Global Smoke Detector Market Is Expected To Reach More Than $7 Billion By 2024
The global smoke detector market is expected to reach more than $7 billion by 2024, growing at a CAGR of close to 7% during 2018–2024. Increase in demand for technologically sound fire alarms such as photoelectric and ionized fire alarms are going to rule the smoke detector market. The vendors are shifting towards adopting digital assistance like IoT and AI. The constant R&D process and imbibing new technologies that are going to drive the market in the coming future.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market).”
Major Vendors in the Smoke Detector Market
• Nest Labs
• Ecoey
• Siterwell
• Honeywell International
Key Vendor Analysis
The smoke detector market is likely to experience high growth in the coming year due to futuristic technological advancements. Currently, the smoke fire alarm market is not just a consumer good, but it is an essential commodity. Prominent vendors in the smoke alarm industry are actively involved in strategic acquisitions and mergers, which are expected to augur well for the market during the forecast period.
Smoke Detector Market: Segments
This market research report includes a detailed segmentation of the market by power sources, product types, end-user type, and geography.
The global smoke detector by variants is categorized into photoelectric detectors, ionization detectors, and others. The photoelectric detector segment dominates the global smoke detector market and has captured nearly half of the global market. A photoelectric detector system operates on the light scattering principle or the light obscuration principle that consists of a LED and a photodiode. Government and regulatory bodies are playing a crucial role in the adoption of photoelectric sensors as they are making it mandatory to install fire alarms in residential and commercial units. The global smoke detector market is witnessing advancements as vendors are striving to integrate smart technology with firm safety products.
The global smoke detector market by end-users can be classified into commercial, industrial, residential, educational institutes, and government. The commercial segment has the highest share, which is expected to grow with a CAGR of around 7% during the forecast period. With an increase in the compliance of stringent fire safety regulations mandated by government and regulatory bodies, the commercial segment is expected to experience a high demand for smart fire alarms during the forecast period. The increase in the adoption of office buildings, retail/restaurants, hotels, nursing homes, and self-storage complexes is influencing the commercial smart smoke alarm market.
The global smoke fire alarm market by power sources can be classified into three types – hardwired, battery-powered and hardwired battery ones. The hardwired with battery smoke detectors segment is the fastest growing one, and it is expected to grow at a CAGR of around 7% during the forecast period. It comprises an additional battery, which helps it to stay operational for 365 days a year. Safety experts highly recommend hardwired battery smoke alarms as they provide extensive protection.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market).”
Table of Content
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
4.4.1 Market Segmentation by Product
4.4.2 Market Segmentation by End-user
4.4.3 Market Segmentation by Power Source
4.4.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
The report considers the present scenario of the global smoke detector market and its market dynamics for the period 2019−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Key market insights include
• Offers market sizing and growth prospects of the smoke fire alarm market for the forecast period 2020-2024
• Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the smoke detector market
• Includes a detailed analysis of market growth drivers, challenges, and investment opportunities
• Delivers a complete overview of market segments and the regional outlook of smoke fire alarm market
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and critical market strategies to gain a competitive advantage in the smoke detector market
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