Battery Operated Smoke Detectors Market is Expected to Expand at a CAGR of 6.3% By 2026 - Persistence Market Research

Battery Operated Smoke Detectors Market is Expected to Expand at a CAGR of 6.3% By 2026 - Persistence Market Research

PR Newswire

NEW YORK, October 17, 2018

NEW YORK, October 17, 2018 /PRNewswire/ --

North America to Hold Major Battery Operated Smoke Detectors Market Share in 2018 and Sustain the Same throughout the Forecast Period, Says Persistence Market Research

Persistence Market Research's new market research report on "Battery Operated Smoke Detectors Market: Global Industry Analysis 2013 - 2017 and Forecast 2018 - 2026" examines the Battery Operated Smoke Detector Market and offers critical insights for the next eight years. Based on the findings specified in the report, the market is expected to witness rising demand for smoke detectors from commercial and residential end-use sectors over the coming years. Escalating demand for smoke detectors in developing regions is projected to drive the global Battery Operated Smoke Detector Market.

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The estimated value of the Battery Operated Smoke Detector Market in 2018 is US$ 934.2 Mn and the market is expected to expand at a CAGR of 6.3% and reach US$ 1,527.6 Mn by the end of 2026. In addition, the Battery Operated Smoke Detector Market is projected to create incremental $ opportunity worth US$ 593.9 Mn during the forecast period.  

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Battery Operated Smoke Detector Market Dynamics    

Growing industrialization in emerging countries, such as China, India, Brazil and South Africa, is expected to fuel the demand for battery operated smoke detectors globally during the forecast period. Government support and increased outsourcing of manufacturing from developed nations has propelled industrialization in emerging economies. The workforce in industrial workplaces must be protected and thus, adoption of battery operated smoke detectors in various industries is growing rapidly as battery operated smoke detectors not only significantly reduce injuries and fatalities in case of fire hazards, but also increase productivity output. Moreover, increasing construction activities in developing regions, specifically in SEA and Pacific, are estimated to fuel demand for battery operated smoke detectors over the forecast period.

On the flip side, owing to the growth in maintenance as well as initial costs, a substitution effect has been witnessed. This effect influences end users to install battery operated smoke detectors in limited parts of the space. This particular factor is expected to slow down the growth of the battery operated smoke detector market over the forecast period. 

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Battery Operated Smoke Detector Market Forecast 

By region, North America is projected to dominate the global Battery Operated Smoke Detector Market over the forecast period. North America, followed by Europe, is estimated to remain the most opportunistic region in the Battery Operated Smoke Detector Market. In terms of value, North America is projected to create incremental $ opportunity worth US$ 184.0 Mn in the global Battery Operated Smoke Detector Market during the forecast period.

By product type, the photoelectric type battery smoke detector segment is projected to dominate with a value of US$ 574.8 Mn in 2018. However, the ionization segment is projected to account for ~ 16.7% share in the global Battery Operated Smoke Detector Market during the forecast period. In terms of growth, ionization battery operated smoke detector segment is projected to grow with modest growth rate during the latter half of the forecast period.

By operation segment, the only battery operated segment is projected to dominate the global Battery Operated Smoke Detector Market. In terms of volume, the demand for battery operated segment is projected to be pegged at 24,879 '000 units by the end of 2026. In terms of value, the semi-wired segment is projected to create incremental $ opportunity worth US$ 266.7 Mn in the global Battery Operated Smoke Detector Market over the forecast period. Under operation segment, the battery operated sub-segment is expected to grow with remarkable growth rate in the global Battery Operated Smoke Detector Market due to increasing demand for wireless smoke detectors.

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By end use, the commercial segment is projected to dominate the global Battery Operated Smoke Detector Market with year-over-year growth of 6.2% in 2018. However, residential segment is projected to account for more than 35% share in the global Battery Operated Smoke Detector Market. However, the potential for battery operated smoke detectors in residential market is expected to remain relatively high as compared to others, primarily due to high installment rate of battery operated smoke detectors in homes and residential buildings. The Industrial segment is also expected to grow with moderate CAGR in the battery operated smoke detector market due to growing preference for safety in industrial areas. The government end use segment is expected to deliver sluggish growth in battery operated smoke detector market.

Battery Operated Smoke Detector Market: Competitive Landscape 

Some of the key players involved in the manufacturing of Battery operated smoke detectors and included in this study are Johnson Control, United Technology Corporation, GENTEX Corporation, Honeywell International Inc., Hochiki Corporation, Bosch Security and Safety Systems, Siemens AG, Schneider Electronics, BRK electronics amongst other.

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