Pune, April 28, 2020 (GLOBE NEWSWIRE) -- 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, 2019-2026”. 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.
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.
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An Overview of the Impact of COVID-19 on this Market:
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Market Driver
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.
Regional Analysis
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.
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Competitive Landscape
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.
Industry Developments:
- September 2019: 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 2019: 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 Key Companies Covered in the Smoke Detector Market Report are:
- Nest
- United Technology Corporation
- Huawei
- Robert Bosch
- Honeywell International Inc.
- Hochiki Corp.
- ABB
- Schneider Electric
- Siemens
- Johnson Controls
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Smoke Detector Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Technology Type (Value)
- Photoelectric
- Dual Sensor
- Ionization
- Others (ASD, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Commercial
- Industrial
- Residential
- Market Analysis, Insights and Forecast – By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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