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Illuminating Insights: Global Smoke Detectors Market Set to Hit $2.49 Bn by 2028 || BRK Brands Inc., Seccom Corporation, Robert Bosch GmbH, Hochiki Corporation, Siemens AG, Schneider Electric SE
Smoke Detectors Global Market Report 2024
The Business Research Company presents an extensive market research report on the Smoke Detectors Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The smoke detectors market size has grown marginally in recent years. It will grow from $1.99 billion in 2023 to $2.01 billion in 2024 at a compound annual growth rate (CAGR) of 1.0%. The growth in the historic period can be attributed to stringent safety regulations, growing awareness of fire hazards, insurance and regulatory compliance, increasing urbanization, technological evolution of detectors.
The smoke detectors market size is expected to see strong growth in the next few years. It will grow to $2.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rising homeownership rates, growth in commercial construction, emphasis on multifamily housing safety, smart home integration, renewal and retrofitting initiatives. Major trends in the forecast period include integration with voice-controlled platforms, compact and aesthetic designs, enhanced weather resistance, incorporation of long-range communication technologies, integration with building management systems.
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Key Market Players:
Major companies operating in the smoke detectors market report are BRK Brands Inc., Seccom Corporation, Robert Bosch GmbH, Hochiki Corporation, Siemens AG, Schneider Electric SE, Honeywell International Inc., 3M, Bacharach Inc., ABB Ltd, Johnson Controls International plc, NEC Corporation, Eaton Corporation plc, Carrier Global Corporation, Tyco International Ltd., Air Products and Chemicals Inc., Legrand, Kidde Fire Protection, Potter Electric Signal Company LLC, Advanced Electronics Ltd., AirSense Technology Ltd., Teletek Electronics JSC, Protec International Plc, Xtralis Inc., Rusoh Incorporated, Nest Labs Inc., Ceasefire Industries Pvt. Ltd, Unisafe Fire Protection LLC, Nowatec AS, Nohmi Bosai Co. Ltd.
Market Drivers:
The increased number of fire incidents in commercial as well as in residential places is driving the growth of the smoke detectors market. The use of synthetic building materials and variety of plastics, synthetic textiles in furnishing of commercial and residential buildings has made them vulnerable to fire accidents. Fire accidents lead to severe life and property losses. Early detection of fire through smoke detectors can reduce the risk of life and property due to fire incidents. For instance, in October 2022, according to the National Fire Protection Association, a US-based non-profit organization, in 2021, firefighters in the US responded to an estimated 1,353,500 fires. An estimated 361,000 of those fires occurred in residential structures; 125,500 occurred in non-residential structures; 658,500 occurred outside of structures; and 208,500 occurred in vehicles. These fires accounted for an estimated 3,800 deaths; 2,880 of the deaths occurred in residential structures, 130 in non-residential structures, 110 in fires outside of structure. Considering these losses, major number of residential and commercial buildings are required to be equipped with smoke detectors thus positively impacting the smoke detectors market growth.
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The smoke detectors market covered in this report is segmented -
1) By Product: Photoelectric Smoke Detector, Ionization Smoke Detector, Dual Sensor Smoke Detector, Other Products
2) By Power Source: Battery Powered, Hardwired With Battery Backup, Hardwired Without Battery Backup
3) By End User: Residential, Commercial, Oil, Gas & Mining, Transportation & Logistics , Telecommunications Manufacturing, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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