The Worldwide Smoke Detector Industry is Expected to Reach $3 Billion by 2027
DUBLIN, May 16, 2022 /PRNewswire/ -- The "Global Smoke Detector Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global smoke detector market is evaluated at US$1.744 billion for the year 2020 and is expected to grow at a CAGR of 8.33% to reach a market size of US$3.054 billion by the year 2027.
Fire accidents are one of the major frequently occurring and hazardous accidents that are taking place in factories and industrial buildings. The severe accidents in industries and production plants resulting in severe injuries and heavy financial loss are mainly due to the fire accidents occurring in industries and factories.
The proper design of residential or non-residential areas with adequate safety measures like smoke detectors can reduce the risk of heavy financial loss and injuries to workers occurring from fire accidents. The increasing need for proper safety measures for efficient working of industries and factories is giving potential to the market growth of smoke detectors. The mandatory regulations and policies implemented by the government in order to ensure more safety and reduce the risk of accidents are boosting the demand for smoke detectors in the global market.
The rising penetration of electronics in industrial and manufacturing fields is also making developments and progress in the section of fire controllers and smoke detectors. The research and developments on smoke detectors also brought out a specific type of smoke detector that can efficiently work without any battery-like type of smoke detectors that can be hardwired in the building itself. The increasing rate of fire accidents and mandatory rules of government regarding workers and factory safety is driving the growth of the smoke detectors market.
The shutdown of factories declined the demand for smoke detectors, as factories were not properly working due to th lockdowns. The shutdown of production plants that are manufacturing electronic and safety devices like smoke detectors also resulted in the stoppage of production, making a vast declination in the smoke detectors market. The tampered supply chain sector of electronic and safety devices also resulted in the downfall of the smoke detectors market in the global market.
The increasing rate of fire accidents
Fire accident is one of the major accidents that cause substantial financial loss and injuries to workers in factories. The rate of fire accidents also increases along with more industrialization and developments. According to the data of UNDRR (United Nations Office for Disaster Risk Reduction), approximately 37000 fire incidents are occurring in every year on industries and industrial premises all over the world. Unite states is recorded as one of the countries with the highest number of fire accidents.
The increasing number of fire accidents is boosting the need and demand for effective industrial safety devices and smoke detectors. The reports of the San Francisco administration state that about 4000 people have lost life due to fire accidents in industries and residential areas. The development and up-gradation of smoke detectors and fire safety measures have increased the wide acceptance of smoke detectors. The simple and more efficient smoke detectors with more tech support also increased the installation of smoke detectors in the home and for small domestic workplaces. The reduced risk of financial loss in industries by employing proper alarm systems and smoke detectors also boosted the demand for smoke detectors in the global market.
The high support of governmental bodies in providing safety measures and ensuring safe working conditions in factories are boosting the demand for smoke detectors in the global market. The increasing number of fire accidents in industries, residential and non-residential areas has made the government in making more rules and regulations for ensuring proper safety.
The mandatory rules and regulations by governments in the industrial sector are making the companies in providing more worker safety and fire protection systems in industries. The international code for the working of factories and industries is also demanding more safe and secure regulations and safety systems for production plants and industries. The mandatory regulations of the international government to avoid fire accidents and ensure more safety are driving the market growth of smoke detectors.
Geographically, the major growth in industrial production is shown in the Europe region. The increasing number of production plants and industries in the European region also results in more demand and need for industrial safety in Europe. The increasing demand for safety measures in industries of Europe is forecasting the higher market growth of smoke detectors in the European region.
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SOURCE Research and Markets