Smart smoke detectors vendors have significant growth opportunities due to the integration of IoT with smoke detecting systems
Arizton’s recent market research report on the global smoke detector market identifies Nest Labs, Hochiki Corp., Johnson Controls, and Honeywell International as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by product type (photoelectric detectors, ionization detectors, and others), power sources (hardwired, battery-powered, and hardwired with battery), end-users (residential, commercial, industrial, educational institutes, and government), and geographies (APAC, Europe, North America, Latin America, and MEA).
The global smoke detector market by revenue is expected to reach more than $7 billion by 2024, growing at a CAGR of close to 7% during 2018–2024.
The leading three drivers and trends driving the global smoke detector market are discussed below:
Rising Growth of Smart Homes
The need for convenience and strong growth of the mobile network infrastructure has helped in the popularity of home automation systems.
In 2018, more than 46 million smart home devices were installed in the US.
A high adoption rate of smart homes can be attributed to the rise in energy costs, an increase in consumer awareness, stringent energy-saving regulations, and reduction in smart home technology cost. Vendors are investing in R&D to make connected devices smarter by offer AI integration in the form of smart digital assistants. The integration of digital assistants with smart smoke detector is expected to develop a new generation of smart fire safety equipment during the forecast period.
Increasing IoT Invasion in Smoke Detector Market
The penetration of Artificial Intelligence (AI), Robotic Process Automation (RPA), Machine Learning (ML), and Internet of Things (IoT) in the commodity and services market has transformed a range of products such as home alarm systems, water leak detection devices, and smoke alarms/detectors. It is expected that there will be more than 25 billion IoT connected devices by the end of 2020. IoT-enabled smart smoke detecting service helps customers to prevent false alarms and offer enhanced security with advanced risk monitoring and instant action in any adversity. The benefits of IoT incorporated smart smoke detectors include the detection of smoke, fire, CO2, and CO on a single device. Customers can turn off the alarm via their IoT enabled devices in case of false alarms and the IoT enabled system notifies the user about the need to change or replace batteries and other wearables. Smart smoke detectors vendors have significant growth opportunities due to the integration of IoT with smoke detecting systems. IoT is penetrating almost every industrial sector at a rapid rate, especially manufacturing, supply chain, and energy. High IoT penetration and industrial automation would have a positive influence on the smoke detector market during the forecast period.
Growing Smoke Detector Adoption in the Commercial and Industrial Sectors
A majority of fire accidents occur in low- and middle-income countries due to lack of awareness and low usage of fire safety equipment such as smoke detectors, fire alarm, sprinklers, and fire management systems. Increased industrialization has pushed the adoption of fire safety equipment. The growth of the commercial realty sector and IT industry to safeguard high-value assets such as data centers, manufacturing plants, powerhouse, buildings, and IT infrastructure is also attracting demand for fire safety equipment. The commercial and industrial sector is occupying 70% of the market in terms of revenue in 2018. In Europe, the European Normative EN 54 law states that fire alarm systems are mandatory for larger buildings.
A few other prominent vendors in the global smoke detector market are Samsung Electronics, Roost, Huawei, BRK Brands, AMP Security, United Technologies, Birdi, Leeo, Netatmo, Bosch, Telus, Vivint, Alder, ADT, Konig, Xfinity(Comcast), Yale, AS Valnes, Eve Systems, Siemens, Schneider Electric, Mircom, Gentex, SECOM, and Emerson Electric.
The complete overview of the latest market research report on the global smoke detector market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecasts for major geographical regions.
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