Meticulous Research® Projects Smoke Detectors Market to Surpass $4.8 Billion by 2031

According to a recent publication by Meticulous Research®, the global smoke detectors market is anticipated to exceed $4.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031. This substantial growth is primarily driven by advancements in smoke detection technology and increased investments in smart building projects. However, the market faces challenges due to high installation costs.
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Market Drivers and Opportunities
The market's expansion is bolstered by stringent government fire safety regulations and heightened efforts to educate the public about fire safety programs. These factors are expected to open up significant growth opportunities for industry stakeholders. Nevertheless, the prevalence of false alarms remains a considerable challenge. Emerging trends such as the integration of the Internet of Things (IoT) in fire safety systems and the development of aspirating smoke detection systems are shaping the market landscape.
Market Segmentation
By Offering: The global smoke detectors market is segmented into hardware and software. In 2024, the hardware segment is projected to dominate, holding an 86.0% market share. This dominance is attributed to technological advancements in smoke detection, increasing adoption of battery-powered detectors, and the focus on developing smart features. For example, in June 2023, Kidde (U.S.), part of Carrier Global Corporation, launched three new HomeSafe-enabled devices that provide instant notifications for smoke, carbon monoxide (CO), and indoor air quality (IAQ) issues.
The services segment, however, is expected to witness the highest CAGR during the forecast period, driven by the essential need for regular maintenance to ensure proper functionality of smoke detectors, which can be compromised by dust, dirt, tampering, or improper installation.
By Power Source: The market is categoriz