces, including privately owned or rented dwellings. In addition, growth in the construction industry in the European countries, such as the Netherlands, Germany, and others, owing to the growth in investments, increased exports, and consumer confidence in the industry, creates massive demand for smoke detectors in this region; thereby, boosting the market growth.
Request for Report TOC, Table of Figure, Chart, etc:- https://www.marketstatsville.com/table-of-content/smoke-detector-market
Key Market Players
Key companies profiled in the report include Ceasefire Industries Pvt. Ltd, Hochiki Corporation, Honeywell International, Johnson Control, Nest labs, Protec Fire Detection Plc, Robert Bosch, SECOM CO., LTD, Schneider Electric, Siemens AG, and United Technologies Corporation. These players have been adopting various strategies to gain higher shares or retain leading positions in the market. Top winning strategies are analyzed by thoroughly studying the leading players in the smoke detector market. Comprehensive analysis of recent developments and growth curves of various companies helps understand the growth strategies and their potential effect on the market.
Recent Developments
In April 2018, Schneider Electric signed an official agreement and three Memorandums of Understanding (MoU) with various private and public companies in the Saudi market. The agreement aims to develop the infrastructure and foster innovations through utilizing innovative technologies and contributing towards sustainable growth.
In May 2019, Secom formed a partnership with financial technology company Aktif Bank, a part of Calik Group in Turkey. Through the partnership Secom offers end-to-end security solutions to private customers and companies in Turkey.
In July 2018, Hochiki launched FIREscape+ innovative system, which combines fire detection, emergency lighting, and wayfinding technology through its Europe-based subsidiary Hochiki Europe. It features an innovative wayfinding system, intelligent false alarm management system, and efficient installation and maintenance solutions.
In April 2017, Secom acquired the company Scan Alarms based in Northern Ireland. Scan Alarms is a security services provider and offers products such as fire alarms, CCTVs, and intruder alarms. The acquisition has enhanced Secom’s presence in Ireland.
Key Issues Addressed
What is the market size by various segmentation of the smoke detector by region and its respective countries?
What are the customer buying behavior, key takeaways, and Porter’s 5 forces of the smoke detector market?
What are the key opportunities and trends for manufacturers involved in the smoke detector supply chain?
What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
What and how are regulations, schemes, patents, and policies impacting the growth of the market?
What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
The market player positioning, top winning strategies by years, company product developments, and launches will be?
How has COVID-19 impacted the demand and sales of smoke detectors in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
Request For Report Analysis: – https://www.marketstatsville.com/smoke-detector-market