U.S. Security Products Market to Grow to $21 billion in 2016
Dallas, Texas (PRWEB) August 30, 2012
The US market for security products is expected to increase 7.3 percent per year to $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.
Electronic access controls to be fastest growing type
Electronic access control systems and locks are expected to post the strongest gains of any security product, each rising nearly 11 percent annually through 2016. Advances for electronic access control systems will be driven by technological innovations that allow these systems to employ an increasingly sophisticated array of clearance options that are both more difficult to forge and easier to operate. Additionally, falling prices are making access control systems more accessible to building owners looking to upgrade from conventional mechanical locks. Demand will also benefit from the continued roll-out of new technology, such as smart cards and biometrics, and the increasing adoption of these higher value technologies.
Demand for locks will be driven by the recovery in building construction, which is the primary application for locking devices, given that these basic security products are used on nearly all external doors. The expected recovery in the housing market will also support demand for door locks, as many homeowners replace locks after moving in to a newly purchased home. In addition, demand for vehicle locks is expected to recover from a low 2011 level as US vehicle production rebounds. The lock market will also be supported by growing demand for
electromechanical door locks. Already ubiquitous in hotels, these locks are increasingly replacing mechanical devices in office buildings where they provide added security by removing the threat of lost or stolen keys.
Office, lodging segment to be fastest growing market
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. Technological advances will also provide opportunities for security
products. The fastest gains are expected in the office and lodging market, driven by particularly strong growth in construction activity from weak 2011 levels. In addition, demand will be supported by the adoption of more advanced access control systems and electronic door locks.
Profiles 40 competitors such as ASSA ABLOY, Fortune Brands Home & Security, General Electric, Honeywell and Tyco International
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Major Point from Table of Contents
- Introduction Xii
- Executive Summary
- Market Environment
- Security Product Overview
- Electronic Security Products
- Mechanical Security Products
- Industry Structure
- List of Tables
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