Smoke Detector Market Overview
Smoke detector is an electronic device used to combat the fire by sensing and gives indication of incidence of smoke. Based on the technology used in the smoke detectors, the market can be segregated into ionization detectors and photoelectric detectors. Majorly, the smoke detectors are consumed by the real estate sector; commercial, residential and institutions being the biggest consumer.
Market Size and Forecast
The global smoke detector market is estimated to grow from USD 1.36 Billion in 2015 to USD 2.31 Billion by 2021, registering a compound annual growth rate (CAGR) of 5.22 % during 2015- 2021.North America smoke detector market is anticipated to grow at a healthy pace; U.S. smoke detectors market has held the highest market share in comparison to other countries in this region.
Asia Pacific region is projected to overtake North American smoke detector market in the anticipated period i.e. 2015-2021. China, India, Singapore and New Zealand smoke detector market is likely to witness maximum growth in near future.
Europe smoke detector market is expected to grow at faster rate owing to increasing spending on infrastructure by enterprises in the upcoming years.
Based on the product type, the global smoke detector market is segmented into:
By Power Source
Depending upon the Power Source, the global smoke detector market is divided into:
On the basis of Services, the global smoke detector market is studied into:
By End User
While drilling the industry by End-User, the global smoke detector market can be defined into:
On the basis of region, the global smoke detector market is segmented into:
Growth Drivers and challenges
Continuous innovation in smoke detector technology and their networking, emergent initiatives taken by the governments across the globe, rising expenditure on fire protection devices etc. are some of the major driving factors of smoke detector market in the coming years.
In addition to that, intensification in injuries and deaths owing to fire in the commercial and domestic building are the major cause to uplift the demand of global smoke detector market.
High installation cost and annual maintenance charges, stringent government regulation for fire prevention, un-organized market etc. are few of the major challenge faced by the global smoke detector over the forecasted period i.e. 2015-2021.
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