The photoelectric smoke detectors segment is expected to generate the maximum revenue in the global market during the forecast period and is expected to account for $1,140 million until 2023. Dual sensors market is expected to register the highest CAGR of 10% during the forecast period. This scenario is attributed to the ability of dual sensor smoke detectors to detect the smoldering fire caused in the commercial buildings.
According to a new report published by Allied Market Research Smoke Detectors Market was valued at from $1,594 million in 2017, and is expected to reach $2,602 million by 2023, registering a CAGR of 8.5% from 2017 to 2023.
Asia-Pacific is expected to exhibit the highest growth, owing to the growth in potential startups, consumers disposable income, increase in urbanization & industrialization, along with rising in investments in infrastructure.
Europe is expected to witness significant demand for smoke detectors owing to the increasing and compulsory installations of smoke detectors in all residential buildings as per the government regulations.
The demand for global smoke detectors market is expected to grow, owing to its ability to provide fire protection measures with the increase in infrastructural development such as hotels, residential, corporate buildings, educational institution, and others. Moreover, a surge in a number of fire accidents contributes to the growth in demand for smoke detectors market. Moreover, the rise in industries, such as food & beverage, industrial & automotive, and electronics, is expected to drive the growth of the market due to several applications. However, the complications associated with the installation of smoke detectors is expected to restrain the growth of the market.
The key players operating in the global smoke detectors market are Vintex Fire Protection, Hochiki Corporation, Honeywell International, United Technologies Corporation, Tyco, Siemens AG, Johnson Control, Robert Bosch, NEC Corporation, and Nest labs.