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Redding, California - April 30, 2024

Smoke Detectors Market to be Worth Above $4.8 Billion by 2031

Smoke Detectors Market by Offering (Hardware, Services), Power Source (Battery Powered, Hardwired w/o Battery Backup, Others), End User (Commercial, Industrial, Residential, Public Sector) & Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Smoke Detectors Market by Offering (Hardware, Services), Power Source (Battery Powered, Hardwired w/o Battery Backup, Others), End User (Commercial, Industrial, Residential, Public Sector) & Geography - Global Forecast to 2031’

According to this latest publication from Meticulous Research^®, the smoke detectors market is projected to reach above $4.8 billion by 2031, at a CAGR of 7.9% from 2024 to 2031. The growth of the smoke detectors market is driven by advancements in smoke detection technology and growing investment in smart building projects. However, the high installation cost is a factor restraining the growth of this market.

Furthermore, the stringent government regulations regarding fire safety and the growing initiatives for educating end users about fire safety programs are expected to generate growth opportunities for the stakeholders in this market. However, incidents of false alarms are a major challenge impacting market growth. Additionally, the integration of IoT in fire safety systems and the emergence of aspirating smoke detection systems are prominent trends in the smoke detectors market.

Based on offering, the global smoke detectors market is broadly segmented into hardware and software. In 2024, the hardware segment is expected to account for the larger share of 86.0% of the global smoke detectors market. The segment’s large market share is mainly attributed to growing advancements in smoke detection technology, allowing for a coordinated response to fire incidents, a rise in the adoption of battery-powered smoke detectors, and increased focus of market players on product development with smart features. For instance, in June 2023, Kidde (U.S.), a part of Carrier Global Corporation, launched three new HomeSafe-enabled devices. These additional smart detection products can provide instant notification of home safety threats such as smoke, carbon monoxide (CO), and indoor air quality (IAQ) issues.

However, the services segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the constant need for regular maintenance to ensure smoke detectors work properly in an emergency. Smoke detectors can be less effective due to dust, dirt, tampering, or improper installation, which requires maintenance and testing periodically.

Based on power source, the global smoke detectors market is segmented into battery powered, hardwired w/o battery backup, and hardwired with battery backup. In 2024, the hardwired with battery backup segment is expected to account for the largest share of 38.0% of the global smoke detectors market. The segment’s large share is mainly attributed to their ability to always be functional, even during a power outage, and increased adoption of hardwired with battery backup smoke detectors in multi-level homes, apartment buildings, and commercial structures.

Moreover, the hardwired with battery backup segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by its functionality to detect smoke or fire and trigger all the detectors in the system simultaneously, as well as the growing integration of hardwired with battery backup smoke detectors with fire alarm systems.

Based on end user, the global smoke detectors market is segmented into residential, commercial, public sector, and industrial. In 2024, the industrial segment is expected to account for the largest share of 40.0% of the global smoke detectors market. The segment’s large share is mainly attributed to growing fire safety concerns of industrial end users, increasing investment for repair or replacement of old assets, and increasing industry standards and regulations for safety protocols for industrial facilities.

Moreover, the commercial segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by growing urbanization, the growing need to safeguard laborers and employees at workplaces, the growing adoption of wireless smoke detectors with compact and streamlined designs for more appealing aesthetics, the growing use of fire alarm systems with remote monitoring capabilities at commercial spaces and increased focus of market players on the product development for commercial space. For instance , in March 2024, Kidde Commercial (U.S.), a part of Carrier Global Corporation, launched the new Kidde Commercial 2X-A, 2X-AT, and Excellence Series Solution, which offers technologies and features to help better protect workplaces and people from fire and smoke.

Based on geography, the smoke detectors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 36.0% of the global smoke detectors market. The large market share of this region is attributed to stringent safety regulations, increased adoption of smart factories and industrial 4.0, increased manufacturing facilities across the region, and safety standards and regulations set by governments.

Moreover, the Asia-Pacific region is projected to register the highest CAGR of 9.0% during the forecast period. The growth of this region is attributed to growing industrialization & urbanization, growing technological advancements in the smart home market, and increasing in infrastructural and real estate projects.

Key Players:

Some of the key players operating in the smoke detectors market are Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), Johnson Controls International plc (Ireland), Schneider Electric SE (France), ABB Ltd (Switzerland), Siemens AG (Germany), Carrier Global Corporation (U.S.), Gentex Corporation (U.S.), Robert Bosch GmbH (Germany), Analog Devices, Inc. (U.S.), Mircom Group of Companies (Canada), BRK Brands, Inc. (U.S.), HOCHIKI Corporation (Japan), Protec Fire and Security Group Ltd (U.K.), and Apollo Fire Detectors Ltd. (U.K.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5830

Key questions answered in the report-

Which are the high-growth market segments based on offering, power source, and end user?
What was the historical market for smoke detectors?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the smoke detectors market?
Who are the major players, and what shares do they hold in the smoke detectors market?
What is the competitive landscape like in the smoke detectors market?
What are the recent developments in the smoke detectors market?
What are the different strategies adopted by the major players in the smoke detectors market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global smoke detectors market, and how do they compete with the other players?

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Redding, California - April 30, 2024

Smoke Detectors Market to be Worth Above $4.8 Billion by 2031

Smoke Detectors Market by Offering (Hardware, Services), Power Source (Battery Powered, Hardwired w/o Battery Backup, Others), End User (Commercial, Industrial, Residential, Public Sector) & Geography - Global Forecast to 2031

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