Smoke Detector Market Size Expected to Rise USD 3,380.8 million at CAGR 7.5% by 2026
Fortune Business Insights
7 min read
Fortune Business Insights
Smoke Detector Market to Reach USD 3,380.8 million by 2026; Rising Demand for Smart Fire Alarms in Industrial Plants to Bolster Market Opportunities: Fortune Business Insights™
Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- The global smoke detector market size was USD 1,904.4 million in 2018. The market is expected to hit USD 3,380.8 million by 2026 at a CAGR of 7.5% in the 2019-2026 period. This information is provided by Fortune Business Insights, in its report titled, “Smoke Detector Market, 2019-2026.” Rising number of fire accident cases across the globe will be a major growth-driving factor for this market.
According to a study conducted by Institute for Health Metrics and Evaluation at the University of Washington, fire-related accidents caused nearly 9 million injuries and were responsible for over 120,000 deaths worldwide in 2017. The injuries were highest in the 5 to 30 years age group and burns affecting less than 20% of the body emerged as the leading cause of disability among the heat-associated accident victims. The study further notes that majority of fire injuries occur in low- and middle-income countries. These findings are evidence that greater and more efficient measures need to be implemented to prevent such accidents and this factor is expected to lead the smoke detectors market trends in the coming years.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Segmentation Of Repot:
The smoke detector market can be segmented by technology type and application.
By technology type, the market can be divided into photoelectric, dual sensor, ionization, and others. Photoelectric smoke detectors use a light source to detect smoke particles, while ionization smoke detectors use ionization chambers to detect smoke particles. Dual sensor smoke detectors combine both photoelectric and ionization technologies for increased accuracy. Other types of smoke detectors include air sampling smoke detectors and aspirating smoke detectors.
By application, the market can be segmented into commercial, industrial, and residential. Commercial applications include buildings such as offices, hotels, and hospitals, where smoke detectors are required by law. Industrial applications include factories, warehouses, and other manufacturing facilities where smoke detectors are used to protect equipment and employees. Residential applications include homes and apartments, where smoke detectors are used to protect residents and property.
The smoke detector market is expected to grow as more governments and organizations implement regulations requiring smoke detectors. Additionally, advancements in technology are expected to drive demand for more accurate and reliable smoke detectors. The market for smart smoke detectors, which are connected to the internet and can be controlled remotely, is also expected to grow as more consumers adopt smart home technology.
Accelerated Pace of Construction Activities Globally to Fuel the Market
One of the key factors fueling the smoke detectors market growth is the heightened pace at which construction activities around the world are being carried out. Data analysis by Oxford Economics and GCP Global forecasts that by 2030 world construction output will hit USD 15.5 trillion, surging at a rate of 85%. Majority of this rise, around 57%, will be accounted for by China, India, and the US, the analysis suggests. To ensure safety of buildings and its inhabitants, adequate fire prevention measures are required and smoke detectors play a vital role in this regard. Not only do they provide a psychological comfort to people within a building, but they also aid in early evacuation in case of fires, thus saving lives and mitigating the possibility of severe injuries. Thus, rising rate of construction across the globe will augur well for this market.
Regional Analysis:
Increasing Investment in Infrastructure to Propel North America to a Leading Position
In terms of revenue, North America generated USD 588.5 million in 2018 and the region is anticipated to lead the smoke detectors market share during the forecast period. This is mainly attributable to the heavy investments made in the infrastructure sector, strongly backed by the US government. Other than this, spreading awareness about fire safety measures and higher spending capacity of citizens will further propel the market in the region Increasing number of residential and commercial projects in India and China will enable Asia-Pacific to grow at a considerable rate, while the market in Africa will be driven by the rapid pace of urbanization and industrialization.
Introduction of Products with Superior Capabilities to Stimulate Intense Competition
The smoke detectors market forecast predicts a highly dynamic period for the market as key players develop and launch advanced products with superior capabilities. Through these launches, companies are aiming at entrenching their position in this market and expanding their global presence.
Industry Developments:
Bosch, the German engineering giant, launched the Smart Home Twinguard, the company’s newest smart fire protection system. The system can be linked to smoke alarm devices and has embedded within it alarm siren for burglaries and an air quality sensor. In case of fire, the device will activate all cameras in the house and can be integrated with Bosch Smart Home System.
The American MNC Honeywell International unveiled the VESDA-E VES Smoke Detectors, its advanced smoke detection system featuring zoning capabilities. The aspirating fire detectors enable division of the concerned areas into four zones that will ensure early detection of threats and send out early warning signals to the residents. Moreover, the system also is designed to reduce overall cost of ownership.
List of Companies Covered in the Smoke Detectors Market Report:
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