ID: MRFR/ICT/5822-HCR | February 2021 | Region: Global | 100 pages
The global laser smoke detector market is growing at a CAGR of 8.2% for the forecast period of 2020 to 2027. Multiple factors in the market influence the growth and status of laser smoke detectors. Rapid urbanization and industrialization in emerging economic markets are prompting the primary growth of smoke detectors. Commercial complexes, buildings, healthcare infrastructure, educational institutions, etc, are the prime end-users of the market. Developing countries are the fastest-growing market for laser smoke detectors due to the fast urban development in those countries.
The laser smoke detector is an advanced version of the existing smoke detection technology that detects minute elements of combustion. The fire-resisting and detecting capacities of the device make it necessary in both commercial infrastructure and household space both. Advanced laser smoke detectors are capable of sensing heat, steam, carbon monoxide, carbon dioxide, hydrocarbons, etc, and several kinds of passive smoke also. The laser smoke detector market size is expanding in several new industries with time.
Since the COVID-19 pandemic occurred, the world scenario has been changed a lot. On various occasions, the markets have adopted new trends due to unavoidable circumstances. The infectious disease not only affected the global healthcare infrastructure brutally, but it has given a severe hit to the world economy as well. To maintain the physical distancing measures, several countries in the world have imposed complete lockdowns for months to deal with the dire situation. This lockdown situation implies the closing down of manufacturing activity, distribution, cross-border transportation, travel, and many more. Businesses entities faced severe losses during the period.
Similarly, the laser smoke detector market has faced the effects of the changing scenario as well. Since manufacturing and distribution channels were interrupted badly, it affected the global market growth. Also, closing down of physical offices, commercial complexes, and buildings has decreased the market demand for these devices too. Although security concerns in the healthcare infrastructure have increased during this period. The effect of the pandemic is layered in the case of laser smoke detectors. The global market is going to recover fast after the business entities reopened. The market is expected to recover fast from the setback of a pandemic.
Several different factors aid the market to grow further. The holistic safety concern from fire and combustion-related hazards in commercial business places and households is the primary driver of the market. According to the National Crime Records Bureau (NCRB), the there are 11,037 fire accidents in India got reported in 2019. The San Francisco administration shared a statistic that every year more than 4000 people die due to fire-related hazards in households and over 2000 people get injured. Almost 80% of all fire accidents take place in households due to the lack of advanced fire extinguishing facilities.
Based on these risk and deadly factors, public awareness against fire is growing with the help of Government campaigns also. Several safety regulations and protocols are increasing the demand for fire safety equipment. That is a prime factor behind the laser smoke detector market growth. Fast industrialization projects are going on in several developing countries and emerging markets. A huge number of modern buildings and safety protocols from the authorities are promoting the usage of smoke detectors. Advanced features in these laser smoke detectors are efficient and provide intense security against fire hazards.
The latest innovations in smart technologies are creating new avenues for several household or commercial building appliances. Advancements in the internet of things (IoT) have fuelled the growth of smart buildings in several parts of the world. Connected devices will be able to send an alert on smartphones in times of a fire hazard. These advanced features are going to benefit the laser smoke detector business greatly in upcoming years. Innovation in D2D communication and smart security facilities is going to increase the demand for machine-oriented monitoring and maintenance more than ever in the future.
The growth of business requirements in commercial workplaces will motivate the market to move towards smart security systems more in the future. The latest improvements in laser smoke detectors are going to increase the sensitivity of the devices more. This will lead to better protection against very little presence of inflammatory or smoking particles in the indoor atmosphere. Advanced algorithms are going to increase the accuracy of the devices. These improvement measures are positive initiatives for the laser smoke detector market profit. The internet connectivity in smart devices will increase the security and efficiency of this monitoring setup. The emergence of technologies is beneficial for emerging markets.
Every business venture is riddled with obstacles. In the case of laser smoke detectors, several factors restrict the growth of the market. For starters, advanced smoke detectors are pricier than older ones. To install the newer facility, one has to repeal the former settings completely. This renovation factor is costly for small and medium enterprises (SMEs). A huge number of these SMEs in the developing world markets are restricting the laser smoke detector business.
Also, the global market faces slower growth owing to the lack of knowledge and awareness about the latest devices. Lack of knowledge about the facility and services is damaging the growth opportunities of the product. There is a prominent lack of skilled and trained personnel in the market also. The installation and maintenance faculties of the product are essential for the market to grow. The laser smoke detector market trends show that the lack of active participants in the field of product management is making the market grow at a slower pace.
The advancement of technology opens loopholes as well. Although the latest algorithms are trying to improve the accuracy of the detection of the devices, false alarms are not ruled out possibilities yet. Several companies face costly damages due to false alarms create chaos and panic in the workplace. Without complete control over the environment and entrance of foreign elements in the workplace, false alarms are a persistent possibility. Also, the presence of many counterfeit products is a damaging factor before the laser smoke detector market. These counterfeits are cheaper and occupy a large section of the market in developing countries.
Lack of knowledge about industry-standard products will create complications for the global market. Also, the adaptation of the latest technology and infrastructure is a costly endeavor that raises the question of affordability to the market. To make use of the latest facilities, the end-users have to be more aware of the usage and performance of the said product.
The numbers are optimistic about the market as of now. In 2017, the market recorded a net valuation of USD 0.67 billion. According to the laser smoke detector market analysis, the demand for the product has been steady and increasing over the last couple of years. The market is rising at a CAGR of 8.2% for the forecast period of 2020 to 2027. The latest projections suggest that the market will reach USD 1.04 billion by the end of the forecast period.
Distribution channels are extremely vital for the laser smoke detector market. These products reach the end-users through various retail and consumer market outlets, branded showrooms, online eCommerce stores, etc. The distribution channels heavily rely on the nature of end-user markets.
Based on the power source, connectivity, service, end-user, region, etc, there are different laser smoke detector market segments.
Segments based on connectivity
Segments based on service
Segments based on power sources
Segments based on end-user
Segments based on region
Amongst the vast spread global market, the North American region and countries like the US, Canada, Mexico, etc, have the largest market share. Fast adaptation of the safety procedures in these countries is a primary factor for the market growth in the region. Technological advancements in the region are another crucial factor for market growth.
The top names of the laser smoke detector market players are –
Siemens AG launched smart wall-mounted and ceiling alarm detector devices in 2019. These devices allow close integration of voice alarms along with protection against fire. The devices are European standard approved for acoustic and optical laser capabilities.
This laser smoke detector market research report contains insights on the market growth, trends, opportunities, challenges, forecasts, segments, etc. These insights are going to help to create better and comprehensive strategies for the market.
Frequently Asked Questions (FAQ) :
The valuation of the market was calculated as USD 0.67 billion in 2017.
North America is expected to expand at the highest CAGR in the future.
Netatmo (France), Elgato (Germany), Universal Security Instruments Inc. (US) are the key players investing in the market.
North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America) are the regional segments in the study of the market.
The major factor contributing towards the growth of laser smoke detector market is its accuracy, and lower power consumption ability.