London, July 28, 2020 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the Smoke Detectors market, a global rise in the number of accidents caused by fires has alarmed people and institutions regarding safety, and this contributed to the growth of the smoke detectors market. Rapid urbanization, especially in developing and developed countries, has increased the demand for safety equipment. In response, governments of several countries emphasized the safety of their citizens by providing monetary support for the installation and maintenance of such safety equipment, including smoke detectors.
The Business Research Company‘s report titled Smoke Detectors Market Global Report 2020-30: COVID-19 Impact And Recovery covers the global market and its segments. The smoke detectors market is segmented by product into photoelectric smoke detector, ionization smoke detector, dual sensor smoke detector, others, by power source into battery powered, hardwired with battery backup, hardwired without battery backup, and by end user into residential, commercial, oil, gas & mining, transportation & logistics, telecommunications manufacturing, and others.
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The global smoke detectors market reached a value of nearly $1.89 billion in 2019, having increased at a growth rate of 7.9% since 2015. The market is expected to decline from $1.89 billion in 2019 to $1.72 billion in 2020 at a rate of -9.2%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a rate of about 7.1% from 2021 ad reach $2.08 billion in 2023.
The ongoing coronavirus pandemic is affecting the smoke detectors market in many ways. China was the epicenter of the outbreak where the disease originated and spread to the rest of the world. Thus, existing safety equipment manufacturing facilities had to shut down operations, and new projects throughout China were forced to stall. Several offices and manufacturing plants have been shut down indefinitely. Furthermore, factory workers were forced to stay home or work at reduced capacity, which affected the maintenance of fire detection and other safety equipment, thereby resulting in a strain on global supply chains. Delays in construction activity are also negatively impacting the smoke detectors market.
Early signs suggest that the market for security and life safety equipment will be less impacted than other markets for discretionary goods and services, as stringent regulatory requirements mean that sales opportunities will continue to arise. However, both regional demand and global supply will be disrupted by the ongoing coronavirus.
Besides the pandemic, limited capability of smoke detectors hindered the market growth during the historic period. The capacity of a smoke detector in terms of distance is narrow. This along with consumers’ reluctance towards switching to IoT-enabled smart smoke detectors due to privacy and security concerns, coupled with high costs and high maintenance efforts, has restrained the growth of smoke detectors market.
Although expensive, the use of the Internet of Things (IoT) in smoke detectors is a leading trend in the smoke detectors market. Smoke detectors using IoT always alert the user of all possible hazards on their mobile devices from anywhere, even if they are away from their property. IoT smoke detectors can work efficiently even in buildings with bad network coverage in basements and corners. Thus, smoke detectors using IoT can report on an ongoing fire in real-time. This could do wonders in notifying those responsible and curbing any disasters in time.
Smoke Detectors Market Global Report 2020-30: COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2400 market segments and 56 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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