The global smoke detector market is expected to experience moderate growth in coming years due to the presence of multiple players in the market, according to the Transparency Market Research (TMR). The smoke detector market consists of system integrators and product manufactures. The players in the market are utilizing technological developments to provide better and advanced smoke detector systems for the users. These players are also getting into strategic alliances and collaborations to increase their dominance in the global smoke detector market. Some of the key players in the smoke detector market include Hochiki Corporation, United Technologies Corporation, NEC Corporation, Tyco, Siemens AG, Johnson Control, Robert Bosch, Nest labs, Schneider Electric, Johnson Control, and Honeywell International.
According to the TMR analysis, the global smoke detector market is expected to reach a valuation of US$ 2.1 bn during the forecast period 2017 to 2026. The market is projected to expand at a CAGR of 6.0% during this forecast period. As per the report, the demand is likely to remain higher in the residential segment during the forecast tenure than the industrial segment. Increasing concerns to ensure better safety and security from fire in homes has led this segment to lead the market. Geographically, Europe is leading the global smoke detector market, and is anticipated to reach a valuation of US$ 0.7 bn during the forecast period. Emerging economies in Asia Pacific Excluding Japan (APEJ) is also termed as a lucrative market for smoke detector systems.