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2 Market Size and Forecast6.

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1 Smart Smoke Detectors Introduction 1.

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With changing technological trends, vendors are facing the challenge of selecting an apt sensor for their next generation smart detectors. Hence, the high efficiency of photoelectric sensors makes an optimal choice. Thus, vendors are continuously offering smart and advanced products. The smart smoke detector market by end user is classified into commercial, industrial, residential, educational institutions, and government. The commercial sector dominated the global market and is likely to grow at a CAGR of over 12% by 2024. The sector is the highest adopter of smoke detecting devices due to the stringent compliance of fire safety norms laid down by regulatory bodies. The use of smoke detecting devices in industrial sectors such as oil and gas, manufacturing, plants, and powerhouses will further boost the growth of these devices in the industrial sector. The residential end user segment is likely to witness rapid and considerable growth in CAGRs during the forecast period due to the rise in home automation and the implementation of stringent fire safety regulations. The global smart smoke detector market by power sources is divided into hardwired, battery powered, and hardwired with battery. In terms of revenue, the hardwired segment is likely to dominate the global market during the forecast period. The implementation of stringent safety regulations is a primary driver for hardwired devices.

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