According to a new market research report published by Credence Research, “Smoke Detector Market By Technology Type (Ionization Smoke Detection Device, Photoelectric Smoke Detection Device, Dual Sensor Smoke Detection Device), By End-Use Vertical (Commercial, Residential, Industrial, Others), and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global smoke detector market is expected to reach US$ 3.01 Bn by 2027, expanding at a CAGR of 9.0% during the forecast from 2019 to 2027.
The smoke detectors are the devices that basically sense smoke by providing an indication of fire, thus providing safety and security to commercial, residential, and industrial sectors. The performance of a smoke detector can be evaluated depending upon various factors such as sensitivity of the detector toward fire effluents, installation cost, energy consumption, nuisance rejection, and response time. Growing applications of internet of things (IoT) with smart devices, increasing injuries, growing number of healthcare centers and industries, technological advancement and innovation in smoke detector are the major factors driving the market for smoke detectors.
Growing awareness towards fire related hazards and penetration into new technology, has made mandate the use of fire safety devices coupled with its presence across various projects worldwide. The aforementioned factor is expected to propel the demand for smoke detectors.
Due to the increasing penetration of artificial intelligence (AI), robotic process automation (RPA), machine learning (ML), and internet of things (IoT), the smoke detector market is facing a transition over a range of products that includes home alarm systems, water leak detection devices, and smoke alarm/detectors. The integration of digital assistance and technological developments has driven the demand from end-users such as government, commercial, residential, industrial, and educational sectors for smart smoke detectors.
With increasing in demand for smart fire alarms and safety technology along with growing popularity for home automation technology, the global smoke detector market is expected to grow significantly over the forecasted period.
The North America holds a market share of around 30% in 2018, witnessing a largest market for smoke detectors worldwide. As per National Fire Protection Association (NFPA), U.S. face home fire deaths due to malfunctioning and non-availability of smoke detectors. The aforementioned statistics encourage consumers to opt for smoke and fire alarm system in their residential and commercial premises.
Asia Pacific is expected to be the fastest growing region, owing to increase in population, real estate and infrastructural sectors. Major players such as Schneider Electric are adopting strategies like mergers and acquisitions to increase the customer penetration over smoke detectors.
However, higher initial investment cost, replacement cost, lack of power back-up for smoke detectors are some restraining factors for the growth of the global smoke detector market.
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