Smoke Detector Market is anticipated to grow at a CAGR of 8.4% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Smoke Detector Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Smoke Detector Market accounted for over US$ 1.6 billion in 2019. It is anticipated to grow at a CAGR of 8.4% from 2019 to 2030.
The market growth of smoke detectors can be attributed to factors, such as rapid urbanization, increasing accidental fires, stringent government regulations, rapid development in the residential construction and awareness regarding fire safety. Software developments are allowing the use of video cameras by processing digital images for smoke detection. According to the National Fire Protection Association, on an average a fire department responded to a fire every 24 seconds in the US in 2018. In 2018, home fire occurred every 87 seconds and a structure fire occurred every 63 seconds.
Factors such as high spending on smoke detectors by various enterprises across the globe to safeguard infrastructure and reduce human loss is boosting the smoke detector market. Companies rely on products such as fire sprinklers, fire extinguishers, smoke detectors and other fire-protection devices within their buildings. The growth in fire related investment by several companies and SMEs worldwide is driving the demand for smoke detectors. According to the latest edition of the National Fire Alarm and Signaling Code (NFPA 72), smoke alarms must be placed outside every sleeping area, inside every bedroom, and at every level of the house, including the basement.
However, the high installation cost of smoke detectors and cold weather affecting the battery function of the smoke detector are restraining the market growth to a certain extent.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Smoke Detector Market by Product Type (Photoelectric Smoke Detector, Ionization Smoke Detector, and Dual Sensor Smoke Detector), by Power Source (Battery Powered, Hardwired With Battery Backup and Hardwired Without Battery Backup) and by End User Industry (Residential and Industrial) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/smoke-detector-market/265
Asia Pacific is estimated to account for the highest CAGR in the smoke detector market during the forecast period, which is driven by infrastructural investments in the region. The growth in Asia Pacific can also be attributed to rapid growth & urbanization, government policies, and growing industrialization during the forecast period.
Some of the prominent players in the global smoke detector market include Honeywell International Inc., Siemens, Johnson Controls, Bosch Sicherheitssysteme GmbH, United Technologies Corporation, Hochiki Europe, LLC, Schneider Electric, BRK Brands, Inc., XTRALIS, Protec Fire Detection plc and others.
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