Wilmington, Delaware , Oct. 08, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Carbon Monoxide Alarms Market by Type (Fixed Carbon Monoxide Alarms and Portable Carbon Monoxide Alarms), and Application (Residential, Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2032“. According to the report, the carbon monoxide alarms market was valued at $390.8 million in 2023, and is estimated to reach $879.7 million by 2032, growing at a CAGR of 9.5% from 2024 to 2032.
Prime determinants of growth
Technological innovations, such as smart CO alarms with features like remote monitoring and connectivity, appeal to tech-savvy users. Additionally, the rise of smart homes and urbanization fuels market growth. Increased CO poisoning incidents and the need for enhanced safety measures further boost the development and adoption of CO alarm systems.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $390.8 million |
| Market Size in 2032 | $879.7 billion |
| CAGR | 9.5% |
| No. of Pages in Report | 220 |
| Segments Covered | Type, Application, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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The portable CO alarms segment is expected to exhibit fastest growth throughout the forecast period
By Type, the portable CO alarms segment is anticipated to experience faster growth in the carbon monoxide alarms machines market. This is due to the increasing consumer demand for flexible and mobile safety solutions that can be used in various settings, including temporary accommodations, travel, and outdoor activities. The convenience and versatility of portable CO alarms make them an attractive option for a growing number of users.
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The residential sector segment is expected to exhibit fastest growth throughout the forecast period
By application, the residential sector segment is anticipated to experience faster growth in the carbon monoxide alarms market, due to increasing awareness of carbon monoxide poisoning risks, stricter safety regulations, and rising adoption of smart home technologies. Enhanced public safety campaigns and government incentives for installing CO alarms further drive demand. Additionally, the growing trend of integrating CO alarms with home automation systems boosts market growth in the residential segment.
Asia-Pacific is expected to grow faster throughout the forecast period
North America accounted for the highest market share in 2023, However Aisa-Pacific is expected to grow with a highest CAGR during the forecast period due to rapid urbanization, increasing construction activities, and rising awareness of carbon monoxide poisoning. Government initiatives to improve safety standards and the adoption of smart home technologies contribute to market expansion. Additionally, economic growth and increasing disposable incomes in countries like China and India drive the demand for carbon monoxide alarms, further propelling market growth in the region.
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Players: -
- Universal Security Instruments
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