MarketsandMarkets forecasts the smoke detector market
to grow from USD 1.31 Billion in 2015 to USD 2.52 Billion by 2022, at a
CAGR of 9.2% between 2016 and 2022. The market is driven by factors
such as increasing number of government mandate policies to install
smoke alarms in residential sector, increased fire-related expenditure
of various enterprises, and rise in deaths & loss of properties, and
technological advancements have created higher level application for
smoke detectors. Smoke detector manufacturers are investing
significantly in R&D that would lead to innovative and efficient
fire protection products.
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The scope of this report covers the smoke detector
market based on power source, product, service, end-user industry, and
geography. The commercial sector held the largest size of the market in
2015, and is highly regulated sector for market. The smoke detectors
installed in commercial space are regulated by EN54, UL268, CCCF and
others. The manufacturing sector is also growing significantly owing to
the need to safeguard human lives and properties as well as to avoid
production halt.
There are many fire incidents which have not only
caused deaths of many employees but have also damaged properties. The
government and industrial associations are making it mandatory for
manufacturers to install smoke alarms, which can cater to the needs of
the manufacturing sector. The increase in the number of government
mandate policies in developed economies to install smoke alarms at homes
and rapid development in the residential construction across the world
is attributing to the high growth of the smoke alarms market for the
residential sector.
Major players in this market are Hochiki Corporation
(Japan), Honeywell International (U.S.), United Technologies Corporation
(U.S.), Tyco (Ireland), Siemens AG (Germany), Johnson Control (U.S.),
Robert Bosch (Germany), NEC Corporation (U.S.), Nest labs (U.S.), and
Schneider Electric (France) among others.
The market in Europe is expected to grow rapidly
between 2016 and 2022. Under the influence of government mandate
policies the countries in European region such Austria, France, and
Germany are installing smoke detectors in their homes and is the main
reason for the growth of smoke detector market in this region. Also,
North America held for the largest market size in market in 2015. The
high demand for smoke detectors from this region is mainly attributed to
the rising number of fire deaths, especially in residential sector,
along with the rise in residential construction in the key U.S. states
such as Texas, Florida, and California.
Conversely, factors inhibiting the market growth are
the high cost of replacing traditional detectors with smart detectors.
The cost to install a smoke alarm varies according to the type and brand
of smoke detector being used. But on an average, to install two smoke
alarm in a home would cost around USD 110 and it may also cost higher.
This restricts the customers to install or replace traditional detector
with the new smart detectors. To address the issue, the vendors are
developing retrofitting solutions for the customers and it costs as low
as one-third of the cos of replacement.
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