The latest study of Market Research Future (MRFR) reveals that the global burglar alarm market is set to touch a valuation of approximately USD 4.90 billion by 2023. Emergence of smart homes and its effective alarm systems is likely to be the major driving force of the market. Attractive insurance policy discounts are an added incentive which can drive the adoption rate of burglar alarms.
Collaboration between governments and real estate firms to design superior security systems to safeguard the homes of residents is expected to be a big plus for the market. Furthermore, the ability of the latest burglar alarm systems to send out notifications and alerts to users to their smartphones is anticipated to propel sales of these devices during the forecast period (2018-2023). Development of high-end security cameras to record the movements of unwarranted personnel can bode well for the market.
Mobile and smartphone application-based burglar alarm systems are gaining traction owing to its demand in walled and gated communities. The spike in crimes has caused concern among residents and caused a surge in purchase of security solutions. Owners can get alerts in case of any trespassing noticed within the premises or surroundings.
The latest burglar alarms are Wi-Fi based instead of relying on Bluetooth. Furthermore, it can provide no indication to guests and make them uncomfortable in unknown settings. Such systems can be deployed easily with minimum capital investment and long-time benefits for the customer.
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Burglar Alarm Market – Segmental Analysis
MRFR’s report states that the global market is segmented on the basis of system & hardware and end-user.
By system & hardware, the market is segmented into central monitoring receiver, remote terminal unit, and alarm sensor. The alarm sensor segment is further divided into motion detector sensors and door/window sensors. This segment is expected to dominate the market till the end of the forecast period. It can exhibit a 6.8% CAGR owing to the extensive usage of burglar alarms in residential, industrial, military, and commercial complexes
By end-user, the market is segmented into small & medium enterprises and residential. The residential segment is likely to exhibit a 6.3% CAGR during the review period owing to rising security concerns amid the surge in crime rates.
The global burglar alarm market covers the latest trends and upgrades of security solutions in Europe, Asia Pacific (APAC), North America, and the Rest-of-the-World (RoW).
The North America market is touted to experience heavy demand owing to the need in residential and industrial buildings. Stringent government policies and advances in technology are expected to expedite the regional growth over the forecast period. Adoption of high security technology to safeguard valuable data and emphasis on critical infrastructure protection are other factors likely to augur market demand.
The APAC burglar alarm market is predicted to experience a robust growth rate during the forecast period owing to a sharp rise witnessed in infrastructural projects. The urgency of economies such as India and China to establish themselves on a global platform by building smart cities and being a safe place for tourism is likely to drive market growth. Japan accounted for nearly USD 188.17 million in 2017. Its growth can expand at a 7.8% CAGR during the forecast period.
ADT LLC dba ADT Security Services (U.S.), Honeywell International Inc. (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Interlogix (U.S.), RISCO Group (U.K.), Inovonics Wireless Corporation (U.S.), Assa Abloy Group (Sweden), Banham Group (U.K.), Napco Security Technologies (U.S.), Securitas AB (Sweden), Siemens AG (Germany), Aeon Systems Inc. (U.S.), and Johnson Controls (U.S.) are some of the key companies operating in the burglar alarm market. Launch of new products is on the rise to attract new customers and retain the existing ones. Mergers and acquisitions and partnerships with established conglomerates are other strategies deployed by these players to gain a larger share of the market.
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