According to the research report titled ‘Global smoke alarm market Size study with COVID Impact, By Power Source (Battery powered, Hardwired with battery backup, Hardwired without battery backup) By Product (Photoelectric smoke detector, Ionization smoke detector, Dual sensor smoke detector, Others) By End User Industry (Residential, Commercial, Oil, gas & mining, Transportation & logistics , Telecommunications Manufacturing, Other sectors) By Service (Engineering services, Installation & design services, Maintenance services, Managed services, Other services) and Regional Forecasts 2020-2027‘, available with Market Study Report, global smoke alarm market was valued at USD 1.6 billion in 2019 and is expected to grow with a CAGR of 9.2% during 2020-2027.
 

Favorable government initiatives along with surge in company expenditure towards fire precautions are the major factors expected to drive global smoke alarm market during the forecast period.
 

Smoke detectors in residential and non-residential buildings are deployed on ceilings or walls, as the smoke generated majorly travels upwards, as it is lighter than the indoor air. Detection of smoke by the equipment triggers an alarm to alert the occupants to life-threatening risks and damage of property due to fire hazards. Technological innovations in smoke detectors and networking are also likely to contribute to global smoke alarm industry growth.
 

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According to SRD, in the United States, 16 % respondents claimed spending USD 500 on connected smoke detectors in 2017. Additionally, development in Internet of Things technology is likely to create opportunities for global smoke detector market partakers during the forecast period. However, high replacement cost of traditional smoke detectors with smart smoke detectors may restrain market remuneration. 
 

Based on service type, global smoke alarm market is segmented into maintenance, installation & design, engineering, managed services, and others. With regards to end user scope, the industry is bifurcated into residential, oil & gas, mining, commercial, telecommunications, manufacturing, transportation & logistics, and others. As per product spectrum, the industry is segmented into dual sensor smoke detector, ionization smoke detector, photoelectric smoke detector, and others. Speaking of power source, the market is bifurcated into battery powered, hardwired without battery backup, and hardwired with battery backup.
 

Regionally, global smoke alarm market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America was the major revenue contributor in the recent past. Meanwhile, Asia Pacific smoke alarm market is anticipated to witness highest growth rate over 2020-2027, owing to surging population along with rise in real estate and infrastructure sectors in the region.
 

Major players operating in global smoke alarm market include Hochiki Corporation, Honeywell International Inc., United Technologies Corporation, Secom Co. Ltd., Ceasefire Industries Pvt. Ltd., Protec Fire Detection Plc, Robert Bosch GmbH, Nest Labs (Google Nest), Siemens AG, Schneider Electric Pvt. Ltd, and Johnson Control.