The global smoke alarms market was valued at US$ 1,833.3 Million in 2019 and is expected to surpass US$ 3,315.4 Million by 2027, registering a CAGR of 8.5% during the forecast period (2020-2027), according to the Global Smoke Alarms Market Report, By Type (Photoelectric Smoke Alarm, Ionization Smoke Alarm, Dual Sensor Smoke Alarm, and Multi-Criteria Alarms), By Power Type (Hardwired, Battery Powered, 10 Year Sealed, Plug-in, and Wireless), by Application (Commercial, Residential and Industrial), By Distribution Channel (E-commerce Channel, and Retail), By Retail Distribution Channel (Distributors, Electrical Wholesale, Clubs and Retailers), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The wireless smoke alarms is expected to have increase in demand by almost 9.4% in the forecast year. Wireless interconnected smoke alarms detect and trigger alarms in all units in a connection by using radio frequency signals instead of cables. Companies such as Kidde, X-Sense, and BRK Brands, Inc. have launched wireless interconnected smoke alarms. In August 2020, X-Sense launched XS01-WR wireless interconnected smoke alarm with features such as location alert, replaceable lithium batteries and ability to interconnect up to 24 units of compatible models. A false alarm is a major concern in the global smoke alarm market. Therefore, key players in the market are focusing on various technologies in order to prevent false alarm. Adoption of new technologies such as advanced smoke detection sensors, IoT-enabled smoke alarms, cameras, and IR sensors to provide accurate results and others is expected to reduce the chances of false alarm and provide lucrative growth opportunities to the market players.
Furthermore, a combination of machine learning and IoT-enabled smart smoke alarm devices can reduce the chances of false alarm drastically. IoT enables devices to provide real-time data and this data can be surrounding temperature, real-time captured thermal images, and others. The data can be further analyzed to provide accurate results. Continuous adoption of complex data based on the variable parameters can increase the performance of the machine and reduce the chances of failure in the long run. Furthermore, this analyzed data also help in the preventive maintenance of the equipment. Few key players in the market are offering advanced smoke alarms. For instance, Google Nest, a US-based home IoT device manufacturing company, is offering Nest Protect: 2nd Gen Smoke + CO Alarm solution equipped with advanced technologies such as machine learning, AI, and others.
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. Governments in various countries across the globe such as India, Spain, and Italy had imposed nationwide lockdown to prevent the spread of COVID-19 virus. For instance, India had imposed lockdown from March 25 to May 1 until further notice. Lockdown resulted in the shortage of workers at ports. Due to manpower shortage, the ports are struggling to move the cargoes, which effected the supply chain for smoke alarms. Moreover, there is also shortage of transportation such as trucks and trains, which negatively affected the global smoke alarms market.
Furthermore, 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.
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