DUBLIN, May 1, 2019 /PRNewswire/ -- The "Smoke Detector Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
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.
As the smoke detector market is undergoing an extensive evolution with the penetration of AI, RPA (Robotic process automation), ML (Machine Learning), and IoT, the market is witnessing a transformation in a range of products, including home alarm systems, water leak detection devices, and smoke alarm/detectors. Rapid technological developments and an increase in demand from end-users such as government, commercial, residential, industrial, and educational sectors have led to the evolution of smart smoke detectors.
The integration of digital assistants with safety alarm systems is expected to bring a new generation of smart fire safety equipment during the forecast period. With the increasing concentration of smart fire alarms, the adoption of fire safety technology, and the growing popularity of home automation technology, the global smoke detector market is expected to increase its profit margins significantly.
Smoke Detector Market: Geography
The smoke detector market has a strong presence in North America, APAC, Latin America, and MEA. North America captures around one-third of the smoke detector market. The presence of top-notch companies in Silicon Valley is re-shaping technological aspects of fire safety devices. The increased strictness of fire safety regulations in the US and Canada has increased the purchase of smoke detecting devices, thereby helping North America to emerge as the largest market for fire alarms.
The presence of stringent fire safety regulations and the growth of the construction industry and economic growth are expected to increase the revenue of the smoke detector market in Europe. The growing construction in residential, non-residential, and civil engineering sectors is boosting the smart smoke detector market in APAC, Latin America, and MEA.
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.
Market Growth Enablers
- Increasing Penetration of Smart Homes
- Increasing Adoption in Commercial and Industrial Sectors
- Emergence of Smart Smoke Detectors
- Increasing Burn Rate of Modern Houses
Market Growth Restraints
- Reduced Adoption of Ionization Smoke Detectors
- Increasing Rate of False Detection
Market Opportunities & Trends
- Increasing Penetration of IoT
- Advancements of CPS Systems
- Growing Popularity of CO Smoke Detectors
Major Vendors in the Smoke Detector Market
- Nest Labs
- HOCHIKI Corporation
- Johnson Controls
- Honeywell International
Prominent Players in Smoke Detector Market
- Samsung Electronics
- BRK Brands
- AMP Security
- United Technologies
- AS Valnes
- Eve Systems
- Schneider Electric
- Emerson Electric
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