Product ID: SQMIG30J2024
Global Smoke Detector Market Size, Share, Growth Analysis, By Technology(Photoelectric, Dual Sensors), By End Use(Commercial, Industrial) - Industry Forecast 2024-2031
Report ID:
SQMIG30J2024 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|
Tables:
63 |
Figures:
75
Global Smoke Detector Market Insights
Global Smoke Detector Market size was valued at USD 2.33 billion in 2022 and is poised to grow from USD 2.54 billion in 2023 to USD 4.98 billion by 2031, growing at a CAGR of 8.80% during the forecast period (2024-2031).
The rise in awareness of building fire safety is one of the primary elements driving growth. Furthermore, rising demand for smoke detectors has been spurred by increased sustainable development in the construction industry. These significant variables are expected to drive technology growth.
Favorable government measures, along with severe regulations, have increased the use of fire suppression equipment in the building industry. These initiatives broadened the market for safety equipment. Because of the necessary inclusion of fire safety devices across the industrial, commercial, and residential sectors, as well as the presence of numerous active projects around the world, the market is primed for advancements in technology and technological advancement.
The demand for smoke and fire detection devices has increased due to technical advancements in the building industry and the subsequent growth of infrastructure in many developed and emerging countries including the United States, the United Kingdom, Germany, China, and India. The incorporation of these safety devices has increased the safety quotient in infrastructures. Furthermore, as technology has advanced, photoelectric and dual sensor devices have enhanced the system's response time and, with the support of cutting-edge technology, have effectively reduced the incidence of false alarms. The tightening of fire safety rules is expected to have a beneficial impact on market growth.
The smoke detection devices market is expected to develop significantly due to the growing frequency of accidental fires in commercial and residential areas. Residential and commercial structures are more vulnerable to harm from minor fires. This aspect is expected to drive the adoption of smoke and fire detection devices as mandatory safety equipment in the construction industry. Modern commercial and residential infrastructure contains numerous floors with compact structures, which enhances the requirement for smoke and fire safety devices. Such increased safety measures in the infrastructure industry are projected to drive demand even further.
The high initial installation cost is one of the primary factors expected to slow market growth. Furthermore, the cost of upgrading a conventional detection system to a modern detection system is prohibitively high. Manufacturers are developing retrofitting solutions to solve this essential issue. These installations are simple and inexpensive, which is expected to increase customer demand for advanced smoke detection systems.
US Smoke Detector Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Smoke Detector Market Report Snapshots
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