Skyrocketing Growth Predicted For Burglar Alarm Market, Set To Reach USD 7 Billion By 2030

Friday, 13 October 2023, 2:47 pm
Press Release: Fabric Digital

The global market for burglar alarms is on a trajectory for significant growth, with projections indicating a market value of USD 7,082.08 million by 2030. According to a comprehensive study by Reports Insights, this market is expected to grow at a compound annual growth rate (CAGR) of 7.10% between 2023 and 2030.

Integrated Security Systems on the Rise

Burglar alarms are not just simple alert systems; they are comprehensive security solutions designed to protect properties from unauthorised entries and intrusions. These alarms are increasingly being adopted across various sectors—residential, commercial, and industrial. The systems offer a range of benefits, such as immediate intruder alerts and enhanced security features, making them indispensable for property owners.

Commercial Sector Fuelling Demand

One of the significant factors propelling this market is the increasing installation of burglar alarms in commercial settings like offices, banks, and retail outlets. The financial sector's expansion, exemplified by the launch of Citi Commercial Bank in Canada in July 2022, is also contributing to the rising demand for these security systems.

Industrial Applications Gain Momentum

The industrial sector is another area where the use of burglar alarms is growing. Warehouses, logistics centres, and distribution facilities are increasingly relying on these systems to safeguard high-value goods from theft and unauthorised access. The ongoing industrialisation and the heightened need for advanced security measures are key factors driving this trend.

Intruder Alarm Systems Lead the Way

The market is also segmented based on the type of alarm systems, with intruder alarm systems taking the lead. These systems offer higher flexibility and quicker alerts, making them the preferred choice in commercial, residential, and industrial settings.

North America Dominates, But What About New Zealand?

While North America continues to hold the largest market share due to the presence of major industry players and increased investments in construction and security, it's worth noting the potential for market growth in countries like New Zealand. As New Zealand grapples with its own challenges related to property crime and security, the demand for advanced burglar alarm systems is likely to rise. The country's focus on technological innovation and smart homes could serve as a catalyst for the adoption of sophisticated burglar alarm systems, making it a market to watch in the coming years.

Key Players and Market Drivers

Prominent companies in this burgeoning market include Banham, Johnson Controls, Inovonics Wireless Corporation, Hangzhou Hikvision Digital Technology Co. Ltd., ADT, ASSA ABLOY, Robert Bosch GmbH, Honeywell International Inc., Securitas AB, Siemens AG, Risco Group, and Napco Security Technologies Inc.

Two primary factors are driving this market's growth: the surge in residential burglaries and the increasing application of burglar alarms in the industrial sector. However, the study also points out that limitations in system implementation could act as a potential barrier to market expansion.

The burglar alarm market is undoubtedly one to keep an eye on, with its rapid growth and expanding applications across various sectors. Whether you're a homeowner in New Zealand or a business owner in North America, the increasing need for advanced security solutions is universal.

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