Smart Smoke Detectors Market in APAC to Reach Over 3.5 Million Units by 2024
Arizton’s recent market research report on the global smart smoke detector market identifies Nest Labs, Samsung Electronics, Roost, and Huawei 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 research report offers market share analysis in terms of volume (million units) during the forecast period.
The global smart smoke detector market is expected to reach more than $2 billion by 2024, growing at a CAGR over 12% during 2018–2024.
The growth and adoption of fire safety equipment are mainly attributed to the stringent fire safety regulations adopted by governments worldwide. The increasing penetration of IoT in the electronic consumer product market is also opening new avenues for the usage and adoption of smart smoke detectors.
The global smart smoke detector market is divided into four major segments - products, end-users, power sources, and geographies.
The commercial sector is expected to be the largest growing segment in the global smart smoke detector market
The commercial sector is likely to witness incremental growth during the forecast period. This sector dominated the global smart smoke detector market with a market share of 40% in terms of revenue. The sector is the highest adopter of smoke detectors because of the need to comply with stringent fire safety norms implemented by government and regulatory bodies worldwide. The European Normative EN 54 law states that fire alarm systems are mandatory for large buildings. The use of smoke detectors helps the commercial sector to safeguard their high-value assets such as data centers and IT infrastructure, among others. According to a study by the Federal Emergency Management Agency (FEMA) around 28,900 cooking-related fires were recorded in 2016 in the US. The growing applications of IoT will fuel the transition from smoke detectors to smart smoke detectors.
The hardwired segment to experience the highest incremental growth during the forecast period
The hardwired segment is likely to witness incremental growth during the forecast period. New homes include hardwired interconnected smoke detectors connected by wire and the newer versions of smart smoke detectors use advanced wireless technology to offer a connected experience. The hardwired segment dominated the global smart smoke detector market with a market share of over 75% in terms of revenue. Hardwired smoke detectors can be interconnected with a series of smoke detectors in the house, thereby increasing the overall protection. Hardwired detectors are affordable and have a low maintenance cost. New models have heat detectors, which make them more efficient in differentiating between smoke and steam, thereby reducing the frequency of false alarms. Stringent safety regulations are the primary drivers for hardwired detectors. The New York state law mandated to upgrade smoke detectors in 2019.
The APAC market to grow at a lucrative CAGR during the forecast period
The APAC market is likely to have incremental growth during the forecast period. The growth is led by countries such as China, Japan, and Australia. Rapid urbanization, increase in per capita income, and growth of the construction sector is expected to drive the smart smoke detector market in the APAC region during the forecast period. The increasing number of fire accidents, huge market potential, and rapid penetration of IoT is expected to spur growth in the smart smoke detector market during the forecast period. In terms of unit shipments, the smart smoke detector market in APAC is expected to reach over 3.5 million units by 2024. Growing smart homes, increasing needs for asset protection, and the booming e-commerce industry in the APAC region are also driving the growth of smart smoke detectors in this region.
A few other prominent vendors in the global smart smoke detector market are BRK Brands, Honeywell International, AMP Security, United Technologies, Birdi, Leeo, Johnson Controls, Netatmo, Bosch, Telus, Vivint, Alder, ADT, König, Xfinity(Comcast), Yale, AS Valnes, and Eve Systems.
The complete overview of the latest market research report on the global smart smoke detector market by Arizton is now available.
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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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