Smoke Alarms Market Poised to Exceed $3.3 Billion by 2027

According to a new report recently released by Coherent Market Insights, the global smoke alarms market was valued at $1.83 billion in 2019, and is expected to surpass $3.32 billion by 2027, registering a CAGR of 8.5% during the forecast period (2020-2027). Following are some key trends and highlights identified in the report:

Wireless smoke alarms are expected to enjoy a 9.4% increase in demand in the forecast year.
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 them. Adoption of new technologies, such as advanced smoke detection sensors, IoT-enabled smoke alarms, cameras, and IR sensors, is expected to reduce the chances of false alarms and provide growth opportunities to market players.
A smart smoke alarm is the latest trend in the global market. A smart smoke alarm is an advanced version of smoke alarm that can detect smoke and alert user over smart devices, such as smartphones, laptops, tablets, and others, using cellular connectivity or Wi-Fi.
North America held a dominant position in the global smoke alarms market in 2019, and is expected to retain its dominance throughout the forecast period.
The photoelectric smoke alarm segment held a top position in 2019, and is expected to retain its dominance during the forecast period. Photoelectric smoke alarms consist of light-emitting diodes and light-sensitive sensors, which are located in a sensing chamber. These alarms aim a light source into a sensing chamber at an angle away from the sensor so that smoke enters the chamber, reflecting light onto the light sensor, which ultimately triggers the alarm. According to the report, photoelectric alarms respond 15 to 50 minutes faster to fires that begin with a long period of smoldering than ionization alarms.

For more details, such as major players in this market as well as additional forecasting information, download the full report.