US demand for security products to reach 21 billion by 2016
The US and global markets for security products continue to grow rapidly, driven by high perceived threats, despite long-term downward trend in crime rates. As such, most markets for security products are expected to post solid gains through 2016, supported by the economic recovery and rebound in many types of building construction.
Many homeowners and businesses will undertake investment projects put off during uncertain economic times, and technological advances will provide more opportunities for products to flourish.
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The US market for security products, led by electronic access controls, is expected to increase 7.3% annually to reach $21 billion in 2016. Ongoing technological improvements that enhance the accuracy, ease of use, and speed of operation of electronic security systems will bolster spending, not only by fueling interest in upgrading existing security systems but also by improving market penetration.
The falling prices of many high-end electronic security components have further boosted gains by increasing market penetration across a broadening customer base. In addition, the recovery in building construction and the housing market will bolster sales of mechanical security products, particularly locks.
Growth for security systems continues to be driven by a high perceived risk of crime (from conventional violent and property crimes to white collar crimes and terrorism), despite a long-term trend of falling crime rates. This perception is the result of widespread media coverage of high profile crime events. Additionally, many believe that public safety officials are overburdened, so supplemental security arrangements may be deemed necessary.
This industry study, Security Products, presents historical demand data (2001, 2006 and 2011) along with forecasts for 2016 and 2021 by product and market. This study also considers market environment factors, evaluates company market share, and profiles 40 US industry competitors.