“Smoke Detectors Market is estimated to be USD 2.3 billion in 2022 and projected to reach USD 3.4 billion by 2027, at a CAGR of 8.2%. The rising government support as well as initiatives for the installation of smoke detectors and rising expenditure related to fire of various enterprises are driving the demand for the smoke detectors market. Additionally, the installation of smoke detectors is increasing rapidly in various coaches, buses, and specialty vehicles; mandated by the government bodies which is also responsible for the growth of the market.
Major players in the market are: Global Corporation (US), Honeywell International Inc. (US), HOCHIKI Corporation (Japan), and Johnson Controls International plc. (US), Siemens AG (Germany).
Battery-powered holds the largest market share in 2021
Battery-powered smoke detectors are easy to install and work during power outages. Besides, the sealed battery-powered smoke detectors are powered by sealed lithium-ion batteries, which have a longer life of 10 years. These detectors come up with the Do-It-Yourself instructions. The rapid innovations in the battery technology have led to the development of smoke detectors, which in turn, is driving the demand for battery-powered smoke detectors from various end-use industries.
Dual-sensor smoke detectors segment is expected to hold the largest market share during the forecast period
The dual-sensor smoke detector segment in the smoke detectors market was valued at USD 0.4 billion in 2022. These detectors or alarms are a combination of ionization and photoelectric technologies. The use of dual-sensor smoke detectors is based on the type of applications in a room. For instance, healthcare institutions comprise various rooms and departments, such as wards, staircases, and pharmacies, which require efficient and reliable smoke detection systems due to the presence of people as well as combustible equipment and medicines. For this reason, dual-sensor smoke detectors are preferred in healthcare institutions.
Managed services is projected to be the second-fastest growing segment during the forecast period
Managed services manage the complete system remotely and offer various advantages, such as cost-saving, easy setup, real-time notifications, customization, and reliable services. Managed service providers not only ensure the security of business information but also ensure the smooth functioning of business operations. These services help in managing fire safety and security in case of an emergency of fire. As a result, the managed services segment is expected to grow in the coming years.
Commercial industry dominated the smoke detectors market in 2021
The commercial segment has been further segregated into healthcare; academia & institutional; hospitality; retail; and BFSI. Smoke detectors used in commercial spaces are either conventional or addressable. They are usually connected to a central fire alarm control panel and are interconnected. The commercial segment accounted for the largest share of smoke detector market in 2021. The rising construction of commercial buildings globally, especially in the emerging economies, is responsible for the high adoption of smoke detectors in the commercial industry.
The smoke detectors market in Europe is expected to hold the largest CAGR during the forecast period
Europe is expected to hold the largest growth rate of more than 9% of the smoke detector market during the forecast period. The governments in Europe have collectively or independently developed fire prevention and protection guidelines. There are strictly regulated European norms that every smoke detector manufacturer must abide by. Additionally, the government of the countries such as Austria, France, and Germany have mandated the installation of smoke detectors or smoke alarms in homes. Thus, increasing government regulations to safeguard building occupants from fire accidents is boosting the installation of smoke detectors in the European region.