The growth of smart homes, increasing IoT invasion, & growing adoption of smoke detectors in commercial and industrial sectors will boost the global smoke detector market
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 governments), 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
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 the cost of smart home technology. Vendors are investing in R&D to make connected devices smarter by offering AI integration in the form of smart digital assistants. The integration of digital assistants with smart smoke detectors is expected to lead to the development of a new generation of smart fire safety equipment during the forecast period. The demand technologically advanced smoke detector device becomes imperative considering the cost of a false alarm per incident in smart cities. The cost ranges from $29,500 to $49,800 per incident.
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 home 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 services help customers to prevent false alarms and offer enhanced security with advanced risk monitoring. 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 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. The high IoT penetration and industrial automation would have a positive influence on the smoke detector market during the forecast period.
GrowingSmoke Detector Adoption in the Commercial and Industrial Sectors
A majority of fire accidents take place in low- and middle-income countries due to lack of awareness and the low usage of fire safety equipment such as smoke detectors, fire alarms, fire sprinklers, and fire management systems. Increased industrialization has further 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 increasing the demand for fire safety equipment. The commercial and industrial sector occupied 70% of the market revenue in 2018. In Europe, the European Normative EN 54 law states that fire alarm systems are mandatory for large 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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