Smoke Detector Market Revenue, Top Companies, Challenges, Analysis, Forecast 2027
The Smoke Detectors Market Size is estimated to be USD 2.3 billion in 2022 and projected to reach USD 3.4 billion by 2027, at a CAGR of 8.2%, according to a research report titled "Smoke Detectors Market by Power Source (Battery-Powered, Hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel - The need for smoke detectors is being driven by increased government support, programmes for the installation of smoke detectors, and rising company fire insurance costs. In addition, the installation of smoke detectors is expanding quickly in a variety of coaches, buses, and specialty vehicles; this is due to regulatory mandates, which are also to blame for the market's expansion.
In 2021, battery-powered technology has the biggest market share.
Smoke detectors that run on batteries are simple to install and functional during power outages. Additionally, the sealed lithium-ion batteries used in the smoke detectors have a longer lifespan of 10 years. The DIY instructions for these detectors are available. The development of smoke detectors as a result of the battery technology's quick advancements has increased demand for battery-powered smoke detectors from a variety of end-use industries.
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During the forecast period, the dual-sensor smoke detectors category is anticipated to account for the greatest market share.
In 2022, the market for smoke detectors' dual-sensor sector was worth USD 0.4 billion. These alarms or detectors combine photoelectric and ionisation technology. The type of applications in a room determines whether dual-sensor smoke detectors should be used. For instance, because there are people present as well as combustible equipment and medications, healthcare facilities must have effective smoke detection systems in order to protect the wards, staircases, and pharmacies, among other rooms and departments. Due of this, healthcare facilities choose dual-sensor smoke alarms.
During the forecast period, managed services is anticipated to have the second-fastest growth rate.
Managed services provide numerous benefits, including cost savings, simple setup, real-time notifications, customization, and dependable services. They also administer the entire system remotely. Managed service providers guarantee the safety of business data as well as the efficiency of business processes. In the event of an emergency fire, these services assist in managing fire safety and security. The managed services market is therefore anticipated to expand in the upcoming years.
In 2021, the commercial sector dominated the smoke detectors market.
Healthcare, academic & institutional, hospitality, retail, and BFSI have all been added to the commercial segment divisions. Smoke detectors used in business settings might be addressable or conventional. They are typically integrated and connected to a central fire alarm control panel. In 2021, the commercial sector held the biggest market share for smoke detectors. The increased use of smoke detectors in the commercial sector is a result of the expanding global construction of commercial buildings, particularly in emerging nations.
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During the projected period, the European smoke detectors market is anticipated to have the highest CAGR.
Over the course of the projection period, Europe is anticipated to experience the smoke detector market's highest growth rate—more than 9%. Guidelines for fire prevention and protection have been created by the governments of Europe, either jointly or separately. Every maker of smoke detectors must adhere to stringent European standards. Additionally, the government of nations like Austria, France, and Germany has made it mandatory for homes to be equipped with smoke detectors or smoke alarms. Thus, the installation of smoke detectors is increasing in the European region as a result of increased government regulations to protect building occupants from fire accidents.
Major players in this smoke detectors market are Johnson Controls International plc. (US), Honeywell International Inc. (US), HOCHIKI Corporation (Japan), Siemens AG (Germany), and Carrier Global Corporation (US).
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