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Parks Associates: Smart Smoke Detectors to Reach Nearly $1 billion in US Market by 2027New Market Assessment tracks consumer adoption and forecasts revenue for smart smoke and CO (carbon monoxide) detectors DALLAS, March 20, 2024 /PRNewswire/ -- Parks Associates' newly released Smart Smoke and CO Detectors: Market Assessment 2024 reveals smart smoke/CO detectors generated $771 million in revenue in the US in 2023, with growth projected to reach $976 million in the US by 2027. The Market Assessment tracks consumer adoption and purchase trends, including product preferences, the buyer journey, and purchase channels. It includes forecasts for unit sales and revenues and special analysis on specific use cases, including senior care and insurance. "Like other smart home products, smart smoke/CO detectors experienced a new level of growth during the COVID-19 pandemic, when home renovations were on the rise and personal care and safety were top of mind," said Jennifer Kent, VP Research, Parks Associates. "While some of these drivers have subsided, moving and renovations remain prime factors to prompt these product purchases. Winning strategies will target consumers at these times, with messaging highlighting the benefits along with the ease of installation when improving your home or moving into a new one." Smart Smoke and CO Detectors: Market Assessment 2024 identifies key and emerging players in the market for smart smoke and CO (carbon monoxide) detectors. It ollows additional research Parks Associates completed on the insurance and smart home device market, Insurance Opportunities in the Smart Home. The consumer study of 8,000 internet households investigates consumer preferences for IoT devices that can impact insurance premiums or claims and evaluates the opportunity for IoT growth through the insurance channel. For smart smoke/CO detectors, security dealers are the main sales channel, followed by more traditional retail. Both of those channels will remain critical, with the likelihood of growth for online channels, while insurance partnerships are an important underutilized channel for device acquisition. Fire and gas leak detection is a top use case for insurance provided devices, indicating a key channel for growth. The Market Assessment further notes fire/smoke detectors are among the top three preferred devices for caregiving, as family members/caregivers can check remotely, or be notified, if a fire or gas leak is detected at their loved one's house. These consumers would be responsive to a product bundle including smart smoke/CO detectors and PERS (Personal Emergency Response System). "There is ample opportunity to grow across sales channels with offerings that show value by integrating into whole-home ecosystems and through partnerships and bundles that offer more at a competitive price," Kent said. To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at [email protected] or 972-490-1113. About Parks Associates The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets. https://www.parksassociates.com Follow Parks Associates on LinkedIn, Facebook, and Instagram. Mindi Sue Sternblitz-Rubenstein
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