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DUBLIN--(BUSINESS WIRE)--Nov 22, 2024--
The "Smoke Detector Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Smoke Detector Market was valued at USD 5.96 Billion in 2023, and is expected to reach USD 9.59 Billion by 2029, rising at a CAGR of 8.25%.
The market is growing significantly due to various factors, including rising demand for battery-powered smoke detectors, growing popularity of wireless smoke detectors, growing popularity of co-smoke detectors, and rising demand for dual-sensor smoke detectors.
The global smoke detector market report consists of exclusive data on 35 vendors. The market is highly competitive, with several major players and other prominent vendors vying for market share. These companies compete based on product features, distribution networks, technology, price, and brand reputation. The companies are investing in developing advanced smoke detection technologies such as wireless connectivity, dual-sensor detectors, cloud-based monitoring, and smart home integration.
Major players in the market are ABB Group, Alphabet, Carrier Global, HOCHIKI, Honeywell International, Johnson Controls International, Resideo, Robert Bosch Stiftung, Schneider Electric and Siemens. The companies are expanding their offline and online distribution networks to reach a wider customer base and increase their market share.
MARKET TRENDS & DRIVERS
Rising Demand for Battery Powered Smoke Detectors
The demand for battery-powered smoke detectors is growing significantly in the global market. It is due to various factors like cost-effectiveness, ease of installation, technological advancements, government regulations, power outage protection, flexibility & portability, and rising smart home integration. Compared to hardwired smoke detectors, it is cost-effective in the long term, making it accessible to a wide range of end-users. Battery-powered smoke detectors do not require complex wiring or any professional help and complex wiring. It makes them a popular option for renters and homeowners seeking enhanced fire safety without hassle. Battery-powered smoke detectors can be installed where other smoke detectors may not be feasible. It is ideal for older buildings and temporary structures where running new wiring can be expensive or challenging. In recent years, technological advancements in batteries have extended the reliability and lifespan of smoke detectors.
Growing Popularity of Wireless Smoke Detectors
The popularity of wireless smoke detectors is growing significantly in the global market. It is due to various factors like ease of installation, interconnectivity, smart home integration, scalability & flexibility, and technological advancement. Wireless technology such as Bluetooth and Wi-Fi is increasing in smoke detectors. Every day, 1 billion people use wireless technology. The advancements in sensor technology, battery technology, and wireless communication protocols have improved the performance and reliability of wireless smoke detectors. It makes them a better alternative to traditional hardwired systems. Wireless systems are known for greater flexibility in terms of expansion and placement. The detectors can be easily relocated or added as required. It makes them ideal for a variety of layouts and spaces. Wireless smoke detectors are known to eliminate the need for complex wiring. Thus, it can be installed faster and easier. It appeals to small businesses and homeowners who prefer DIY installation. It also avoids the cost of professional installation. Many wireless smoke detectors are interconnected. Thus, when one alarm gets a smoke signal, others can trigger it. It helps to notify the occupants, regardless of the location of the building. The rising smart home integration increases demand for wireless smoke detectors, which can be integrated into smart devices. It allows for real-time alerts, automation features, and remote monitoring. Thus, it enhances safety and convenience.
Increasing Adoption in Commercial and Industrial Sectors
The adoption of smoke detectors is rising in the commercial and industrial sectors and is growing significantly globally. This is due to stringent safety regulations, technological advancements, growing awareness of fire hazards, insurance requirements, and rising investment in infrastructure. Smoke detectors are essential in restaurants, retail stores, offices, hotels, and other commercial spaces to protect assets and occupants from fire hazards. Smoke detectors are crucial in power plants, warehouses, factories, and other industrial spaces to prevent incidents that may cause financial losses, pose risks to the safety of workers, and disrupt operations. The regulatory bodies and governments are enforcing stricter fire safety regulations for industrial and commercial spaces. The investment in new industrial and commercial buildings is rising across the globe. The renovation activities are growing significantly for existing ones in many regions. It creates the demand for smoke detectors for fire safety. The construction industry in developed nations accounted for around 5% of GDP; in developing nations, it accounted for around 8%. Industries and businesses are more aware of the potentially damaging consequences and fire risks they can have on finances, reputation, and operation. This heightened awareness leads to driving the smoke detectors as a precaution to avoid fire risks.
INDUSTRY RESTRAINTS
Lack of Awareness
Awareness about the importance of smoke detectors is a major challenge in the global market. This can manifest in several ways: misconceptions about the smoke detectors' effectiveness, underestimation of fire risks, affordability & accessibility issues, lack of knowledge about the maintenance & installation, and social and cultural factors. Many individuals underestimate the risks of fine incidents in workplaces or homes. It may increase the complacency about the need for smoke detectors. Some may believe that smoke detectors are ineffective in preventing fires or may be prone to false alarms. Even people who may not be aware of regular testing, battery replacement procedures, or correct placement of smoke detectors may find the device ineffective in case of a fire. It may hinder the growth of the global smoke detection market during the forecast period.
VENDOR LANDSCAPE
Key Vendors
Other Prominent Vendors
KEY QUESTIONS ANSWERED:
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $5.96 Billion |
| Forecasted Market Value (USD) by 2029 | $9.59 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Key Topics Covered:
Chapter - 1: Smoke Detector Market Overview
Chapter - 2: Smoke Detector Market
Global: Projected Revenue of Smoke Detector Market (2020-2029; $Millions, Million Units)
Chapter - 3: Smoke Detector Market Segmentation Data
Global: Projected Revenue by Product (2020-2029; $Millions, Million Units)
Global: Projected Revenue by Power Source (2020-2029; $Millions, Million Units)
Global: Projected Revenue by End-user (2020-2029; $Millions, Million Units)
Global: Projected Revenue by Distribution Channel (2020-2029; $Millions, Million Units)
Chapter - 4: Key Regions Overview
North America: Projected Revenue & Volume of Smoke Detector Market (2020-2029; $Millions, Million Units)
Europe: Projected Revenue & Volume of Smoke Detector Market (2020-2029; $Millions, Million Units)
APAC: Projected Revenue & Volume of Smoke Detector Market (2020-2029; $Millions, Million Units)
Latin America: Projected Revenue & Volume of Smoke Detector Market (2020-2029; $Millions, Million Units)
Middle East & Africa: Projected Revenue & Volume of Smoke Detector Market (2020-2029; $Millions, Million Units)
Chapter - 5: Smoke Detector Market Prospects & Opportunities
Chapter - 6: Smoke Detector Industry Overview
For more information about this report visit https://www.researchandmarkets.com/r/45kban
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KEYWORD:
INDUSTRY KEYWORD: HARDWARE HOME GOODS RETAIL MOBILE/WIRELESS TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2024.
PUB: 11/22/2024 03:02 PM/DISC: 11/22/2024 03:02 PM
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