The Smoke Detectors Market Report Share is estimated to be USD 2.3 billion in 2022 and expected to reach USD 3.4 billion by 2027, at a CAGR of 8.2% from 2022 to 2027.
The rising government initiatives for the installation of smoke detectors across commercial and residential spaces as well as the increasing technological advancement in the smoke detectors are the major factors driving the growth of the Smoke Detectors Market. Moreover, increasing demand of smart smoke detectors is also expected to drive the growth of the market in the near future.
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Rising initiatives and support for smoke detectors from government bodies
Smoke detectors play a vital role in the safety and security of spaces such as industrial spaces, public places, residential buildings, and commercial spaces. Installation of smoke detectors in such places helps to avoid casualties and deaths occurring due to fire incidences. To prevent such fatal accidents, various countries' governments have enforced strict laws and regulations for fire and safety purposes. The Queensland Government (an Australian Government body) has enforced a law describing the installation of the interconnected photoelectric smoke detectors compliant with the Australian Standard 3786-2014 (AS 3786-2014) at each house in the country. The smoke detector must be hardwired or battery-powered, and the detector must be in the operating stage when tested.
Battery-powered holds the largest market share in 2021
Battery-powered smoke detectors are easy to install and work during power outages. Besides, the sealed battery-powered smoke detectors are powered by sealed lithium-ion batteries, which have a longer life of 10 years. These detectors come up with the Do-It-Yourself instructions. The rapid innovations in the battery technology have led to the development of smoke detectors, which in turn, is driving the demand for battery-powered smoke detectors from various end-use industries.
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Dual-sensor smoke detectors segment is expected to hold the largest market share during the forecast period
The dual-sensor smoke detector segment in the smoke detectors market was valued at USD 0.4 billion in 2022. These detectors or alarms are a combination of ionization and photoelectric technologies. The use of dual-sensor smoke detectors is based on the type of applications in a room. For instance, healthcare institutions comprise various rooms and departments, such as wards, staircases, and pharmacies, which require efficient and reliable smoke detection systems due to the presence of people as well as combustible equipment and medicines. For this reason, dual-sensor smoke detectors are preferred in healthcare institutions.
Managed services is projected to be the second-fastest growing segment during the forecast period
Managed services manage the complete system remotely and offer various advantages, such as cost-saving, easy setup, real-time notifications, customization, and reliable services. Managed service providers not only ensure the security of business information but also ensure the smooth functioning of business operations. These services help in managing fire safety and security in case of an emergency of fire. As a result, the managed services segment is expected to grow in the coming years.
Commercial industry dominated the Smoke Detectors Market in 2021
The commercial segment has been further segregated into healthcare; academia & institutional; hospitality; retail; and BFSI. Smoke detectors used in commercial spaces are either conventional or addressable. They are usually connected to a central fire alarm control panel and are interconnected. The commercial segment accounted for the largest share of smoke detector market in 2021. The rising construction of commercial buildings globally, especially in the emerging economies, is responsible for the high adoption of smoke detectors in the commercial industry.
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The Smoke Detectors Market in Europe is expected to hold the largest CAGR during the forecast period
Europe is expected to hold the largest growth rate of more than 9% of the smoke detector market during the forecast period. The governments in Europe have collectively or independently developed fire prevention and protection guidelines. There are strictly regulated European norms that every smoke detector manufacturer must abide by. Additionally, the government of the countries such as Austria, France, and Germany have mandated the installation of smoke detectors or smoke alarms in homes. Thus, increasing government regulations to safeguard building occupants from fire accidents is boosting the installation of smoke detectors in the European region.
Major Companies Operating in this Smoke Detectors Market include Carrier Global Corporation (US), Honeywell International Inc. (US), HOCHIKI Corporation (Japan), Johnson Controls International plc. (US), and Siemens AG (Germany).
Smoke Detectors Market worth $3.4 billion by 2027 - Exclusive Report by MarketsandMarkets™
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