ALBANY, New York, March 16, 2018 /PRNewswire/ --
According to Transparency Market Research (TMR), the global smoke detector market is projected to expand at an above-average CAGR through 2026. The market was valued at nearly US$ 1,200 Mn in 2017. Growth of the global market is likely to gain momentum attributed to increasing number of product launches, strategic acquisitions and collaborations. For instance, Hive hub has recently launched a new product - Hive Hub 360, which offers features such as built-in WiFi and mics that detect smoke, dog barking, and glass breaking noises.
In addition, a recent collaboration among Merseyside Fire and Rescue Services, NHS, and Cheshire Fire and Rescue Services (CFRS) has recently won the 'Working Together Award' at the iESE Public Sector Transformation Awards 2018 for offering protective services during fire accidents. The companies are maintain a rescue staff, encouraging and fitting smoke alarms in buildings, and offering fire safety services.
With the increasing number of product launches and collaborations, sales of smoke detectors is likely to increase. Schneider Electric, Nest labs, NEC Corporation, Robert Bosch, Johnson Control, Siemens AG, Tyco, United Technologies Corporation, Honeywell International, Hochiki Corporation are some of the key players among others in the global market.
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Product Innovation to Remain a Key Strategy
To remain in the forefront of the global market, leading companies are focusing on offering innovative products that facilitate emergency calls and better managed evacuation procedures. Major firms in the global market are concentrating on offering smoke detector systems equipped with dual sensor alarms that ensure constant sensitivity.
In order to offer enhanced security during fire accidents, leading manufacturers are also integrating video smoke detection features in a range of smoke detectors. Through product innovation, major companies are focusing on attaining a competitive edge in the global market.
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Ionization Smoke Detector Technology to Represent a Leading Segment
With the growing need for smoke detectors that quickly detect smoke and fire, leading firms are focusing on offering a range of smoke detectors specific to the requirements of various industries. Demand for the photoelectric alarms is expected to remain sought after attributed to increasing demand in the residential industry.
Manufacturers are incorporating the photoelectric alarms with ionization detecting technology as it quickly detects fast flaming fires and alerts the occupants instantly. In terms of revenue, the ionization smoke detector technology is expected to register the highest growth, accounting for more than US$ 640 Mn by the end of 2026.
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As smoke detectors that are hard-wired to the electrical system of the household stop working during power outages, individuals prefer spending on smoke detectors that are hardwired with battery backup mechanism to avoid accidents. Smoke detectors hardwired with battery backup mechanism will continue to witness a significant revenue growth, accounting for more than US$ 780 Mn by 2026-end.
Sales to Remain High For Residential Application
Demand for smoke detectors is likely to remain concentrated in the residential industry. With the growing need for quick fire alert in the residential buildings, sales of smoke detectors in the residential industry will continue to increase. In terms of revenue, residential application will continue to witness the highest revenue growth in the global market. By the end of 2026, sales of smoke detectors for residential application is expected to bring in revenues of over US$ 1,100 Mn.
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Europe to Represent a Dominant Market
Europe will continue to remain a leading market for smoke detector globally. In terms of revenue, the Europe market is expected to account for a market value of nearly US$ 700 Mn by the end of 2026. On the other hand, APEJ market is expected to witness the fastest growth throughout the forecast period.
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