Security Alarm Systems to Grow Over 5% Annually Through 2021
CLEVELAND, Oct. 3, 2017 /PRNewswire/ -- Sales of security alarm systems are projected to increase 5.1% per year through 2021, reaching $4.9 billion, about the same as electronic security product demand overall. Faster gains will be limited by inconsistent replacement rates in many markets, as well as building owners using fewer life safety alarms than is recommended, either as a way to cut costs or due to general lack of awareness. In addition, sales of intrusion alarms will continue to be limited by the view among many end users that these alarms are a nonessential expense. These and other trends are presented in Electronic Security Products US Market Forecasts, a new study from The Freedonia Group, a Cleveland-based industry research firm.
A variety of factors will drive demand, including:
continued gains in construction activity, since most alarm systems are installed during initial construction or major renovations
product innovations that provide value-added characteristics, such as false alarm mitigation, connectivity and interoperability capabilities, and improved ease of use, which will support both replacement and upgrade rates and value gains
ongoing consumer and end user education efforts, which aim to increase awareness of how many life safety alarms are needed in various settings and how frequently theses alarms should be replaced
Sales of all types of electronic security products are expected to increase 5.0% annually to $17 billion in 2021. Gains will be driven by new installations. As a result, growth will benefit from growing construction activity in both the residential and nonresidential markets and the rising number of business establishments. Shifts in technology have driven system updates, including:
the shift from legacy analog to digital, Internet Protocol (IP) video surveillance systems
the shift away from basic card-based technologies such as magnetic stripe to more secure types such as proximity and, more recently, smart cards
About The Freedonia Group, a division of MarketResearch.com ? The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Security studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
Voxtur Analytics Corp. , a North American technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that it has engaged the services of ICP Securities Inc. ("ICP") to provide automated market...
On April 19, 2024, the board of directors of Portland General Electric Company declared a quarterly common stock dividend of $0.50 per share, representing an increase of 5.3%, or $0.10 per share, on an annualized basis.
The company's dividend is...
Oragenics, Inc. , a company focused on developing unique, intranasal pharmaceuticals for the treatment of neurological disorders, today announced that it received a notice (the "Notice") from the NYSE American LLC (the "NYSE American") dated April...
TCTM Kids IT Education Inc. ("TCTM" or the "Company"), a leading provider of IT-focused supplementary STEM education services in China, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with...
The global data warehouse as a service market size is estimated to grow by USD 7915.19 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 21.09% during the forecast period. The Data Warehouse as a Service...
Paul Raymond, Alithya Group Inc. ("Alithya"), shares his Company's story in an interview with TMX Group.
The View From The C-Suite video interview series highlights the unique perspectives of listed companies on Toronto Stock Exchange and TSX...