Smoke Detectors Market to grow by USD 1.62 billion from 2022 to 2027 | Growing replacement demand for smoke detectors to drive the growth- Technavio

NEW YORK, Oct. 8, 2023 /PRNewswire/ -- The smoke detectors market is expected to grow by USD 1.62 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 11.9% during the forecast period. The market is segmented by end-user (commercial and public, residential, and industrial), type (photoelectric, dual sensor, ionization, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

The growing replacement demand for smoke detectors is a key factor driving market growth. A wide range of factors contribute to greater demand for replacement within the country, i.e., increasing regulatory requirements from various associations, technical progress in smoke alarm technologies, higher awareness amongst end users, and aging national and international infrastructure. Additionally, 75% of US homes were equipped with smoke detectors as stated by the National Fire Protection Association. In the future, however, most of the demand for smoke alarms will come from replacing them. The new sealed batteries for smoke alarms, with a lifespan of ten years, are very popular and will have a significant long-term impact on replacement demand. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the smoke detectors market: ABB Ltd., Alphabet Inc., Carrier Global Corp., Ceasefire Industries Pvt. Ltd., Gentex Corp., Halma Plc, HOCHIKI Corp., Honeywell International Inc., Huawei Technologies Co. Ltd., Johnson Controls International Plc, Mircom Group of Companies, Protec Fire and Security Group Ltd., Pyrexx GmbH, Resideo Technologies Inc., Safelincs Ltd., Schneider Electric SE, Secom Co. Ltd., Siemens AG, Universal Security Instruments Inc., and Robert Bosch GmbH
• Smoke Detectors Market is fragmented in nature.
• Market to observe 11.8% YOY growth in 2023.

Market Dynamics:

Major Trend

• Increasing use of multi-criteria smoke detectors is a major trend in the market.
• Improved options to detect fires have led to a rise in the use of multicriteria smoke detectors.
• Photoelectric detectors are increasingly used in combination with sensors capable of detecting light and other products of combustion such as CO.
• The signals from these sensors are regulated by an integrated microprocessor. To correct the false alarms during actual fires, algorithms are applied with a view to improving response times.
• Furthermore, to prevent fraudulent alarms, several market players like Carrier Global, Honeywell, and SystemSensor are developing high-tech smoke detectors with constant monitoring of the most important fire elements including smoke, light, carbon monoxide, or heat.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• Defects in smoke detectors are a significant challenge restricting market growth.
• Smoke detectors may not operate in a timely manner or fail to detect the presence of thick, toxic smoke.
• In some of the studies, ionization smoke detectors have detected tiny particulates from a fire but not combustion fires that produce large amounts of smoke.
• This could result in injury or death to the inhabitants, preventing them from being informed.
• Furthermore, in three states of the US that include Massachusetts, Vermont, and Iowa, there has been a ban on using ionization smoke detectors for new constructions.
• Hence, these factors are expected to restrict market growth during the forecast period.

Keg Segments:

• The commercial and public segments will account for a major share of the market's growth during the forecast period. Commercial establishments and public facilities include office buildings, shopping malls, clusters, data centers, warehouses, hotels, motels, or food outlets, as well as railway stations, museums, metros, hospitals, government buildings, and airports. In addition to growing construction activity in commercial buildings and public spaces, regulations regulating the installation of smoke alarms are also driving growth for this segment. Furthermore, increasing new commercial real estate investment in developed countries and growing demand for new retail, commercial, and office space in developing countries are increasing the need to install smoke alarms. Hence, these factors are expected to drive segment growth during the forecast period.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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