The Global Smoke Detector Market to Exhibit 8.10% CAGR by 2028

Triton Market Research presents the Global Smoke Detector Market segmented by Power Source (Hardwired Smoke Detectors, Battery-powered Smoke Detectors, Others {Hardwired with Battery}), End-user (Commercial, Automotive, Manufacturing, Telecommunication, Oil & Gas, Residential, Other End-users), Type (Photoelectric, Ionization, Dual Sensor, Other Types), and Regional Outlook (North America, Europe, Latin America, the Middle East and Africa, and the Asia-Pacific).

It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology, Global Market Size, Forecasts & Analysis (2022-2028).

Triton Market Research's report states that the global smoke detector market would expand with an 8.10% CAGR during the evaluated years between 2022 and 2028.

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Smoke detectors are electronic fire-protection equipment that detect smoke as a sign of fire and aware people by sounding an alarm. The rising global temperature due to greenhouse gas emissions has raised the risk of fires. According to estimates, about 4.5 million US homes were at high risk of wildfire. Likewise, more than 2 million properties were at extreme wildfire risk in California in 2021. The growing prevalence of fires across the world has mandated the use of smoke detectors to safeguard the life of people, wildlife, and properties, which, in turn, augments the market's growth.

However, with the introduction of lithium-ion battery-powered smoke detectors and carbon monoxide detectors, the price of smoke detectors has escalated by almost 30%. Such a high price scale restricts manufacturers from selling their products reasonably. Therefore, this factor likely hinders the growth of the smoke detector market.

Globally, North America dominates the smoke detector market and is expected to lead over the forthcoming years. Studies highlight that almost 4,000 Americans die every year in house fires, and over 2,000 are severely injured. Similarly, 73% of fire-related fatalities in Canada are associated with residential fires. As a result of the rising fire incidents, the global smoke detector market is expected to show significant growth in this region over the coming years.

The key players profiled in the smoke detector market are Huawei Technologies Co Ltd, Ceasefire Industries Pvt Ltd, Google Nest (Google), Secom Co Ltd, Hochiki Corporation, Siemens AG, Carrier Global Corporation, BRK Brands Inc, Protec Fire and Security Group Ltd, ABB Ltd, Robert Bosch GmbH, Johnson Controls International, Schneider Electric, and Honeywell International Inc.

The presence of top players with undifferentiated product portfolios creates cutthroat competition in the market. Also, many companies are acquiring other smoke detector manufacturers to tap into new markets. For instance, in 2021, Carrier Global Corporation acquired Cavius, a Denmark-based residential alarm manufacturer that offers a wide range of smoke, heat, flood, and carbon monoxide detectors. Such mergers and acquisitions strengthen the product portfolios of residential fire safety solution providers.

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