Smart Smoke Detector Market Size, Global Key Vendors Analysis, Revenue 2023

Posted by sneha patil on January 28th, 2021

Market Synopsis

In its research report, Market Research Future (MRFR), highlights that the global smart smoke detectors market 2020 is expected to grow exponentially, securing a significant market valuation from USD 971 million in 2017 and is expected to reach USD 1.5 billion by the end of forecast period and a healthy 8.2% CAGR over the review period. 

Drivers and Restraints

Demand for smart smoke detectors has increased due to fire safety issues and increased smart device adoption. With the advent of artificial intelligence and the internet of things ( IoT) in smart device development, the smart smoke detector market has become lucrative for manufacturers to integrate these technologies into smoke detectors, encouraging them to develop new smoke detector products. The main factor attributing to the growth of the demand for smart smoke detectors involves an growing number of fatal accidents in commercial and industrial premises. In addition , consumer propensity toward smart buildings is driving growth in the industry. High costs incurred in deploying smart smoke sensors could, however, hamper the growth of the Smart Smoke Detector Market. The market is seeking opportunities because of the customers' adoption of IoT and connected technologies.

Segmental Analysis

Base on the type, the market is segmented into photoelectric detectors, network ionization detectors, aspirating smoke detector (ASD), dual sensor detectors (CO and CO2), and laser smoke detector (LSD).

Based on the service, the market is segmented into installation services, testing & inspection services, and maintenance & replacement services.

Based on the power source, the smart smoke detector market is divided into hard-wired and battery-powered smoke detectors.

Based on the connectivity, the smart smoke detector market is segmented into Wi-Fi, ZigBee, Bluetooth, and others.

Based on the end-user, the smart smoke detector market is segmented into industrial, residential, and commercial.

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Regional Analysis

The global market regional analysis was conducted in four major regions including Asia Pacific , North America, Europe, Latin America and the Middle East anf Africa.

Owing to increased fire hazard instances in the US, North America dominated the smart smoke detector market. In addition, the area has a built infrastructure, and demand for smart devices in premises has been observed with the developments in the Internet of Things.

Europe is the second region leading the market for smart smoke detectors. Although Europe is a technically developed and well-established region, it is unlikely that residents will switch to smart solutions, thus refrain the market growth in European region. The Asia-Pacific region, on the contrary, is expected to experience the highest growth rate during the forecast period. China, India, Japan, Singapore, and South Korea are some of the major Asia-Pacific countries that are investing heavily in building smart cities in their respective territories which are also driving end-consumers' adoption of smart smoke detectors.

UAE in the Middle East is projected to make the highest contribution to creating consumer value for the region as UAE invests heavily across all countries in the region in transforming their conventional infrastructure into a smart one. It also helps them in drawing more tourists to their sites. Latin America, on the other hand, is projected to rise during the forecast period with steady growth rate.

Competitive Analysis

The major market players operating in the global market as identified by MRFR are  Samsung Electronics Co. Ltd (South Korea), Nest Labs (US), Roost Inc. (US), Huawei Technologies Co. Ltd (China), Honeywell International Inc. (US), Birdi (US), BRK Brands Inc. (US), AMP Security (US), United Technologies Corporation (US), and Leeo Inc. (US). These players contribute significantly in the growth of smart smoke detector market.

Apart from the top major players, there are other players that contribute to the market growth. These include Elgato (Germany), Netatmo (France), Universal Security Instruments Inc. (US), UIC Corporation (US), Gentex Corporation (US), Hanwei Electronics Group Corporation (China), Erlab (US), Lowe's Companies Inc.(US), Xtralis Pty Ltd (Ireland), The Crow Group (Israel), Full Enterprise Corp. (Taiwan), Nietzsche Enterprise Co. Ltd (Taiwan), Heiman Co. Limited (China), and others.

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