The global smart smoke detector market is expected to reach more than $2 billion by 2024, growing at a compound annual growth rate (CAGR) of over 12% during 2018–2024, according to a ReportBuyer (www.reportbuyer.com) report.
The research group says the surge in demand for photoelectric and hardwired with battery detectors will drive the global market during the forecast period. The increasing need for fire safety devices is influencing the adoption of smart smoke detecting systems in the commercial sector. Constant product enhancements and the launch of new features are the keys to achieve high sales growth in the global market, according to ReportBuyer.
The research group adds that application of IoT in smoke detecting devices is opening new avenues for market vendors. APAC, Latin America, and MEA are expected to be the fastest growing markets during the forecast period. Strong initiatives by global regulatory bodies, increased the need for proactive defense systems, and the growth of home automation will positively affect the market during the forecast period.