The global demand for and , is projected to rise at an increasing 7% every year, through 2016. Although the percentage number may look small, it means a whopping $117 billion increase in security equipment sales. In a market study report recently released by The Freedonia Group, the predicted rise is set to span growth internationally rather than just in one regional location.
Analyzing an industry that is currently over $83.1 billion in net worth, the world security industry is certainly on the growth. The forecasted growth spans many home security systems and products, including like home alarms, video surveillance, and access control, as well as large-scale, corporate use security products for government and industrial. The Freedonia Group studied statistics in over 18 countries and included market factors like the market environments, details of today’s forecasted industry structure, different company market shares, and more. The study source also profiled no less than 40 market leaders including Tyco International and United Technologies.
“Demand will be driven by the ongoing improvements in design that give electronic systems greater functionality, while also making them increasingly user-friendly and cost-effective,” the report stated. “Not only will these improvements help boost market penetration, they will also spur a strong replacement and upgrade market.”
It seems like more and more homeowners are cracking down on finding the . Locating the best home security systems isn’t as hard as it used to be, with the progression of alarm systems that can be easily tailored for , and the wide array of products to choose from in any pricing range and with all kinds of features to pick.
Interestingly, in the study done by the market researcher, the market locations where the security equipment rise will be South Africa, China, Turkey and India. Each of these top locations is predicted to grow more than 9% annually throughout 2016 in their specific areas alone. A rapid successive growth in a gross amount of domestic product is suggested to be the main reason for the gains in these locations. Two other factors to consider would be urban population, and construction activity amounts. In North America, the demand will be expected to rise at 6.5%, supported by a predicted economic rebound in the US. Interestingly, security equipment in Mexico has a higher than usual demand rate.
Some analysts involved in the Freedonia report have said that although crime rates are lower in many areas of the country, the media hasn’t predicted crime as falling, and this can have an impact to encourage the purchase of and security equipment overall. Also, in many security product markets, the most competitive products are predicted to have many features that include alarm capabilities.
Tim Eveler
Author & Public Relations – Tim has been working in sales for the home security system industry over twelve years. He’s held positions at large home security companies and in charge of working with the team to create our security system reviews.