Fire Fighters Press Release.
The global smoke detector market size is projected to reach USD 3,380.8 million by 2026, exhibiting a CAGR of 7.5% during the forecast period. Rising number of fire accident cases across the globe will be a major growth-driving factor for this market, observes Fortune Business Insights™ in its recent report, titled “smoke Detector Market” Size, Share & Industry Analysis, By Technology Type (Photoelectric, Dual Sensor, Ionization and Others), By Application (Commercial, Industrial and Residential), and Regional Forecast, 2020-2026”. 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 detector market trends in the coming years.
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The report states that the value of the market stood at USD 1,904.4 million in 2018. The report additionally provides the following:
- Comprehensive evaluation of the current and expected market trends and opportunities;
- Careful segmentation of the market and thorough study of the individual segments;
- In-depth analysis of the market drivers and restraints; and
- Detailed research into the regional and competitive dynamics of the market.
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.
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 detector 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 detector 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.
- September 2020: 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.
- August 2020: 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 Detector Market Report:
- United Technology Corporation
- Robert Bosch
- Honeywell International Inc.
- Hochiki Corp.
- Schneider Electric
- Johnson Controls
- By Technology Type
- Dual Sensor
- Others (ASD, etc.)
- By Application
- By Region
- North America (the U.S. and Canada)
- Europe (UK, Germany, France, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, and the Rest of Asia-Pacific)
- Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
Smoke Detector Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
Key Features of Smoke Detector Market Research Report:
- This report provides detail analysis of the Smoke Detector market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the Smoke Detector market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the Smoke Detector market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Smoke Detector Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Smoke Detector Market Report also mentions market share accrued by each product in the market, along with the production growth.
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2026. Additionally, rising adoption of e-financial services is expected to boost the global market.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.