The global carbon monoxide alarm market was valued at USD 600 million in 2016 and is expected to reach around USD 804 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global carbon monoxide alarm market. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like First Alert, Kidde, and Universal Security Instruments.
According to Abhay Sinha, a lead analyst at Technavio, “The increasing number of accidents and the requirement of the safety of people is propelling the demand for carbon monoxide alarms on a global scale from both, commercial and residential end-users. The commercial and residential end-users comprise of consumers, commercial buildings, public premises, healthcare organizations, and educational institutions.”
Common sources of carbon monoxide include home appliances such as geysers, dryers, and refrigerators and areas that lack proper ventilation such as garages. Since carbon monoxide is odorless and colorless, the risk of causalities and accidents is high. As a result, the need for carbon monoxide alarms has been increasing from residential and commercial end-users.
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Increasing mandatory regulations for installing carbon monoxide alarms
Generators, cook tops, clothes dryers, and geysers are some of most common sources of carbon monoxide emission. The increasing incidence of CO-related accidents is spurring several countries and regions to implement regulations that mandate the use of carbon monoxide alarms. During 2015, the Smoke and Carbon Monoxide Alarm (England) Regulations 2015 states that it is a duty for private landlords to install a CO alarms in rooms with solid fuel appliances in England and Wales. Such regulations are anticipated to propel the demand for carbon monoxide alarms, leading to growth of the global carbon monoxide alarms market.
Emergence of smart carbon monoxide alarms
The increasing number of smart homes where all appliances and devices connected to the web and accessible through mobile applications is resulting in the development of smart carbon monoxide alarms that can be controlled through applications on a mobile device. Several vendors are now offering CO alarms connected using mobile apps that can alert the user by providing notifications for issues such as changing batteries. Furthermore, vendors are also offering carbon monoxide alarms that are connected through wireless interconnection with other domestic alarms and appliances.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Carbon Monoxide Alarm Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Car Rack Market 2017-2021
- Global Fall Protection Market 2017-2021
- Global Fire Hydrant Systems Market 2017-2021
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