Market Research Report
Smoke Alarms Market with COVID-19 Impact Analysis, By Technology, By End User, and By Region - Size, Share,& Forecast from 2021-2027
|Smoke Alarms Market with COVID-19 Impact Analysis, By Technology, By End User, and By Region - Size, Share,& Forecast from 2021-2027|
Published: October 1, 2021
AnalystView Market Insights
Content info: 289 Pages
Delivery time: 2-3 business days
The global Smoke Alarms market was valued at USD 1.6 billion by 2019, growing with 8.6% CAGR during the forecast period, 2021-2027.
Smoke alarms are lifesavers. Smoke alarms that are effectively installed and maintained help to reduce fire-related deaths and injuries. Smoke spreads quickly in a house fire, so you'll need smoke alarms to give you enough time to escape. Home fires claim the lives of about 2,800 individuals in the United States each year. The majority of fatal fires occur at night, and most people die as a result of breathing toxic smoke. When a fire breaks out, people are typically sleeping, and the smoke may not wake them up until it is too late. As a result, it is critical to have functioning smoke alarms to warn families of the danger of a fire. Photoelectric and ionization smoke alarms are the two most common types of household smoke alarms.
The global smoke detector industry is being driven by an increase in injuries and deaths caused by a fire in commercial and residential buildings. Furthermore, the growing urban population requires corporate and public sectors around the world to invest in better infrastructure.
The construction of residential and commercial structures, healthcare facilities, and educational institutions increases the requirement for sufficient fire protection, resulting in an overall increase in the demand for smoke detector systems. Smoke detector demand has been boosted by many causes, including expanding urbanization, rising infrastructure investments, and rising consumer awareness, particularly in emerging economies.
Furthermore, the widespread trend of digitalization, combined with the growing use of IoT-enabled devices, has resulted in the global launch of smart smoke detectors. In addition, various government initiatives to reduce fire accidents, as well as the rapid construction of data centers, IT hubs, and smart buildings, will continue to drive the worldwide smoke detector market forward in the future years.
Leading players in the market are adopting several strategies such as expansion, new product launching, mergers, and acquisitions to remain competitive in the market.
For instance, in October 2020, Honeywell, a global leader in fire and life safety, has unveiled the first tools in its Connected Life Safety Services (CLSS) suite, the company's first all-in-one cloud platform for fire safety systems. Honeywell's CLSS suite of tools, which is built on the Honeywell Forge platform, allows fire personnel to reduce time spent on design, installation, commissioning, inspection, maintenance, and reporting of life safety systems while minimizing disturbance.
In the year 2020, the North American region had the greatest market share. Governments are adopting several initiatives, including enacting several strict rules, to reduce the occurrence of accidental fires, particularly in the residential sector. According to the National Fire Protection Association (NFPA), fires in homes with no working smoke alarms or no smoke alarms caused about three out of every five home fire deaths in the United States. These figures urge clients to install a smoke and fire alarm system in their homes and businesses.
The scope of this report covers the market by its major segments, which include as follows: