The market for alarm systems and equipment has exhibited steady growth, advancing from $5.58 billion in 2023 to $5.79 billion in 2024, with a CAGR of 3.8%. The historical growth is attributed to security concerns, crime rates, regulatory standards, compliance requirements, urbanization, population growth, insurance industry influence, and overall industry competition and market expansion. Projecting into the future, the market size is expected to continue its growth trajectory, reaching $6.97 billion in 2028, with a CAGR of 4.7%. Factors contributing to this steady growth include market competition and innovation, the emergence of do-it-yourself (DIY) solutions, environmental sustainability, data privacy, cybersecurity concerns, and urban development and expansion. Key trends in the forecast period encompass enhanced emergency response, predictive analytics, voice control integration, advancements in wireless technology, a focus on energy efficiency, and the integration of mobile apps.
Major Driver In The Alarm Systems And Equipment Market
The alarm system and equipment market witness a surge in investments owing to heightened safety and security concerns among households. With rising crime rates, residential areas are increasingly focusing on security measures. Smart home devices, including smart alarms and related equipment, are becoming preferred choices for enhancing safety and security. Statistically, homes without security systems face a 300% higher risk of burglary, emphasizing the importance of alarm systems. In the United States, 1,001,967 vehicles were stolen in 2022, marking a 7% increase from 2021, which underscores the market's future potential. The growing emphasis on safety and security augurs well for the alarm system and equipment market in the years ahead. Market data for 2023, 2024, and 2028 demonstrate the upward trajectory of this sector, reflecting the increasing demand for security solutions.
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Alarm Systems And Equipment Market Competitive Landscape
Monitronics International Inc., Robert Bosch GmbH, Siemens AG, United Technologies Corporation, Chubb Fire & Security Ltd., Burg-Wächter KG, Schneider Electric SE, Honeywell International Inc., Johnson Controls International plc, Carrier Global Corporation, UTC Fire & Security Americas Corporation Inc., Stanley Black & Decker Inc., Securitas AB, Hikvision Digital Technology Co., Assa Abloy AB, ADT Inc., Allegion plc, Godrej & Boyce Manufacturing Company Limited, Vivint Smart Home Inc., Axis Communications AB, Alarm.com Holding Inc., Dahua Technology Co. Ltd., Vector Security Inc., Vanderbilt Holding Company Inc., Nortek Security & Control LLC, Brivo Inc., Bosch Security Systems Inc., RISCO Group NV, Qolsys Inc., Hanwha Techwin Co. Ltd., FLIR Systems Ltd., Gunnebo AB, Tyco International Ltd.
Key Alarm Systems And Equipment Market Trend
Companies in the alarm system and equipment market are increasingly investing in wireless protocols for fire detection. Fire safety systems find applicability at homes, many government offices, private offices, and public places. Alarm systems and equipment are primarily designed to warn occupants of trouble, so they can safely leave the premises. For instance, a wireless technology, ZigBee, developed by Zigbee Alliance, has gained attention for its application in fire early detection. Some of the key companies manufacturing home alarm systems include Honeywell International, Inc., Bosch Security Systems, Alarm.com, ADT Corp., and Nortek Security & Control.
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Alarm Systems And Equipment Market Segmentation
The alarm systems and equipment market covered in this report is segmented –
1) By Communication Technology: Wired Telecommunication Network, Cellular Wireless Network, Wireless Radio Network, IP Network
2) By Offering: System Hardware, Solutions
3) By End-User: Residential , Commercial, Industrial
By Geography:The regions covered in the alarm systems and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The Asia-Pacific was the largest region in the alarm systems and equipment market in 2023.
The Alarm Systems And Equipment Global Market Report 2024 furnishes information about the global alarm systems and equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
