Smoke Detector Market worth $3.76 billion in 2029 - Exclusive Report by MarketsandMarkets(TM)
Friday, December 6, 2024
DELRAY BEACH, Fla., Nov. 28, 2024 /PRNewswire/ -- The global smoke detectors market is expected to grow from USD 2.68 billion in 2024 to USD 3.76 billion in 2029, with a CAGR of approximately 7.0% according to a new report by MarketsandMarkets(TM). The main reason for its growth is the increased awareness related to fire safety and enhanced regulations on residential, commercial, and industrial buildings. More frequent occurrences of fire result in upward demand from highly efficient smoke detection systems. This has been further enhanced with smart and IoT-enabled smoke detectors. The technological advancement improves the performance and functionality of the system. Smoke detection solutions are increasingly implemented by industries as building codes change and sustainability initiatives get more attention.
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Smoke Detector Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.68 billion
Estimated Value by 2029
$ 3.76 billion
Growth Rate Poised to grow at a CAGR of 7.0%
Market Size Available for
2020-2029
Forecast Period
2024-2029
Forecast Units
Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors,
and Trends
Segments Covered By Detector Type, Power Source, Service, End-Use Industry
and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Difficulties in disposing of smoke detectors
Key Market Opportunities
Increasing installation of smoke detectors
Key Market Drivers
Growing population and rapid urbanization
Wireless smoke detectors are projected to hold the highest CAGR in the global smoke detectors market during the forecast period.
Wireless smoke detectors are anticipated to grow with the highest CAGR during the forecast period, as they can be installed easily and offer improved functionality. These devices do not have complex wiring and can be installed anywhere, so they are very appealing to homeowners and businesses seeking DIY solutions. With stringent regulations and increased fire risks awareness, the market is likely to increase the demand for wireless smoke detectors. Newer technologies on battery and sensors have also improved their reliability and efficiency, which adds to the product's market stronghold. Wireless smoke detectors are very well poised for healthy growth as the need for convenience and automation in fire safety solutions develops in smoke detectors.
Dual smoke detectors to capture significant market share during the forecast period.
Dual-sensor smoke detectors will hold a considerable share in the smoke detector market during the forecast period. Combining the power of both ionization and photoelectric sensors, these smoke detectors are superior to others in detecting a large percentage of fires. Ionization sensors are more effective on fast-burning fires, while photoelectric sensors are more effective on slow-burning smoldering fires. Using a combination of the two technologies, dual-sensor detectors will enhance fire safety in several different aspects, and consumer demand along with commercial application of advanced smoke detection, like the one discussed, will always continue to be in trend.
Commercial sector is expected to grow with a significant CAGR in the smoke detector market during the forecast period.
The commercial smoke detector market will likely experience a significant CAGR during the forecast period. This growth is mainly due to increasing urbanization and the rising need for better fire safety measures at workplaces. Stricter regulatory compliance and improving employee safety awareness are also driving this trend ahead. Besides, advances in smoke atmosphere detection technologies such as smart detectors with Internet of Things integration are making the system increasingly popular for commercial purposes and hence speeding up the expansion of the market in that space.
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Asia Pacific smoke detector market is anticipated to experience highest CAGR fueled by urbanization and technological innovations.
The Asia Pacific smoke detector industry is expected to grow at the highest CAGR during the forecast period, driven by the rapid urbanization and industrialization of countries such as China, India, and Japan. Government measures toward raising fire safety standards help propel the demand for smoke detectors across various sectors. Increased awareness about fire hazards and the ever-growing requirement for reliable detection solutions have been contributing factors to growth. Smoke detection systems with innovative IoT features, in synergy with smart home technologies, will also define the shape of the market landscape across the region.
Major companies operating in the smoke detectors companies include Johnson Controls (Ireland), Robert Bosch GmbH (Germany), Hochiki Corporation (Japan), Siemens (Germany), and Honeywell International Inc. (US).
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SOURCE MarketsandMarkets
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