PUBLISHER: Inkwood Research | PRODUCT CODE: 1260750
PUBLISHER: Inkwood Research | PRODUCT CODE: 1260750
The Indonesia smoke detectors market growth is set to project a CAGR of 11.20% during the forecast period, 2023-2030. The country's National Affordable Housing Program, initiated in 2017, improved over a million households by 2020. Accordingly, the thriving construction industry, particularly the residential segment, offers growth opportunities.
In Indonesia, millennials are the primary force propelling the country's residential building sector. Additionally, the increasing personal income drives the demand for commercial and residential properties. Further, the government has planned to invest $421 billion in housing, energy, industrial, and transportation projects under the National Medium-Term Development Plan (2020-2024 RPJMN). As a result, the rising housing developments drive the smoke detectors industry market growth in Indonesia.
Moreover, Indonesia is the second most profitable and productive constriction market in Asia, with many non-residential and residential projects underway. Also, foreign and private capital is evaluated to bridge the infrastructure gap.
Furthermore, the growing number of fire accidents with regard to residential construction has obligated developers to follow the fire safety norms documented in the International Building Code (IBC). Besides, the residential construction industry is a fast-growing end-user of smoke detectors.
Some of the key companies in the market include: Siemens AG, Carrier Global Corporation, Honeywell International Inc, Johnson Controls International Plc, etc.