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.
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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.
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.
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