Portland, OR, May 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smoke detector market generated $1.80 billion in 2019, and is estimated to generate $3.40 billion by 2027, registering a CAGR of 8.3% from 2020 to 2027. The report offers an extensive analysis of driving forces & opportunities, market size & projections, key winning strategies, value chain, major segments, and competitive scenario.
Rise in commercial infrastructural investments, rapid industrialization, and stringent government regulations drive the growth of the global smoke detector market. However, complications related to installations restrain the market growth. On the other hand, surge in awareness about fire safety and dangerous outcomes of fire outbreaks present new opportunities in the next few years.
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Based on type, the photoelectric segment accounted for more than two-fifths of the total share of the market in 2019, and is estimated to continue its dominance in terms of revenue throughout the forecast period. However, the dual sensor segment is estimated to witness the highest CAGR of 9.7% from 2020 to 2027.
On the basis of end use industry, the commercial segment accounted for the highest market share with more than one-third of the total share in 2019, and is estimated to maintain its lead status by 2027. However, the residential segment is projected to witness the fastest CAGR of 10.4% from 2020 to 2027.
Based on installation type, the hardwired segment accounted for the largest market share with more than half of the total share in 2019, and is projected to continue to maintain its dominance during the forecast period. However, the battery-powered segment would portray the highest growth rate with a CAGR of 9.2% from 2020 to 2027.
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Based on region, North America accounted for the largest share, contributing to more than one-third of the global smoke detector market share in 2018, and is expected to maintain its highest share throughout the forecast period. However, Europe is estimated to grow at the fastest CAGR of 9.5% from 2020 to 2027. The research also analyzes the regions including Asia-Pacific and LAMEA.
Leading market players analyzed in the report include Ceasefire Industries Pvt. Ltd, Honeywell International, Hochiki Corporation, Nest labs, Siemens AG, Johnson Control, Robert Bosch, Protec Fire Detection Plc, Schneider Electric, SECOM CO., LTD, and United Technologies Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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