The Smoke Detectors Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smoke Detectors Global Market Report 2024, The smoke detectors market size has grown marginally in recent years. It will grow from $1.99 billion in 2023 to $2.01 billion in 2024 at a compound annual growth rate (CAGR) of 1.0%. The growth in the historic period can be attributed to stringent safety regulations, growing awareness of fire hazards, insurance and regulatory compliance, increasing urbanization, technological evolution of detectors.
The smoke detectors market size is expected to see strong growth in the next few years. It will grow to $2.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rising homeownership rates, growth in commercial construction, emphasis on multifamily housing safety, smart home integration, renewal and retrofitting initiatives. Major trends in the forecast period include integration with voice-controlled platforms, compact and aesthetic designs, enhanced weather resistance, incorporation of long-range communication technologies, integration with building management systems.
The increased number of fire incidents in commercial as well as in residential places is driving the growth of the smoke detectors market. The use of synthetic building materials and variety of plastics, synthetic textiles in furnishing of commercial and residential buildings has made them vulnerable to fire accidents. Fire accidents lead to severe life and property losses. Early detection of fire through smoke detectors can reduce the risk of life and property due to fire incidents. For instance, in October 2022, according to the National Fire Protection Association, a US-based non-profit organization, in 2021, firefighters in the US responded to an estimated 1,353,500 fires. An estimated 361,000 of those fires occurred in residential structures; 125,500 occurred in non-residential structures; 658,500 occurred outside of structures; and 208,500 occurred in vehicles. These fires accounted for an estimated 3,800 deaths; 2,880 of the deaths occurred in residential structures, 130 in non-residential structures, 110 in fires outside of structure. Considering these losses, major number of residential and commercial buildings are required to be equipped with smoke detectors thus positively impacting the smoke detectors market growth.
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The smoke detectors market covered in this report is segmented –
1) By Product: Photoelectric Smoke Detector, Ionization Smoke Detector, Dual Sensor Smoke Detector, Other Products
2) By Power Source: Battery Powered, Hardwired With Battery Backup, Hardwired Without Battery Backup
3) By End User: Residential, Commercial, Oil, Gas & Mining, Transportation & Logistics , Telecommunications Manufacturing, Other End-Users
The use of Internet of Things (IoT) in smoke detectors is one of the trends in the smoke detectors market. The smoke detectors using IoT always alerts the user of all possible hazards on their mobile devices from anywhere even if they are away from their property. IoT smoke detectors can work efficiently even in buildings with bad network coverage in basements and corners. The smoke detectors using IoT can report on an ongoing fire in real time. For instance, Huawei Technologies Co., Ltd., a Chinese multinational technology company, launched its plug-and-use NB-IoT smoke detectors with high power efficiency that can run from three to five years on batteries with less than 3000 mAh capacity.
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