The Carbon monoxide detectors market is expected to grow at a compound annual growth rate (CAGR) of 4.21% to attain a market size of US$673.626 million by the end of the analysis period, 2026. The market was valued at US$504.856 million in 2019. A carbon monoxide detector is a device employed to detect the presence and amount of carbon monoxide emissions. The rising cases of carbon monoxide poisoning is increasing the demand for carbon monoxide detectors. Carbon monoxide poisoning and leakages are rising in the industrial areas causing severe fatal incidents. The fatal incidents caused due to carbon monoxide emissions and poisoning is giving potential for the growth of carbon monoxide detectors. The need of safety measures in industries against carbon monoxide poisoning and hazards caused by carbon monoxide poisoning is rising the demand for carbon monoxide detectors. Carbon monoxide detectors can detect and analyze the amount of carbon monoxide emission in industries. The support and policies of the government regarding the safety of workers and industries from carbon monoxide emissions is also boosting the market growth of carbon monoxide detectors.
Carbon monoxide is considered as one of the chemicals that can cause severe effects on the human body. The more exposure to carbon monoxide can even cause death and severe fatality in humans and as well as other living beings. Carbon monoxide is a chemical compound that can be easily bonded with hemoglobin in the blood and leading to mortality. The rising emission of carbon monoxide is one of the major problems faced by the developing world. The need of carbon monoxide detectors in industries is rising the market growth of carbon monoxide detectors in the forecasted years.
Increasing Cases of Carbon Monoxide Poisoning
The rising cases of carbon monoxide poisoning is pushing the market of carbon monoxide detectors in the global market. The data collected by one of the world’s finest emergency services agencies like UK FRS (Fire and Rescue Service) states that an increase number of 799 cases of carbon monoxide leakages are reported in UK in between 2014 to 2019. The increased occurrence of carbon monoxide leakages cases in industrial areas is also giving more potential for the market growth of carbon monoxide detectors. According to the reports of US Department of Health and Medical services (USDHMS) an approximate of about 430 death cases due to carbon monoxide poisoning is reported in the United States every year. The rising number of mortality and death cases in industrial areas and countries are owing to the need of carbon monoxide detectors and causing the growth of carbon monoxide detectors market.
China is reported as one of the countries with largest industrial outputs. The large number of industrial outputs in China also scopes for the need for more security and protection regarding industrial emissions and poison leakages. A case of carbon monoxide leakage in the coal mines of China in 2020 resulted in the death of 23 coal mine workers. As a country with largest industrial outputs, Chinees government is also taking actions and policies in order to reduce the risk of carbon monoxide leakages and industrial leakages. The market of carbon monoxide detectors is also hiking due to the security and safety offered by carbon monoxide detectors in industrial areas.
Support Offered by the Government on Carbon Monoxide Detectors Market
As the growth of the industrial sector is referred to be the growth and development of the country. The industrial growth and development are also demanding the need for more industrial safety and security to the workers. The repeated cases of toxic gas emissions like carbon monoxide leakages are pushing the government to invest more in securing the work atmosphere of industries and production plants. The support offered by international organizations and governments in implementing carbon monoxide detectors in industrial sites are pushing the market growth for carbon monoxide detectors market. The public health report published by PMC of United States accounts for the need of industrial safety from carbon monoxide emissions and leakages. The law for the need of a proper emission detection system in houses and small-scale industries are implemented in U.S on 2020.
Canada as one of the leading and developing industrial country also accounts and passes bill in assuring safety and protection for industrial workers from poison gases and carbon emissions. After 2009 Canadian government also made carbon detectors and poison safety measures a must in buildings. The security and rescue services of Canada also made smoke alarms and poison gas detectors a must in houses and buildings to ensure more safety to the workers. The policies and mandatory laws introduced by countries are boosting the market growth of carbon monoxide detectors in the global market. The countries with more industrial actions and industrial processes are rising the demand of carbon monoxide detectors. As safety measures and systems are becoming mandatory according to the policies of WSO (World Safety Organization) the market of carbon monoxide detectors is expected to tremendously increase in the forecasted years.
Geographically, the global carbon monoxide detectors market is segmented into North and South America, European Region, the Middle East and Africa, and the Asia Pacific region. The North America region is holding a lion share of the global carbon monoxide detectors market. The increased industrialization rate of North American countries is accounting for the market growth of carbon monoxide detectors in global market. The presence of countries with high industrial activities like China, India and Japan are also pushing to the regional market growth carbon monoxide detectors in the Asia Pacific region.
The covid pandemic had adversely affected the market growth of carbon monoxide detectors. The shut down of industries and production plants had affected the market growth of carbon monoxide detectors. The shut down of industries and shortage of laborers in manufacturing units, where carbon monoxide detectors are manufactured also resulted in the downfall of the global carbon monoxide detectors market. The severe hit to the supply chain sector of carbon monoxide detectors industries also resulted in the downfall of the global carbon monoxide detectors market. The restarting of industries and production plants after the COVID pandemic is expected to make developments in the carbon monoxide detectors market in the forecasted years.