Europe Smoke Detector Market 2023-2030

Europe Smoke Detector Market 2023-2030

MARKET OUTLOOK

Triton Market Research’s report on the European smoke detector market estimates that it would develop with an 8.63% CAGR in the forecast years between 2023 and 2030. France, Germany, Spain, Italy, the United Kingdom, and Rest of Europe are analyzed in the market in this region.

Poland’s construction sector is witnessing growth, owing to the boom in its industrial and residential segments. The rise in inflation is a key driver of the country’s residential sector’s growth, as people are seen increasingly investing their money in purchasing property. Thus, the surge in residential construction activities is anticipated to bolster the demand for installing smoke alarms, backed by the rise in fire incidents and increased public awareness. This, in turn, is expected to drive the market growth in Rest of Europe.

Every year, more than 200 deaths are caused in the United Kingdom due to fire incidents. 275 fire-related fatalities were reported from June 2021 to 2022, according to government data. Also, 37,000 residential fires are reported in the nation annually, the majority of which arise from electrical equipment misuse, especially cooking appliances.

The alarming rise in the cases of fire accidents has emphasized the need for installing smoke detectors. Additionally, the Smoke and Carbon Monoxide Alarm (Amendment) Regulations 2022, which mandate the installation of smoke alarms in homes, were implemented in the UK in October 2022. Such regulations and rising home safety demands have accelerated the smoke detector market’s growth in the country.

COMPETITIVE OUTLOOK

The noteworthy players in the smoke detector market include Protec Fire and Security Group Ltd, Hochiki Corporation, Google Nest (Google), Ceasefire Industries Pvt Ltd, Secom Co Ltd, and Siemens AG.