The global smoke detector market is expected to reach US$ 3.01 Bn by 2027, expanding at a CAGR of 9.0% during the forecast from 2019 to 2027.
Market Insights
The smoke detectors are the devices that basically sense smoke by providing an indication of fire, thus providing safety and security to commercial, residential, and industrial sectors. The performance of a smoke detector can be evaluated depending upon various factors such as sensitivity of the detector toward fire effluents, installation cost, energy consumption, nuisance rejection, and response time. Growing applications of internet of things (IoT) with smart devices, increasing injuries, growing number of healthcare centers and industries, technological advancement and innovation in smoke detector are the major factors driving the market for smoke detectors.
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Growing awareness towards fire related hazards and penetration into new technology, has made mandate the use of fire safety devices coupled with its presence across various projects worldwide. The aforementioned factor is expected to propel the demand for smoke detectors.
Due to the increasing penetration of artificial intelligence (AI), robotic process automation (RPA), machine learning (ML), and internet of things (IoT), the smoke detector market is facing a transition over a range of products that includes home alarm systems, water leak detection devices, and smoke alarm/detectors. The integration of digital assistance and technological developments has driven the demand from end-users such as government, commercial, residential, industrial, and educational sectors for smart smoke detectors.
With increasing in demand for smart fire alarms and safety technology along with growing popularity for home automation technology, the global smoke detector market is expected to grow significantly over the forecasted period.
The North America holds a market share of around 30% in 2018, witnessing a largest market for smoke detectors worldwide. As per National Fire Protection Association (NFPA), U.S. face home fire deaths due to malfunctioning and non-availability of smoke detectors. The aforementioned statistics encourage consumers to opt for smoke and fire alarm system in their residential and commercial premises.
Asia Pacific is expected to be the fastest growing region, owing to increase in population, real estate and infrastructural sectors. Major players such as Schneider Electric are adopting strategies like mergers and acquisitions to increase the customer penetration over smoke detectors.
However, higher initial investment cost, replacement cost, lack of power back-up for smoke detectors are some restraining factors for the growth of the global smoke detector market.
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Increasing Demand from the Commercial and Residential buildings to Drive Growth Prospects
Strict government policies and regulations in developing economies has mandate for the use of smoke detectors in commercial and residential infrastructures. Significant growth in urbanization across the globe is expected to increase the demand for smoke detectors from the sectors. Other key features affecting the growth of smoke detectors includes government initiatives, increasing adoption for smart technology like smart homes and security. With the infrastructural developments such as entertainment buildings, hotels, educational institutions, and other commercial buildings, owing to the ability to provide fire protection will drive the demand for smoke detectors.
Growing number of construction activities has initiated the need for smoke detectors to be installed in commercial infrastructures such as office spaces, shopping malls, buses, metros, and recreational centers. In the recent years, U.K. has increased its fire services across residential segment which is expected to boost up the smoke detector market.
North America to Dominate, Asia Pacific to Witness Strong Growth
In the recent years, due to advancement in technology the North America holds around one-third of smoke detector market. The increased strictness in government policies and mandates for fire safety regulation in the U.S. and Canada has increased the demand for smoke detectors in this region. According to the National Fire Protection Association (NFPA), around 4% of homes in North America face death and mishaps due to non-availability of smoke detectors. In order to minimize the risk of deaths in residential and commercial buildings, use of smoke detectors has been mandated by government which in turn will drive the demand for smoke detectors across the region.
Asia Pacific region is going to witness a lucrative growth among the emerging economies such as China, India and Indonesia. The incorporation of the digital technology such as IoT and AI is bound to fetch a massive change to both small and large scale sectors in the Asia Pacific region. Growing construction activities in residential, commercial, industrial, and civil engineering sectors has fuel up the need for smoke detectors.
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