Dublin, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Security Equipment Market 2023-2032" report has been added to ResearchAndMarkets.com's offering.
Understanding the future landscape for security equipment is critical for stakeholders within the industry, from manufacturers to end users. A comprehensive new industry study packed with data spanning from 2011 to 2032 has been released, spotlighting the trends and forecasts in this dynamic market. With a special lens on the surge in video surveillance and access control system demands, the study provides an insightful glimpse into the future of global security equipment.
Key Insights into the Security Equipment Industry
The latest report presents an extensive analysis of the global security equipment market, worth $144 billion. The analysis includes historical data along with projections leading up to 2032, delineating the trajectory for safety and security alarms, access controls, video surveillance, and more across diverse market segments such as commercial, residential, and government domains.
The market is witnessing a compound annual growth rate (CAGR) of 1.8%, with the expectation for the industry to reach $157 billion by 2027. This growth is driven by the increase in building construction, adoption of sophisticated video surveillance, and the proliferation of electronic security products which are increasingly integrated with smart home and building automation systems.
Video Surveillance: A Segment on the Rise
- The market for video surveillance products is anticipated to experience the fastest growth.
- Demand is strengthening in both the residential segments with products like video doorbells, and the nonresidential spaces where predictive analytics play an augmenting role.
- The trend of diminishing prices, albeit interrupted by the COVID-19 pandemic, is poised to resume contributing to greater affordability and adoption.
Access Controls and Electromechanical Locks: Broad Market Opportunities
- The report expects a boost in sales for card-based access controls and electromechanical locks, enhanced by smartphone app integration.
- Segments such as short-term rentals and shared workspaces are showing an increased demand for these security solutions.
Impact of Building Automation and Smart Home Integration
- Significant opportunities are emerging as security systems become more interconnected with broader building management systems.
- Advanced analytics and the capability to work seamlessly with HVAC systems are propelling sales of high-value equipment and service-related revenues.
Geographical and Trade Dynamics
The Asia-Pacific region is projected to lead in demand gains, driven by burgeoning markets like China and India. While falling prices globally may constrain value growth to some extent, economic development and increased urbanization in emerging nations are set to fuel sales expansions significantly across several regions.
On the international stage, the trade in security equipment is substantial, with Asia-Pacific boasting a trade surplus. The region's competitive cost advantages continue to solidify its position as a leading exporter in the global security equipment space.
The Digital Edge in Electronic Security
Electronic security products represent a cutting-edge sector, with components such as access controls, video surveillance equipment, alarms, and contraband detection leading the way. The integration of these components into smart systems and their growing sophistication in analytics and smartphone operability outline the future direction of this industry segment.
The report promises an unparalleled level of depth and breadth into the security equipment market, setting a cornerstone for strategic planning and foresight. Industry participants will find this data critical in navigating the evolving market landscape over the coming decade.
For more information about this report visit https://www.researchandmarkets.com/report/security-equipment
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