PORTLAND, Oregon and PUNE, India, May 17, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Smoke Detectors Market by Product, End-user Industry, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023", the global smoke detectors market was valued at from $1,594 million in 2017, and is expected to reach $2,602 million by 2023, registering a CAGR of 8.5% from 2017 to 2023. Asia-Pacific is expected to exhibit the highest growth, owing to the growth in potential startups, consumers disposable income, increase in urbanization & industrialization, along with rise in investments in infrastructure.
The demand for global smoke detectors market is expected to grow, owing to its ability to provide fire protection measures with the increase in infrastructural development such as hotels, residential, corporate buildings, educational institution, and others. Moreover, surge in number of fire accidents contributes to the growth in demand for smoke detectors market. Moreover, rise in industries, such as food & beverage, industrial & automotive, and electronic, is expected to drive the growth of the market due to several applications. However, the complications associated with installation of smoke detectors is expected to restrain the growth of the market.
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The photoelectric smoke detectors segment is expected to generate the maximum revenue in the global market during the forecast period, and is expected to account for $1,140 million until 2023. Dual sensors market is expected to register the highest CAGR of 10% during the forecast period. This scenario is attributed to the ability of dual sensor smoke detectors to detect the smoldering fire caused in the commercial buildings.
Key Findings of the Smoke Detectors Market:
- Global smoke detectors market is expected to grow at the CAGR of 8.5% during the forecast period, thereby expanding the opportunities for global smoke detectors industry.
- The dual sensor smoke detectors segment is expected to witness the highest CAGR as compared to other product types.
- North America is expected to be the highest revenue contributor with $572 million in 2017, and is estimated to reach $904 million by 2023, growing at a CAGR of 8%.
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The key players operating in the global smoke detectors market are Vintex Fire Protection, Hochiki Corporation, Honeywell International, United Technologies Corporation, Tyco, Siemens AG, Johnson Control, Robert Bosch, NEC Corporation, and Nest labs.
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SOURCE Allied Market Research