Rise in Fire Incidents to Drive Global Smoke Detector Market

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

The report further discusses the Market Summary, Industry Outlook (Impact of COVID-19, Market Maturity Analysis, Porter’s Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective), Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

According to Triton’s research report, the global smoke detector market will advance with a CAGR of 8.53% in the forecast period from 2023 to 2030.

Estimates from the European Fire Safety Alliance showcase that, each year, around 5,000 people in Europe die due to house fires. The surge in the number of fire incidents globally has emphasized the need for using smoke detectors. Moreover, the rising global temperature due to GHG emissions have significantly enhanced the risk of fires, which is also expected to drive the smoke detector market’s growth

Earlier, smoke detectors with replaceable batteries were commonly used worldwide. However, with the introduction of chargeable lithium-ion batteries, the price of smoke detection devices escalated significantly. The high costs of these devices have decreased their affordability, which is likely to hinder the market growth over the forecasted period.

North America dominates the global market and is expected to maintain its lead over the forthcoming period. Reports indicate that every year, nearly 4,000 Americans lose their lives in residential fire accidents. Moreover, the damages associated with residential fires can cost thousands of dollars in monetary losses. The rising fire incidents have thus driven the adoption of smoke detectors across the region.

Some leading companies present in the smoke detector market include Ceasefire Industries Pvt Ltd, Siemens AG, Johnson Controls International Plc, Google Nest (Google), Carrier Global Corporation, Robert Bosch GmbH, ABB Ltd, Huawei Technologies Co Ltd, Honeywell International Inc, Protec Fire and Security Group Ltd, Hochiki Corporation, Secom Co Ltd, Schneider Electric, and BRK Brands Inc (Acquired by Resideo Technologies Inc).

The top players in this market are invested in expanding their product portfolio in a bid to cater to customers worldwide. And while new companies are trying to set foot into the smoke detector market, they face several barriers. Smoke detectors do not have any direct substitutes, and hence, the threat of substitution is low for this market. However, as the products available are undifferentiated, buyers easily switch to other brands, which has increased their bargaining power.