Burglar Alarm Market Projected to Hit USD 7.43 Billion at a
New York, US, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "Burglar Alarm Market: By System, By System By End-User Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 6.26% to attain a valuation of around USD 7.43 Billion by the end of 2030.
Burglar Alarm Market Competitive Analysis
Eminent industry players profiled in the burglar alarm system report include:
- ADT LLC Dba ADT Security Services
- Honeywell International Inc.
- Securitas AB, Banham Group
- Johnson Controls
- Hangzhou Hikvision Digital Technology Co., Ltd
- RISCO Group
- Inovonics Wireless Corporation
- Napco Security Technologies
- Siemens Ltd
- Assa Abloy Group
- Aeon Systems Inc.
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Burglar Alarm Market Report Scope:
|Burglar Alarm Market Size by 2030||USD 7.43 Billion (2030)|
|Burglar Alarm Market CAGR||6.26%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are discussed in granular detail.|
Growing Need for Heightened Security to Boost Market Growth
One of the key factors fuelling the market is the rise in demand for higher security standards in commercial buildings, residential complexes, and industrial complexes. Additionally, the market has benefited from the rapid adoption of modern security systems and burglar alarm systems.
Rising Fame of Smart Homes to offer Robust Opportunities
The increased acceptance of smart houses has benefited the market for burglar alarms. Thermostats, entertainment systems, lighting, multimedia, and temperature are all controlled by these systems, which are crucial to safety and security.
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Restraints and Challenges
False Alarms to act as Market Restraint
The high system cost, false alarms, high maintenance and operation costs, and concerns about the system complexity & privacy of confidential information may act as market restraints over the forecast period.
The global burglar alarm market is bifurcated based on system & hardware and end user.
By system and hardware, the alarm sensors will lead the market over the forecast period.
By end user, residential burglar alarms will dominate the market over the forecast period.
The pandemic significantly affected the world economy, particularly those sectors that are susceptible to economic cycles. However, expenditure on surveillance equipment to protect private assets from the potential rise in minor crimes brought on by the pandemic-exacerbated unemployment and poverty, as well as recovery measures, can promote the sector's transformation towards sustainability & digitization. Due to the financial crisis that many businesses in the surveillance & safety industry are experiencing, employers are laying off employees. The technology sector as a whole has seen a downturn because of things like supply disruptions, weak demand, factory closures, global financial shocks, and decreased discretionary expenditure.
Due of the novel coronavirus's devastating effects around the globe, makers of monitoring equipment adopted preventative measures, such as closing facilities, to immediately stop the spread of COVID-19. As more Asian businesses halt operations and businesses in the US & APAC prolong closure durations, the scenario is still constantly changing. Although the region was one of the worst hit, with upwards of 300,000 deaths per day at the height of the pandemic, the technological companies' ambitions on the North American production in fact are an effort in restricting the spread of the deadly virus. Governments in the US and Canada have responded by combining state or provincial, local, and federal initiatives.
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Burglar Alarm Market Regional Analysis
North America to Head Burglar Alarm Market
With regards to infrastructure, economy, and technology, North America is one of the most developed continents in the world. The region has been further segmented for this study into the US, Canada, & Mexico. The industry in this region is expanding as a result of the rising need for security premises and infrastructure inside businesses, workplaces, and households. Furthermore, North America has several chances for considerable growth throughout the forecast period due to the region's existing infrastructure and the presence of the major companies who collaborate closely with the important standard-setting organizations & trade associations within the safety industry. Because more homes and businesses are requiring burglar alarms, the market here is expected to experience considerable demand. As a result of the region's early adoption of technology breakthroughs as wireless burglar, the target market is likely to grow even faster than expected during the projection period. Adoption of higher security technology to secure priceless data and emphasis on protecting essential infrastructure are key factors promoting market expansion.
APAC to Have Admirable Growth in Burglar Alarm Market
The Asia Pacific area is expected to have tremendous expansion in the real estate & information technology industries, which will fuel demand for intelligent alarm systems. The demand for home security products and services has recently increased in countries like India, Japan, Singapore, & others, and it is anticipated that this would help the market grow across the region. The government also published a variety of security guidelines and regulations, which will help the market grow across the region. It is expected that China's technology advancements would increase its already significant market share. Due to rising market participant investments and rising consumer knowledge of these products, the Asia Pacific area is predicted to have one of the quickest expanding economies. Furthermore, growth is anticipated to be fueled by an increase in construction projects, particularly commercial ones, as these projects call for high-security safeguards like burglar alarm systems to protect against intruders like thieves and burglars who may cause huge loss or damage at the time of their intrusion into the premises safeguarded by alarm systems that are installed there (vandalism).
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February 2023- Free software is being distributed by Hyundai and Kia to prevent popular YouTube and TikTok auto theft movies. The software modifies the Kia & Hyundai cars in two crucial ways. It also adds a requirement that a key be in the ignition switch in order to turn the vehicle on, updating the theft alarm system software logic to increase the alarm sound duration from 30 to 1 minute.
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