SMOKE ALARMS MARKET ANALYSIS

Smoke Alarms MarketSize and Trends

Global Smoke Alarms Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic adversely effected various businesses across the globe including consumer electronics, manufacturing, transportation, and others. According to Worldwide Market Report’ analysis, the impact of coronavirus (COVID-19) pandemic on the global smoke alarms market is moderate. In order to reduce the spread of COVID 19, many companies in the market remained operational with limited employees working on the shop floor and remaining people working from home, which lowered the production capacity of factories. For instance, in April 2020, Robert Bosch GmbH, a Germany-based engineering and technology solution providing company, temporary shutdown the company’s 100 production facilities across the globe in order to reduce the COVID-19 spread, which resulted in to drop in production drastically. Moreover, many key players in the market are also facing challenges in the regular routine check-up for smoke alarms.

North America held dominant position in the global smoke alarms market in 2019

Statistics:

North America held dominant position in the global smoke alarms market in 2019, accounting for 33.1% share in terms of value, followed by Asia Pacific and Europe.

Figure 1: Global Smoke Alarms Market Share (%), By Region, 2019

Asia Pacific and Europe expected to contribute notable share in global smoke alarms market and is anticipated to follow same trend over forecast period. North America is expected to account for the largest market share during the forecast period, owing to the increasing product development by key player such as Tyco International plc, Honeywell International, Inc., and others. For instance, in August 2019, Honeywell launched VESDA-E VES aspirating smoke detectors. This detector reduced the cost of ownership by reducing the installation and operating expenses. Moreover, the VESDA-E VES smoke detectors provide configurable alarm levels. In January 2020, Tyco International plc launched the latest version of TrueAlarm sensors, a series of smoke alarms. This new series is much more reliable in terms of accuracy compared with conventional smoke alarms.

Photoelectric Smoke Alarm segment is expected to drive the market growth during the forecast period

In 2019, the photoelectric smoke alarm segment generated revenue of US$ 679.4 Mn and is expected to reach US$ 1,230.2 Mn by 2027, with a CAGR of 8.5% over the forecast period 2020 – 2027

Photoelectric alarms respond 15 to 50 minutes faster to the fire hat begin with a long period of smoldering (the stage before the smoke breaks into flame) than ionization alarm. These alarms detect the smoke in smoldering and flaming stages of fire. Mostly, these alarms are installed near kitchens. Players such as Universal Security Instruments, Inc. provides photoelectric smoke alarm.

Figure 2: Global Smoke Alarms Market Value (US$ Mn) Analysis and Forecast, 2017 - 2027

The global smoke alarms market was valued at US$ 1,833.3 Mn in 2019 and is expected to reach US$ 3,315.4 Mn by 2027 at a CAGR of 8.5% between 2020 and 2027.