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Smoke Detector Market size was over USD 2.51 billion in 2023 and is expected to reach USD 6.74 billion by the end of 2036, witnessing around 7.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smoke detector is assessed at USD 2.67 billion.
Fire outbreaks can cause massive damage to lives and property, which is a major concern among people. Increasing cases of fires and growing death and injury tolls in such accidents, are estimated to be the major driving factor for the market growth. 1.5 out of every 100,000 individuals in the world died due to fire, in the year 2017. Moreover, increasing construction of residential and commercial buildings, along with growing demand for safety from fire in such buildings, is anticipated to boost the market growth.
Growth Drivers
Challenges
High Installation Cost and Annual Maintenance Charges are Some of the Major Factors Likely to Hamper the Market Growth
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.9% |
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Base Year Market Size (2023) |
USD 2.51 billion |
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Forecast Year Market Size (2036) |
USD 6.74 billion |
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Regional Scope |
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The global smoke detector market is segmented by installation type into hardwired, hardwired with battery back-up and battery powered, out of which the hardwired with battery back-up segment is anticipated to hold a major market share during the forecast period. These detectors are more dependable as they are connected to a power source and are also equipped with batteries, providing double assurance for any kind of emergency. On the basis of end-user, the market is segmented into residential, commercial, industrial, and others. Out of these, the industrial segment is projected to hold the largest market share by the end of 2029, on the back of growing demand for safety from fire among the industries to avoid tragic property and man power loss. Manufacturing industries, oil & gas industries and automotive industries, among others, are highly prone to fire accidents, which makes smoke detectors essential for these industries, which, in turn, is estimated to boost the segment growth.
Our in-depth analysis of the global market includes the following segments
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By Product |
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By Installation Type |
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By End-User
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North America Market Statistics
On the basis of regional analysis, the global smoke detector market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America industry is set to hold largest revenue share by 2036, driven by growing cases of fire accidents in residential and commercial areas. Moreover, high incidences of death from fire accidents in countries, such as, the United States is projected to boost the market growth. According to the data by U.S. Fire Administration (USFA), the cases of death by fire increased to 3,704 deaths in 2019, from 3400 deaths in 2017.
APAC Market Analysis
The market in the Asia Pacific is estimated to witness highest CAGR during the forecast period on the back of increasing construction of residential buildings combined with government initiatives to reduce cases of fatality by fire in highly populated countries, such as, India and China. More than 55% of the total death by fire occurred in residential or domestic fire outbreaks, in India, as of 2019.
Author Credits: Abhishek Verma
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