Asia-pacific Smoke Detector Market 2023-2030
MARKET OUTLOOK
A study by Triton Market Research indicates the smoke detector market in the Asia-Pacific would progress with a CAGR of 9.56% in the forecast years between 2023 and 2030. South Korea, Japan, India, ASEAN countries, China, Australia & New Zealand, and Rest of Asia-Pacific are scrutinized in the market in this region.
New Zealand has strong laws in place pertaining to fire safety and smoke detection systems. The New Zealand Building Code mandates the installation of a smoke detector in every escape route as well as within 3 meters of every sleeping space door.
Also, the country’s main firefighting and emergency services body, recommends a smoke alarm to be put up in every living area, hallway, and bedroom, on every floor of houses. Such laws are fueling the growth of the smoke detector market.
Data from the National Crime Records Bureau (NCRB) suggests that nearly 35 people die in India every day as a result of fire accidents. This has necessitated the adoption of fire safety measures, and, in turn, enhanced the demand for smoke detectors.
Meanwhile, residential building construction is expected to witness a significant rebound and significant growth over the next decade, thanks to rising demand for housing, supportive policies by the Indian government, and the development of smart cities. These developments will further contribute to the enhanced adoption of smoke detectors, and, consequently, drive the market growth over the forthcoming years.
COMPETITIVE OUTLOOK
The notable companies in the smoke detector market are Google Nest (Google), Carrier Global Corporation, Ceasefire Industries Pvt Ltd, Schneider Electric, BRK Brands Inc (acquired by Resideo Technologies Inc), Secom Co Ltd, and Hochiki Corporation.
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