The global smoke detector market size was US$ 1998.1 million in 2021. The global smoke detector market is forecast to grow to US$ 4,405.7 million by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
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Smoke detectors are generally installed on the ceilings of residential and non-residential buildings to alert the people in cases of fire. The detection of smoke activates an alarm which prevents the people from the risk of fatalities caused due to fire hazards.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
Growing urbanization and the increasing number of residential and non-residential buildings will drive the global smoke detector market forward. In addition, increasing awareness among the general public related to the benefits and necessity of smoke detectors will contribute to the growth of the market.
Growing cases of fire hazards will increase the demand for smoke detectors during the study period. In addition, various governments have introduced stringent laws and regulations related to fire safety for both residential, commercial, and industrial buildings. Such laws will escalate the growth of the global smoke detector market. In addition, the advancements in the smoke detector industry will benefit the overall industry. For instance, Hochiki introduced FIREscape+ innovative system in 2018. This system combines fire detection, emergency lighting, and wayfinding technology.
The growing number of construction activities will offer ample growth opportunities for the smoke detector market growth. On the contrary, the complications associated with the installation of smoke detectors may limit the growth of the global smoke detector market.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the construction segment witnessed a significant loss in terms of revenue. In addition to that, urbanization, which was growing at a significant growth rate, observed a substantial dropdown. All of these factors have negatively affected the global smoke detectors market.
Regional Analysis
Based on Region, Europe is forecast to witness a high hump in terms of revenue. It is due to the healthy economic conditions of the European region and the increasing demand for smoke detectors from commercial, residential, and manufacturing applications.
In addition, smoke detectors are compulsory in all European countries. Furthermore, the rapidly growing construction industry, mainly in Netherlands, Germany, and others, will contribute to the growth of the smoke detectors market.
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Competitors in the Market
Ceasefire Industries Pvt. Ltd
Hochiki Corporation
Honeywell International
Johnson Control
Nest labs
Protec Fire Detection Plc
Robert Bosch
SECOM CO., LTD
Schneider Electric
Siemens AG
United Technologies Corporation
Other Prominent Players
Market Segmentation
The global smoke detector market segmentation focuses on Product, Installation, End-User, Distribution Channel, and Region.
By Product Type Outlook
Installation Type
Photoelectric Smoke Detector
Dual Sensor Smoke Detector
Others
By Installation Type Outlook
Hardwired
Battery-Operated
By End User Outlook
Commercial
Residential
Manufacturing
Telecommunication
Automotive
Oil & gas
Others
By Distribution Channel Outlook
Online
Independent Sites (Manufacturers Website)
Dependent Sites (Ecommerce)
Offline
Electronic Stores
Wholesalers
Standalone Stores
Independent Sellers
Others
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By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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