Carbon Monoxide Detector Market - Forecasts from 2021 to 2026

The carbon monoxide detectors market is evaluated at US$504.856 million for the year 2019 and is projected to grow at a CAGR of 4.21% to reach the market size of US$673.626 million by the year 2026.

Carbon monoxide detectors refer to devices used to detect the presence of carbon monoxide in an indoor setting and hence helps protect from carbon monoxide poisoning. There is increased awareness regarding the hazards related to carbon monoxide poisoning which has surged the demand for carbon monoxide detectors and is anticipated to propel the growth of the carbon monoxide detectors market during the forecast period. Also, the incidences of carbon monoxide poisoning have been on the rise around the world which is expected to increase the usage of carbon monoxide detectors. Furthermore, governments of various countries and states around the world have been increasingly passing regulations to make the installation of carbon monoxide detectors mandatory which is another factor that is anticipated to bolster the growth of the carbon monoxide market during the forecast period.

The recent outbreak of the novel coronavirus disease harmed the carbon monoxide detectors market. Due to the lockdown and trade restrictions implemented in various parts of the world, the supply chain of the carbon monoxide detectors market was hit which led to a decline in the carbon monoxide market in the year 2020. The factories were shut down due to strict Covid-19 measures and even where the factories were open, there was a shortage of laborers, which hit the carbon monoxide detectors market negatively. But the market is expected to recover and come to its normal pace from the year 2022 onwards.

Rise in carbon monoxide poisoning cases in some areas and increased awareness.

One of the key factors supplementing the carbon monoxide detectors market growth is the increase in the number of cases of poisoning related to carbon monoxide reported in many areas. The campaign group Project SHOUT in the United Kingdom has reported an increase in the cases of carbon monoxide poisoning in recent years. A report by the campaign group stated that carbon monoxide poisoning incidences have risen by a third over the last five years. The UK Fire and Rescue Service (FRS), which is one of the first emergency services that comes to action in the UK when there’s a case of carbon monoxide leak, showed in its data that the cases of carbon monoxide poisoning have increased continuously from 2450 cases in 2014 to 3249 in 2019. This increase in the cases has increased the importance of carbon monoxide detectors which is anticipated to bolster the demand for carbon monoxide detectors during the forecast period. According to CDC, United States reports more than 430 cases of deaths related to carbon monoxide poisoning every year. Also, owing to accidental carbon monoxide poisoning, more than 50 thousand people have to visit the emergency department every year in the country. According to the article “Worldwide epidemiology of carbon monoxide poisoning” published in the National Library of Medicine, NIH, the carbon monoxide poisoning cases are estimated at 137 cases per million whereas the deaths are estimated to be 4.6 per million. Although the percentage of patients that have died have declined since last 25 years due to better treatment and improved medical facilities, the increased awareness regarding carbon monoxide poisoning has led to a rise in the adoption of carbon monoxide detectors and is anticipated to surge the growth of carbon monoxide detectors market during the forecast period.

Government regulations for installing carbon monoxide detectors.

Due to a large number of incidences of carbon monoxide poisoning cases, governments of various countries and states around the world have mandated the installation of carbon monoxide detectors, which is anticipated to be one of the prominent factors bolstering the growth of carbon monoxide detectors during the forecast period. In December 2020, Congress passed a bill in the United States which makes it necessary to install carbon monoxide detectors in federally subsidized housing. The National Fire Code of Canada has made it legally mandatory to install working smoke alarms on every level of the home and outside all sleeping areas in Yukon in Canada. The National Building Code of Canada makes it necessary for the buildings built after 2009 to install carbon monoxide detectors, but recently in January 2021, the Mayor of Regna city stated that it is looking forward to making it mandatory to install carbon monoxide detectors in the city. In UK, Smoke and Carbon Monoxide Alarm (England) Regulations 2015 was passed which made it necessary for the landlords in the private sector to install a carbon monoxide alarm in any room containing a solid fuel-burning appliance with effect from 1 October 2015. There are many such mandates for the installation of carbon monoxide detectors in various countries and governments of other countries are now looking forward to mandating the installation, owing to the rising awareness of the hazards of carbon monoxide, which is anticipated to surge the growth of carbon monoxide detectors in the coming years.

North America to hold a significant market share.

Geographically, the North American region is anticipated to hold a significant market share owing to the government regulations for installing carbon monoxide detectors in the region. Furthermore, the Asia Pacific region is anticipated to witness substantial growth due to the rise in industrialization which has increased the demand for carbon monoxide detectors in the region.

Competitive Insights

Prominent/major key market players in the carbon monoxide detectors market include ABB Ltd, Nest Labs, BRK Brands Inc., among others. The players in the carbon monoxide detectors market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the carbon monoxide detectors market.

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