Market Research Future (MRFR), in its recently published research report, asserts that the global Smoke Alarm market is likely to secure a substantial market valuation. Smoke alarm market is expected to grow from USD 804.08 million in 2017 to USD 1.29 million by 2023, at a compound annual growth rate (CAGR) of 8.53% during the forecast period.
Smoke alarm market is expected to grow from USD 804.08 million in 2017 to USD 1.29 million by 2023, at a compound annual growth rate (CAGR) of 8.53% during the forecast period. Rise in government initiatives regarding fire safety awareness and technological advancements in smoke alarms are the key drivers for the smoke alarm market.
Segmentation
Smoke alarm market is segmented based on sensor technology, power backup, end-user, and region.
- By sensor technology, the market is segregated into ionization smoke alarm, photoelectric smoke alarms, and combination or dual sensor smoke alarms.
- On the basis of power backup, the market is segmented battery powered, hardwired, and hardwired with battery backup.
- By end-user, the market is segmented residential, academia & institutional, retail, healthcare, hospitality (hotel/leisure), BFSI, transportation & logistics, manufacturing, and others.
- By region, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World.
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Key players
The key players profiled in the smoke alarm market research report are Johnson Controls Inc (US), Protec Fire Detection PLC (UK), Schneider Electric (France), Robert Bosch GmbH (Germany), United Technologies Corporation (US), Nest Labs (US), Siemens AG (Germany), Legrand (France), Newell Brands (US), and Halma Plc (UK). The major players constantly focuses on growth strategies such as strategic partnerships, mergers, acquisitions, and product launch to enhance their product offerings and expand their market reach. The other prominent players in the in the smoke alarm market are Hochiki Corporation (Japan), Honeywell International (US), Secom Co., Ltd (Japan), Minimax Viking GmbH (Germany), Gentex (US), Schrack Seconet AG (Austria), NEC Corporation (Japan), and Ceasefire Industries Pvt. Ltd. (India).
Regional Analysis
The global market for smoke alarm market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smoke alarm market is done for North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is estimated to register the highest CAGR during the forecast period. The growth in the region is attributable to factors including ongoing infrastructure development, rapid pace of urbanization, and rise in number of residential and commercial spaces including healthcare centers, educational institutions, and malls.
North America is expected to dominate the smoke alarm market from 2018 to 2023 as the region has a sustainable and well-established economy and the region witnesses stringent government mandates with regards to smoke alarms installation in residential and commercial space. Furthermore, the presence of the leading manufacturers in the region further drives the smoke alarm market in these regions.
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TABLE OF CONTENTS:
- Market Introduction
- Research Methodology
- Market Dynamics
- Executive Summary
- Market Factor Analysis
- Smoke Alarm Market, By Segments
- Competitive Analysis
Continued…
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