The global smoke detectors market size is expected to grow from USD 2.3 billion in 2022 to USD 3.4 billion by 2027, at a CAGR of 8.2%. The increasing government initiatives and support for smoke detectors and advantages of the technological innovation in the smoke detectors are the key factors driving the market growth.
The key players operating in the smoke detector market include the major players which operates in different stages in the entire value chain of smoke detector; these players are Carrier Global Corporation (US), Honeywell International Inc. (US), HOCHIKI Corporation (Japan), Johnson Controls International plc. (US), and Siemens AG (Germany). These players have adopted various growth strategies such as acquisition and new product launches to increase their presence in the global market.
Honeywell International Inc. is one of the leading providers of smoke detectors. It holds a strong position in the global smoke detector market. Its business performance, technologies, and strategies significantly impact the security and safety management and utilization solutions sectors. The company focuses on expanding its services and solutions by introducing new product lines and encouraging security and safety practices to pre-empt safety incidents before they occur. In anticipation of its growth, the company aims to strengthen its footprint significantly in engineering, research, and manufacturing in the U.S., France, the U.K., Romania, Mexico, Brazil, South Korea, Japan, and China. The company holds the largest share of smoke detector market in 2021.
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Hochiki Corporation holds the second largest share of smoke detector market in 2021. As part of its growth strategy, the company focuses on product launches. The company’s focus is to develop new products and enhance the existing products to meet the rising needs of the customers for smoke detectors. Besides, the company invests heavily in R&D activities.
Another important player in smoke detector market is Siemens AG. The company primarily focuses on product development to offer technically advanced products to its customers. The company’s strategy includes widening its portfolio of security products by developing new products and system components.
Smoke Detectors Market by Power Source (Battery-Powered, Hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel - Global Forecast to 2027
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