Smoke Alarm Market Analysis, Segmentation, Business Revenue Forecast and Future Plans
The global smoke alarm market has been witnessing a steady rise over the past few years. The market growth attributes to stringent government regulations to minimize rising fire death rates due to inhalation of toxic smoke. About eighty percent of fire deaths happen due to inhalation of toxic smoke. Smoke detectors sense smoke early and warn occupants with a loud siren to save them from being intoxicated by smoke.
The smoke alarm market is projected to witness increasing traction worldwide in the years to come. According to Market Research Future (MRFR), the global smoke alarm market is expected to garner exponential revenues by 2027, registering a staggering CAGR throughout the forecast period (2020-2027). Besides, the range of benefits that fire alarms offer, such as précised smoke detection and easy installation, boosts market share.
Additional factors bolstering the smoke alarm industry include the widespread awareness about safety and the rising use of fire detection systems across end-use industries. Conversely, the lack of awareness about the benefits of these systems is a major factor impeding market growth. Nevertheless, rising government funding for free distribution and incentives to motivate manufacturers would support the market growth throughout the assessment period.
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Global Smoke Alarm Market – Segmentations
The smoke alarm (smoke detector) market is segmented into sensor technology, power backup, end-users, and others. The sensor technology segment is sub-segmented into ionization smoke alarms, photoelectric smoke alarms, combination/dual sensor smoke alarms, and others. The power backup segment is sub-segmented into battery-powered, hardwired hardwired with battery backup, and others.
The end-user segment is sub-segmented into residential, academia institutional, retail, healthcare, hospitality (hotel/leisure), BFSI, transportation logistics, manufacturing, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Smoke Alarm Market –Geographical Analysis
North America dominates the global smoke alarm market. The largest market share attributes to the stringent government mandates about smoke alarm installation in residential and commercial space. Besides, the sustainable and well-established economy in the region allows increasing demand for smoke detectors. The strong presence of leading industry players in the region further drives the smoke alarm market growth.
The smoke alarm market in the Asia Pacific region accounts for the second-largest market globally. The growing demand from the consumer goods manufacturing sectors alongside the expanding production capacities in the region fosters the market's growth. Additionally, ongoing infrastructure development projects, the rapid pace of urbanization, and the rise in residential and commercial spaces push the smoke alarm industry.
The European smoke alarm market accounts for a promising share globally. The extensive demand for smoke detection technologies from various well-established industries such as automotive and construction influences the regional market share. The rapid consumption in developed end-user industries and innovations fire detection technologies fosters the smoke alarm market growth.
Global Smoke Alarm Market - Competitive Landscape
Highly competitive, the smoke alarm market appears to be fragmented due to the presence of several players. Matured and small-scale players, along with the new entrants, form a competitive landscape. Through the acquisition, strategic partnership, expansion, product/technology launch, and collaboration, these players try to gain a competitive advantage. Substantial investments are transpired in the RD to develop a completely different technology compared to their competition.
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Major Players:
Key players leading the smoke detector market include Protec Fire Detection PLC (UK), Johnson Controls Inc (US), Schneider Electric (France), United Technologies Corporation (US), Robert Bosch GmbH (Germany), Nest Labs (US), Legrand (France), Siemens AG (Germany), Newell Brands (US), Hochiki Corporation (Japan), Halma Plc (UK), Honeywell International (US), Minimax Viking GmbH (Germany), Secom Co., Ltd (Japan), Gentex (US), NEC Corporation (Japan), Schrack Seconet AG (Austria), and Ceasefire Industries Pvt. Ltd. (India), among others.
Industry/Innovation/Related News:
Apr 15, 2021 ---- Xiaomi launched a smoke detector with five years of battery life, increasing its smart home product line. The new Xiaomi smoke detector is jointly developed by Xiaomi and Honeywell. It is presently available on sale via the Youpin platform.
Mar 02, 2021 ---- X-Sense, a leading global home safety brand, launched a new Smart Smoke Detector - XS01-WT. This new smart device is a Wi-Fi-connected smoke alarm powered by X-Sense's proprietary technology and innovations. The XS01-WT smoke detectors are the best smart home tech that looks identical to the interconnected model XS01-WR, but it adds a key feature that major alarm lacks.
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