The Freedonia Group forecasts the global market for private security products and systems to advance over eight percent per annum through 2010, reaching $90 billion.
While building construction, especially in North America and China, is expected to decelerate from the impressive 2000-2005 performance, a firming global economy and rising urbanization will continue to drive demand.
Also important will be heightened fears of domestic crime and terrorism in many countries, recovery in the travel and tourism industries, and an improved price/performance tradeoff for advanced electronic security systems. The latter include closed-circuit television (CCTV), access controls, anti-shoplifting tags and contraband detection devices.
Electronic products to offer best growth opportunities
Electronic security equipment will record the strongest sales gains through 2012. New generations of electronic security products offer substantial improvements over locks, safes and other mechanical devices, and market gains will be driven by further improvements in system capabilities. In addition, prices of a number of electronic security products are falling, making them more affordable to building owners looking to upgrade from conventional mechanical locks. Demand for access controls will grow the fastest, followed by closed-circuit television surveillance equipment, various electronic security products such as contraband detection systems, and alarms. Demand for locks and other mechanical security products will climb as well, bolstered by generally strong economic conditions in developing parts of the world. Dollar gains will be supported by greater adoption of higher-cost hybrid mechanical/ electronic security products like electromagnetic locks and "smart" safes.
The commercial and industrial security market is by far the largest in value terms. Future commercial/industrial market gains will be fueled by rising business activity as the world economy continues to grow. Although the government and institutional, and residential markets for security equipment are considerably smaller, they will post healthy sales gains through 2012. Growth in the government/institutional market will be fueled by the heightened level of security consciousness that prevails in the post 9/11 era, with government agencies playing the lead role in providing for the security of the public at large. However, the best market gains will be recorded in the residential security market, stimulated by a high perceived risk of crime among residents in many areas and supported by the increasingly affordable nature of many types of electronic security equipment, although mechanical products (principally locks) will continue to account for the largest share of demand.
Study coverage
This new Freedonia industry study, World Security Equipment, is priced at $5900. It presents historical demand data (1997, 2002, 2007) plus forecasts for 2012 and 2017 by product and market in 6 regions and 28 countries. The study also assesses market environment factors, evaluates company market share data and profiles 39 industry competitors worldwide.
To order this report: World Security Equipment Market
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