The global smoke alarms market was valued at $1.8 million in 2019 and is expected to surpass $3.3 million by 2027, with a CAGR of 8.5 percent during the forecast period (2020-2027), according to a report published by Coherent Market Insights.
The wireless smoke alarms is expected to have increase in demand by almost 9.4 percent in the forecast year. Wireless interconnected smoke alarms detect and trigger alarms in all units in a connection by using radio frequency signals instead of cables. A false alarm is a major concern in the global smoke alarm market. Therefore, key players in the market are focusing on various technologies in order to prevent false alarms. Adoption of new technologies such as advanced smoke detection sensors, IoT-enabled smoke alarms, cameras and IR sensors to provide accurate results is expected to reduce the chances of false alarm and provide lucrative growth opportunities to the market players.
Furthermore, a combination of machine learning and IoT-enabled smart smoke alarm devices can reduce the chances of false alarm drastically. IoT enables devices to provide real-time data and this data can be surrounding temperature and real-time captured thermal images. The data can be further analyzed to provide accurate results. Continuous adoption of complex data based on the variable parameters can increase the performance of the machine and reduce the chances of failure in the long run. Furthermore, this analyzed data also help in the preventive maintenance of the equipment. Few key players in the market are offering advanced smoke alarms.
The COVID-19 pandemic adversely affected various businesses across the globe including consumer electronics, manufacturing and transportation. According to Worldwide Market Report’ analysis, the impact of coronavirus (COVID-19) pandemic on the global smoke alarms market is moderate. Governments in various countries across the globe such as India, Spain and Italy had imposed nationwide lockdown to prevent the spread of COVID-19 virus. For instance, India had imposed lockdown from March 25-May 1 until further notice. Lockdown resulted in the shortage of workers at ports. Due to a shortage of workers, the ports are struggling to move the cargoes, which affected the supply chain for smoke alarms. Moreover, there is also shortage of transportation such as trucks and trains, which negatively affected the global smoke alarms market.
Furthermore, in order to reduce the spread of COVID 19, many companies in the market remained operational with limited employees working on the shop floor and remaining people working from home, which lowered the production capacity of factories. For instance, in April 2020, Robert Bosch GmbH, a Germany-based engineering and technology solution providing company, temporary shutdown the company’s 100 production facilities across the globe in order to reduce the COVID-19 spread, which resulted in to drop in production drastically. Moreover, many key players in the market are also facing challenges in the regular routine check-up for smoke alarms.
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