Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The global smoke detector market is estimated to witness a significant CAGR over the forecast period, i.e., 2021-2029, on the back of rising government initiatives to curb the incidences of fire accidents. 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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
The market in the North America is anticipated to hold the largest market share over the forecast period on the back of 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.
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.
On the basis of region, the global smoke detector market is segmented as follows:
Our in-depth analysis of the global smoke detector market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising cases of death and damage caused by accidental fire in homes and offices is one of the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High installation costs of smoke detectors is a major factor estimated to hamper the market growth.
The market in the North America will provide the highest growth opportunities for the market during the forecast period owing to the growing cases of fatalities from fire accidents in the region.
The major players in the market are Honeywell International Inc., Fike Corporation, Gentex Corporation, Halma plc, Siemens Aktiengesellschaft, Hochiki Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, installation type, end-user, and by region.
The hardwired with battery back-up segment is anticipated to hold the largest market size during the forecast period on the back of its high dependency, as it is electricity operated, along with a battery back-up for emergencies.
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