Research Nester published a report titled “Smoke Detector Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global smoke detector market in terms of market segmentation by product, installation type, end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global smoke detector market is estimated to witness significant CAGR during the forecast period, i.e., 2021-2029. The market is segmented on the basis of installation type into hardwired, hardwired with battery back-up and battery powered, out of which the hardwired with battery back-up segment is projected to hold a major market share during the forecast period on the back of high dependance on these detectors. These smoke detectors are well equipped for emergencies, as they are electric powered along with a battery for back-up, as the name suggests. On the basis of end-user, the industrial segment is anticipated to hold the largest share during the forecast period owing to increasing need for safety from fire accidents in fire-prone industries. Moreover, it is essential for industries, such as, oil & gas, to be equipped with smoke detecting devices to avoid any mishappening due to the flammable nature of the product.
The growth of the global smoke detector market can be attributed to the rising government initiatives to curb the growing cases of death and injuries caused by fire. Additionally, construction of residential and commercial buildings, equipped with proper fire-safety systems, is estimated to boost the demand for smoke detectors.
Regionally, the global smoke detector market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the North America is forecasted to garner the largest market share in the forecast period, owing to the growing number of deaths caused by fire in the countries, such as, the U.S. As per the statistics provided by U.S. Fire Administration (USFA), in 2019, 3,704 deaths were caused by fire. The cases of death have increased significantly from the 3,400 death in 2017.
The market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period owing to the rising government initiatives to curb the cases of fire accidents. Moreover, increasing construction of fire-safe residential buildings, backed by the growing population in countries, such as, China and India, is projected to boost the market growth.
Rising Cases of Fatality by Fire Likely to Drive the Market Growth
In the year 2017, out of every 100,000 individuals, 1.5 individuals died in a fire accident, worldwide.
Fire accidents are a major cause of untimely death globally, and majority of these accidents occur in households. Fire can be caused due to various reasons, such as, electric short circuit, smoking, and others, which can be controlled, if detected timely. The rising cases of fire, and the need to curb these cases, is estimated to drive the market growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
However, the high installation charges and annual maintenance of smoke detectors is expected to operate as key restraint to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global smoke detector market which includes company profiling of Honeywell International Inc. (NYSE: HON), Fike Corporation, Gentex Corporation (NASDAQ: GNTX), Halma plc (LON: HLMA), Siemens Aktiengesellschaft (ETR: SIE), Hochiki Corporation (TYO: 6745), Space Age Electronics, Inc., Johnson Controls, Inc. (NYSE: JCI), Hitachi, Ltd. (TYO: 6501) and Robert Bosch GmbH (NSE: BOSCHLTD). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smoke detector marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.