The global laser smoke detector market 2020 was estimated at USD 0.67 billion in 2017 and is poised to reach USD 1.04 billion by the year 2023, according to the report found by Market Research Future. The report also states that the market is set to grow at a rate of 8.2% during the forecast period (2018–2023).
Top Influencing Factors
The increasing adoption of smart homes and connected devices has augmented the demand for smoke detectors in residential and industrial properties. This is owing to the rising concerns towards fire safety regulations that are being adopted in enterprises and homes. The laser smoke detectors generally encompass a control unit, a sensor, a system for interaction, and an alarm system to alert the end-user. A combination of these components is used catering the information, analyze it, and consequently manage the property in case of hazards. Communication is an imperative aspect in terms of alerting the user. The connectivity of smoke detectors and end-user applications is through Wi-Fi, Bluetooth, or Zigbee wireless standards.
The foremost factor causative towards the development of the laser smoke detector market is its accuracy and ability of lower power consumption. With these factors, also the mounting approval of IoT and connected devices in homes and industries is serving the adoption of laser smoke detectors. The market is thus likely to witness various opportunities in inclination towards smart buildings.
In fact, the shifting dynamics of customers with technology is supporting the growth and making it decisive for businesses in this space to keep abreast of the changing pulse of the market. Such a shift has caused the market to gain more and more valuation in the forecast period. Despite these fruitful factors, some factors such as the high cost of installation and maintenance of these smoke detectors could hamper the market growth during the forecast period.
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Segmentation of Market: Laser Smoke Detector
The global laser smoke detector market, as per the study, has been segmented among various segments of connectivity, service, power source, and end-user.
Depending on the connectivity segment, the global laser smoke detector has included Bluetooth, Wi-Fi, Zigbee, and others.
Depending on the service segment, the global laser smoke detector has included installation service and maintenance & replacement service and testing & inspection service.
Depending on the power source segment, the global Laser smoke detector has included hard-wired and battery-powered.
Depending on the end-user segment, the global laser smoke detector has included industrial, residential, and commercial.
North America, Europe, Asia-Pacific, and the rest of the world are the key regions under which the study of the market has been conducted.
Among the regions mentioned above, North America is might lead the laser smoke detector market. This leadership is owing to the early adoption and safety measures towards fire hazards, especially in the US. The residents in the US are extremely adopting laser smoke detectors, as these can be controlled by any smart device. The US is working over producing a highly developed infrastructure, and with the rapid surge in smart home technology, the sales of laser smoke detectors are also increasing.
Within Europe, the market growth continues to remain an imperative element in the world economy, as Germany will add over US$38.7 Million to the region’s size and will expand more in the next 5 to 6 years. Over US$33 Million worth of proposed demand in the region will come from the Rest of Europe markets.
As the world’s second-largest economy and the new-fangled game-changer in global markets, China exhibits the potential to develop at 13.2% over the next couple of years and add roughly US$325. Also, 2 Million in terms of addressable opportunity for the picking by aspiring businesses and their incisive leaders.
Top Market Players
The top market players in the laser smoke detector market are listed as Samsung Electronics Co. Ltd (South Korea), Huawei Technologies Co. Ltd (China), Roost Inc. (US), Honeywell International Inc. (US), BRK Brands Inc. (US), United Technologies Corporation (US), AMP Security (US), Leeo Inc. (US), Birdi (US), System Sensor (US) and Ornicom (Belgium).
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