Burglar Alarm Market Scope:
The burglar alarm market is estimated to register a CAGR of over 7.3% to reach USD 6.24 billion by the end of 2027.
A burglar alarm is a type of standard equipment, which is used in home security systems. It is also used to present home security networks in residential and commercial activities. The various factors attributing to the growth of the global burglar alarm market are attractive insurance policies for installing security systems and the growing popularity of smart homes. Furthermore, rising adoption in developed countries and adopting connected, automated, & electrified surveillance systems will create opportunities for market players during the forecast period.
By system & hardware, the global burglar alarm market has been segmented into remote terminal units, alarm sensors, and central monitoring receivers. By system & hardware, the alarm sensors segment holds the largest market share; and is expected to register the highest CAGR during the forecast period. By end user, the global burglar alarm market is divided into small and medium enterprises and residential. the residential segment is the most significant contributor to the burglar alarm market and is expected to register a higher CAGR from 2021 to 2027. The regions included in the study are North America, Europe, Asia-Pacific, and the rest of the world. North America is the dominant segment in terms of market share, while Asia-Pacific is expected to exhibit the highest growth rate during the forecast period.
The burglar alarm system market is driven by factors including rising concerns regarding safety & security, attractive insurance policies for installing these security systems, and the increasing popularity of smart homes. Despite living in a supposedly safe neighborhood, the risk of burglary is ever looming. However, on average, installing monitored safety and security devices for homes can reduce the homeowner’s insurance premium up to 20%. According to an FBI report published in 2020, a burglary occurs approximately every 15 seconds in the US. Homes without security systems are over three times more likely to be burglarized than homes having security systems. The growing popularity of smart homes has positively impacted the growth of the burglar alarms market. These systems are essential and play a vital role in safety and security, controlling entertainment systems, multimedia, lighting, and temperature, as well as thermostats.
The smart home device market has been growing considerably in recent years. The market comes inclusive of a vast range of products. Once the customers plan to incorporate products such as lighting controllers at their homes, they will come across promising technologies related to the in-built connectivity of data. Consumers can integrate the automated systems with the help of wired and wireless technologies.
However, installation of burglar alarms is expensive and has complex operations as it features a large number of software and hardware such as sensors, video cameras, and other accessories that are used for analyzing security and surveillance. The operational cost of burglar alarm systems depends on various factors, such as the incorporation of advanced technologies and camera type.
COVID-19 Impact Analysis
The global pandemic has resulted in adversely affecting the growth of the global smart home market share. During the first fiscal year, post the COVID-19 era, the sales are expected to experience a decline of approximately 5–10%. The major economies such as China and the US have considerable disruptions in their supply chains. There is a reduction in the construction-related projects and temporary shutting down of many manufacturing units because of COVID-19. However, as restrictions are easing across the globe and people are returning to work, the demand for smart homes and security solutions is likely to slowly increase.
With the continuous spread of the novel coronavirus across the world, equipment manufacturers are taking extreme measures in the form of plant closures to halt the spread of COVID-19. The situation remains uncertain as more European companies suspend work activities, and companies in the US and APAC extended shutdown periods. The technology company’s plans on North American production are an effort to slow the spread of COVID-19; however, the region was one of the worst affected, with upwards of 300 thousand deaths daily at the peak of the pandemic. In the US and Canada, the response of governments has been a combination of state or provincial, federal, and local measures.
Supply Chain Analysis
All countries across the globe are trying to make a fine balance between protecting health, minimizing economic and social disruption, and respecting human rights. The growing spread of novel coronavirus leads to disruptions in the markets. Restrictions to shipping and industrial production are affecting multiple supply chains.
Distribution of components is the key process in manufacturing industries, which faces challenges such as staffing of warehouses, a need for direct distribution, and more intelligent and responsive allocation across channels due to the pandemic, creating pressure on supply chains. The impact on the US and Europe from the disruptions will be significant, which will have a notable effect on the global economy and badly disrupt supply chains.
The global burglar alarm market has been segmented on the basis of system & hardware, end users, and region.
By system & hardware, the burglar alarm market has been segmented into alarm sensors, central monitoring receiver, and remote terminal unit. The alarm sensors segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 8.0% during the forecast period.
Global Burglar Alarm Market Revenue, by System & Hardware, 2020 (USD Million)
Sources: MRFR Analysis
Based on end user, the market has been segmented in residential and small & medium enterprise segments. Residential burglar alarms accounted for the larger market share in 2020, with a CAGR of 7.6% during the forecast period. The small & medium enterprise segment is projected to register the CAGR of 7.0%. by 2027
Global Burglar Alarm Market Share, by Region, 2020 (%)
Sources: MRFR Analysis
North America is one of the most advanced regions across the globe in terms of infrastructure, economy, and technology. For this study, the region has been further divided into the US, Canada, and Mexico. The growing demand for security infrastructure and premises within the industries, offices, and homes is propelling the growth of the North American Burglar Alarm market. Moreover, the existing infrastructure and presence of the major players who work closely with the key safety industry standard-setting groups and trade associations in the region provide North America with ample opportunities for significant growth in the forecast period.
The market growth in Europe witnesses a considerable presence of burglar alarm manufacturers that are focused on developing technically advanced alarm systems to attract several residential townships and commercial office spaces. The key factors driving the burglar alarm market in the region are the adoption of high-quality security access systems to prevent intruders, and potential thefts among others.
China is one of the leading exporters of burglar alarms across the globe. It has signed free trade agreements with Hong Kong, Singapore, South Korea, Australia, New Zealand, Chile, Costa Rica, Iceland, Switzerland, Macao, Peru, Pakistan, and Taiwan, to enable smooth trading. The massive production in the country is expected to influence the use of these devices in the domestic market during the forecast period.
The global burglar alarm market consists of various international and regional service providers who are continuously evolving to enhance their market position. The growth of the burglar alarm market is driven by the attractive insurance policies for installing security systems. The discounts for installing the security services are likely to entice the growth of the market. Further, the growing adoption of smart home systems across different developing and developed regions owing to the changing lifestyle and rising disposal income has fueled the demand for the burglar alarm market.
Moreover, the burglar alarm market is expected to gain popularity in the future years owing to the rise in requirements for smartphones and smart devices. The growing dependency on connectivity and the ability of the burglar alarm systems to get warnings regarding intrusions on the smartphone via a mobile phone application is anticipated to spike up the adoption of alarms.
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, Interlogix, and Aeon Systems Inc. are among the major players holding a major share in the burglar alarm market.
Global Burglar Alarm market, by Systems & Hardware
Global Burglar Alarm market, by End User
Global Burglar Alarm market, by Region
Available Additional Customizations
|Market Size||USD 6.24 billion|
|CAGR||CAGR of 7.3%|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||System & Hardware|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Inovonics Wireless Corporation (U.S.), Siemens AG (Germany), Aeon Systems Inc. (U.S.), Assa Abloy Group (Sweden), Johnson Controls (U.S.), Napco Security Technologies (U.S.), Securitas AB (Sweden), Interlogix (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Honeywell International Inc. (U.S.), ADT LLC dba ADT Security Services (U.S.), Banham Group (U.K.), and RISCO Group (U.K.).|
|Key Market Opportunities||
|Key Market Drivers||Growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are discussed in granular detail.|
Frequently Asked Questions (FAQ) :
MRFR expects the market to achieve a growth rate of 5.8% in the coming years.
The market holds the potential to touch a valuation of USD 4.9 Bn by 2023.
The well-known industry participants are Assa Abloy Group (Sweden), ADT LLC dba ADT Security Services (U.S.), RISCO Group (U.K.), Interlogix (U.S.), Banham Group (U.K.), Honeywell International Inc. (U.S.), Siemens AG (Germany), Johnson Controls (U.S.), Aeon Systems Inc. (U.S.), Inovonics Wireless Corporation (U.S.), Securitas AB (Sweden), Napco Security Technologies (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), to name a few.
Product launches, mergers and acquisitions as well as partnerships are the major strategies employed by the top companies.
The APAC burglar alarm market is all set to note robust growth in the following years, on account of the sharp increase in the number of infrastructural projects and smart cities.
Burglar alarms refer to the devices that help safeguard the security of industrial and residential properties. These devices help detect any kind of unwarranted intrusion and also helps prevent theft.
Amplified demand for better security levels in industrial complexes, commercial buildings and residential complexes, are boosting the applications of burglar alarms.