Smoke Alarm Market 2019 Growth Rate Research Report and Future Plans 2023
Posted by mandar on December 13th, 2019
The global Commercial Smoke Detector and smoke alarm market, according to a report by Market Research Future (MRFR), is expected to grow from USD 804.08 million in 2017 to USD 1.29 million by 2023, at a moderate CAGR of 8.53% during the forecast period.
Drivers and Restraints
The rise in government initiatives concerning fire safety awareness and technological advancements in smoke alarm systems are the key driving factors for the smoke alarm market over the assessment period. The demand for the global smoke detector market is poised to grow with the increase in infrastructural development, such as residential & corporate buildings, hotels, entertainment buildings, educational institutions, and other commercial buildings, across the globe, especially in developing regions. This is due to the ability to provide fire protection. Moreover, the increase in the number of fire accidents contributes to the growth of the global smoke detectors industry during the forecast period. In addition, growing industries such as industrial & automotive, food & beverage, and electronics are expected to fuel the global smoke detector market due to the broader range of applications across these industries. On the other hand, the complications associated with the installation of smoke detectors are expected to restrain the growth of the global smoke detectors market.However, the high cost of replacement of traditional smoke alarms with smart smoke detectors limits the market growth.
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The major market players in the smoke alarm market are Protec Fire Detection PLC (UK), Johnson Controls Inc (US), Robert Bosch GmbH (Germany), Schneider Electric (France), United Technologies Corporation (US), Nest Labs (US), Legrand (France), Siemens AG (Germany), Newell Brands (US), Halma Plc (UK), Honeywell International (US), Hochiki Corporation (Japan), Minimax Viking GmbH (Germany), Gentex (US), Secom Co., Ltd (Japan), Schrack Seconet AG (Austria), NEC Corporation (Japan), and Ceasefire Industries Pvt. Ltd. (India).
The segmentation of the global smoke alarms market has ben under on the basis of sensor technology, power backup, and end-users.
Based on the sensor technology, the market is segregated into ionization smoke alarm, photoelectric smoke alarms, and combination or dual sensor smoke alarms. By sensor technology, the market is segmented into photoelectric smoke alarms, ionization smoke alarm, and combination or dual sensor smoke alarms. The combination/dual-sensor market segment is poised to register the highest CAGR during the forecast period, owing to their superior features. On the basis of power backup, the market is segmented into hardwired, battery-powered, and hardwired with battery backup.
By the end-user, the market is segmented into residential, retail, manufacturing, academia & institutional, healthcare, BFSI, hospitality (hotel/leisure), transportation & logistics, and others. The residential segment is slated to lead the market over the forecast period. The rise in the number of government mandate policies with concerns to smoke alarms installation at residential spaces and growth in residential infrastructural development across the globe, is expected to contribute towards the market share over the review period.
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The geographical analysis of the smoke alarm market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is touted to dominate the smoke alarm market over the review period as the region has a viable and well-established economy. Additionally, the region observes stringent government mandates with concerns for smoke alarms installation in residential and commercial space to avoid mishappenings. Additionally, the presence of the leading manufacturers in the region in a higher concentration further fuels the smoke alarm market in this region.
Asia-Pacific is slated to register the fastest CAGR during the review period. The growth in the region is attributed to driving factors including ongoing infrastructural development, the rapid rise of urbanization, and the increase in the number of residential and commercial areas, including educational institutions, healthcare centers, corporate buildings, and malls.
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Joined: February 18th, 2019
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