Global Battery Operated Smoke Detectors Market to Register a Value CAGR of 6.3% during 2018 - 2026
Based on the findings specified in the report, the market is expected to witness rising demand for smoke detectors from commercial and residential end-use sectors over the coming years. Escalating demand for smoke detectors in developing regions is projected to drive the global Battery Operated Smoke Detector Market.
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The estimated value of the Battery Operated Smoke Detector Market in 2018 is US$ 934.2 Mn and the market is expected to expand at a CAGR of 6.3% and reach US$ 1,527.6 Mn by the end of 2026. In addition, the Battery Operated Smoke Detector Market is projected to create incremental $ opportunity worth US$ 593.9 Mn during the forecast period.
Battery Operated Smoke Detector Market Dynamics
Growing industrialization in emerging countries, such as China, India, Brazil and South Africa, is expected to fuel the demand for battery operated smoke detectors globally during the forecast period. Government support and increased outsourcing of manufacturing from developed nations has propelled industrialization in emerging economies.
The workforce in industrial workplaces must be protected and thus, adoption of battery operated smoke detectors in various industries is growing rapidly as battery operated smoke detectors not only significantly reduce injuries and fatalities in case of fire hazards, but also increase productivity output. Moreover, increasing construction activities in developing regions, specifically in SEA and Pacific, are estimated to fuel demand for battery operated smoke detectors over the forecast period.
On the flip side, owing to the growth in maintenance as well as initial costs, a substitution effect has been witnessed. This effect influences end users to install battery operated smoke detectors in limited parts of the space. This particular factor is expected to slow down the growth of the battery operated smoke detector market over the forecast period.
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Battery Operated Smoke Detector Market Forecast
By region, North America is projected to dominate the global Battery Operated Smoke Detector Market over the forecast period. North America, followed by Europe, is estimated to remain the most opportunistic region in the Battery Operated Smoke Detector Market. In terms of value, North America is projected to create incremental $ opportunity worth US$ 184.0 Mn in the global Battery Operated Smoke Detector Market during the forecast period.
By product type, the photoelectric type battery smoke detector segment is projected to dominate with a value of US$ 574.8 Mn in 2018. However, the ionization segment is projected to account for ~ 16.7% share in the global Battery Operated Smoke Detector Market during the forecast period. In terms of growth, ionization battery operated smoke detector segment is projected to grow with modest growth rate during the latter half of the forecast period.
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Battery Operated Smoke Detector Market: Competitive Landscape
Some of the key players involved in the manufacturing of Battery operated smoke detectors and included in this study are Johnson Control, United Technology Corporation, GENTEX Corporation, Honeywell International Inc., Hochiki Corporation, Bosch Security and Safety Systems, Siemens AG, Schneider Electronics, BRK electronics amongst other.
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