The Growing Demand for Fire Safety: Smoke Detectors Market Worth $3.4 Billion by 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.

Key Players

The Smoke Detectors Market is dominated by a few globally established players such as Carrier Global Corporation (US), Honeywell International Inc. (US), HOCHIKI Corporation (Japan), Johnson Controls International plc. (US), and Siemens AG (Germany).

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Battery-powered holds the largest market share in 2021

The battery-powered category accounted for the biggest market share of power tools in 2021. This is brought on by a number of things, such as the rise in popularity of cordless tools, improvements in battery technology, and the convenience of not needing an external power source. In addition, battery-powered tools are gaining strength and endurance, expanding their applicability for a larger range of tasks. This has contributed to the battery-powered market segment's growth and increased market share.

Dual-sensor smoke detectors segment is expected to hold the largest market share during the forecast period

During the forecast period, the dual-sensor smoke detectors segment is anticipated to hold the biggest market share in the overall smoke detectors market. This is a result of rising fire safety awareness and the requirement for early fire incident detection. Ionization and photoelectric sensors are both included in dual-sensor smoke detectors, which increases their ability to detect many forms of fires. Due to this, demand for dual-sensor smoke detectors has surged, especially in residential and commercial structures. The development of this market has also been aided by technological developments, including the release of smart smoke detectors with capabilities like remote monitoring and notifications.

Managed services is projected to be the second-fastest growing segment during the forecast period

During the projection period, the managed services category is anticipated to develop at a second-faster rate than all other IT market segments combined. Managed services describe the outsourcing of IT duties and tasks to a different service provider. In this way, businesses can delegate the management of their IT operations to professionals while concentrating on their core business operations. Many businesses are choosing managed services to boost productivity and cut expenses as a result of the rising complexity of technology and the rising demand for IT services. As more businesses use cloud computing, artificial intelligence, and other cutting-edge technologies, the managed services market is anticipated to expand quickly. 

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Commercial industry dominated the smoke detectors market in 2021

In 2021, the commercial sector dominated the Smoke Detectors Market. This is because fire safety systems are becoming more and more in demand for commercial buildings including offices, malls, and hotels. The expansion of the commercial construction sector and the increased emphasis on fire safety standards have also aided in the commercial sector's dominance of the smoke detectors market. In addition, it is anticipated that this market will expand in the upcoming years as commercial buildings implement smart smoke detectors and other cutting-edge fire protection equipment at a faster rate.

The smoke detectors market in Europe is expected to hold the largest CAGR during the forecast period

During the anticipated period, the European Smoke Detectors Market is anticipated to grow at the highest compound annual growth rate (CAGR). The need for fire protection systems in residential and commercial buildings is rising, and smart smoke detectors with cutting-edge capabilities like remote monitoring and notifications are becoming more widely used. Additionally, the region's market for smoke detectors is anticipated to increase as a result of the strict fire safety laws and regulations in Europe, notably in nations like the United Kingdom and Germany. Furthermore, it is anticipated that in the upcoming years, Europe's growing emphasis on sustainability and energy efficiency would accelerate the adoption of smart smoke detectors and other cutting-edge fire protection equipment.

News Covered:

https://www.prnewswire.com/news-releases/smoke-detectors-market-worth-3-4-billion-by-2027--exclusive-report-by-marketsandmarkets-301557676.html 

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