Dublin, Oct. 09, 2024 (GLOBE NEWSWIRE) -- 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%, driven by 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 Inc., Carrier Global Corporation, HOCHIKI Corporation, Honeywell International Inc., Johnson Controls International PLC, Resideo, Robert Bosch Stiftung, Schneider Electric, and Siemens AG. The companies are expanding their offline and online distribution networks to reach a wider customer base and increase their market share.
North America accounted for the largest share of the global smoke detector market region. The increasing construction of commercial and residential buildings in North America creates a need for smoke detectors, which has driven market demand during the forecast period. The presence of innovative companies in Silicon Valley is reshaping the technological aspects of the fire safety sector.
It has also helped bring out the latest fire safety equipment to the public domain while developing an early adopter mentality among consumers. The intense market competition and the demand for high-quality goods at competitive prices have compelled various industries to adopt smoke detectors to minimize the loss due to fire damage at warehouses and manufacturing units.
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.
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
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.
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 |
SEGMENTATION HIGHLIGHTS
Photoelectric Detectors
- Holds the largest market share in the global smoke detector market in 2023.
- Significant growth driven by superior performance in detecting smoldering fires.
- Increased consumer awareness and preference for reliable smoke detection.
- Compliance with regulatory requirements and reduced incidence of false alarms.
- Operates using a light obscuration technique; activates when smoke reduces the light reaching a light-sensitive device.
Hardwired with Battery
- Exhibits significant growth, with the fastest-growing CAGR during the forecast period.
- Popular due to extensive protection and recommendations from fire safety experts.
- Combines the reliability of hardwired systems with battery backup, ensuring continuous operation.
- Rising consumer preference driven by convenience, compliance with building codes, and reliability.
- Technological advancements include improved algorithms for smoke detection and the development of longer-life lithium batteries.
Commercial Segment
- Holds the largest market share among smoke detectors.
- Comprises various facilities such as office buildings, hotels, nursing homes, restaurants, and retail stores.
- Growth driven by stringent fire safety regulations and increasing commercial real estate development.
- Focus on advanced fire safety systems and heightened awareness of workplace safety.
- Demand fueled by the emergence of technology-based smoke detectors, including wireless connectivity and smart integration features.
Online Segment
- Shows prominent growth with the highest CAGR during the forecast period.
- Provides a convenient shopping experience, enabling customers to compare prices and features from home.
- Online stores compete on price, often offering lower prices than offline retailers.
- Delivery options eliminate the need for in-person shopping, contributing to the segment's growth.
- Increased internet penetration and smartphone usage enhance the demand for smoke detectors through online platforms.
Key Vendors
- ABB Group
- Alphabet Inc.
- Carrier Global Corporation
- HOCHIKI Corporation
- Honeywell International Inc.
- Johnson Controls International PLC
- Resideo
- Robert Bosch Stiftung
- Schneider Electric
- Siemens AG
Other Prominent Vendors
- ADT
- Alder Holdings, LLC
- AMP SMART, Inc.
- ASSA ABLOY
- EDS Srl
- ELRO
- Emerson Electric Co.
- Eve Systems
- GENTEX CORPORATION
- Gulf Security Technology Company Limited
- Halma plc
- Huawei
- Konig
- Leeo
- Mircom Group of Companies
- Netatmo
- Roost, Inc.
- Samsung Electronics
- Secom
- TANDA Development Pte. Ltd.
- TELUS
- Valnes AS
- Vivint, Inc.
- Xfinity (Comcast)
- Zeta Alarms Limited
For more information about this report visit https://www.researchandmarkets.com/r/e2x9et
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