Smoke detector Market is anticipated to grow at a CAGR of 10.2% during 2023-2028

iCrowd Newswire
31 May 2023, 20:20 GMT+10

The global smoke detector market is projected to reach $2.40 billion by 2028, at a CAGR of 10.2% during 2023-2028. The growth of smoke detector market is driven by increasing awareness towards fire safety in private and public buildings, growing government regulations for adoption of smoke detectors, and rising trend of IoT-enabled smart smoke detection services.

Some of the Key Questions answered in this exclusive report are:

Q.1 What are some of the most promising, high-growth opportunities for the smoke detector market by technology (photoelectric, dual sensors, and ionization), end use industry (commercial, industrial, and residential), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2 Which segments will grow at a faster pace and why?

Q.3 What are the business risks and threats to the smoke detector market?

Q.4 What are some changing demands of customers in the smoke detector market?

Q.5 What are the new developments in the smoke detector market? Which companies are leading these developments?

Q.6 What strategic initiatives are being implemented by key players for business growth?

Q.7 What are some of the competitive products and processes in this smoke detector area and how big of a threat do they pose for loss of market share via product substitution?

Q.8 What M&A activity has occurred in the last 5 years in this smoke detector market?

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Market Segmentation:

Based on technology, the smoke detector market is segmented into photoelectric, dual sensors, and ionization. The photoelectric segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its increasing usage in residential application for detecting smouldering fires.

North America will remain the largest region due to the increasing installation of smoke detectors and carbon monoxide detectors in homes as per the guidelines of US Fire Administration guidelines (USFA).

Key Players in the smoke detector market are Kidde, Honeywell, Johnson Controls, BRK Brands, Siemens AG, and Hochiki.

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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.

To read more about this market please click on https://www.lucintel.com/smoke-detector-market.aspx

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

Roy Almaguer Lucintel Dallas, Texas, USA Email: [email protected] Tel. 972.636.5056

Tags: Smoke Detector Market Size, Smoke Detector Market, Smoke detector Market Industry