Research firm Million Insights believes the global smoke detector market is anticipated to witness exponential growth in the years to come. They say factors propelling growth of this market include escalating government mandates regarding installation of smoke detectors in residential division, technical developments, growing applications of smoke detector, rapid industrialization, rise in the fire-associated expenditure by the enterprises and rise in deaths & loss of properties.
Factors that may hamper growth include high annual maintenance charges, un-organized market, high installation cost, and stringent government regulations for fire prevention. Smoke Detector Market is anticipated to grow at a significant CAGR of 8.7% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
- The photoelectric smoke detector segment led the market in 2017 and is anticipated to maintain its dominance.
- The "Residential" segment led the market in 2016 and will continue to lead.
- Commercial segment held the major market share and residential sector could experience the highest development in the years to come.
- North America accounted for the major share of the market size in 2017 and will continue to lead.
- North America is followed by the Asia-Pacific region owing to an increase in the infrastructural investment, increased consciousness among people, and rapid urbanization.
- Key players in the smoke detector market include Honeywell Security, Kidde, Tyco, BRK, Johnson Controls, Halma, Xtralis, Sprue Aegis, Ei Electronics, Panasonic, Halma, Siemens, X-SENSE, Nest, Nohmi Bosai, Hekatron, Gulf Security Technology, Shanghai Nohmi Secom, Busch-jaeger, Smart wares, System Sensor, Forsafe, Shanying Fire, Shenzhen Gabel Electronics and D&K Group International.
Need more details? Then browse the “Global Smoke Detector Market” report.