NEW YORK, July 26, 2022 /PRNewswire/ — The smoke detectors market is set to grow by USD 461.19 million from 2020 to 2025 as per the latest market report by Technavio. The report projects the market to progress at a CAGR of 4.71%. 30% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for smoke detectors in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The presence of strict regulatory mandates and increased awareness toward fire safety compliance across end-user industries will facilitate the smoke detectors market growth in APAC over the forecast period.
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The market research report segments the smoke detectors market by End-user (commercial and public, residential, and industrial), Type (photoelectric, dual-sensor, ionization, and others), and Geography (North America, EuropeAPAC, South Americaand MEA).
- Revenue Generating Segment – The smoke detectors market share growth in the commercial and public segments is significant for revenue generation. The commercial and public segment includes commercial facilities such as office buildings, malls, multiplexes, data centers, art galleries, warehouses, hotels, motels, and supermarkets, and public facilities such as railway stations, museums, metro stations , hospitals, government buildings, and airports. The commercial and public segment is expected to grow at a steady pace during the forecast period owing to increasing growth in commercial and public space constructions, as well as the regulations mandating and underlying the installation of smoke detectors .
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The increase in residential construction will fuel the growth of the smoke detectors market size. Residential building owners are the key end-users of smoke detectors. Over the last few years, there has been a growing emphasis on safety measures, primarily due to accidents and related casualties in residential buildings . As a result, new guidelines related to residential safety such as the NFPA 74 and the EN 54-7:2018 have been adopted, primarily in western countries such as the US and the UK. Governments in other countries have also started adopting residential safety standards. The implementation of sufficient safety …