The global residential security market size was evaluated at $91 billion in 2022 and is slated to hit $101 billion by the end of 2030 with a CAGR of nearly 9% between 2023 and 2030.
Market for residential security: An overview
Due to the rise in the number of accidents and offenses, residential security has become a necessity in the present day. Moreover, security tools that aid in the detection of smoke and fire, break-ins, and medical emergencies are increasingly utilized in the residential sector. In addition, the surge in economic development in the developed economies and the growing awareness of the advantages of advanced security technologies have encouraged the deployment of residential security systems by architects.
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???? Major Insights
• According to the projections of our research analyst, the global residential security market will expand at a rate of approximately 9% per year over the forecast period (2023-2030).
• In terms of revenue, the global market for residential security was estimated to be worth roughly $91 billion in 2022 and is anticipated to reach $101 billion by 2030.
• Due to accelerating advancements in security systems, the global residential security market is projected to expand swiftly over the forecast period.
➤ Global market expansion will be bolstered by technological advancements in security systems
The expansion of the global residential security market will be driven by advancing security system innovations. In addition, the enormous demand for efficient control of temperature, airflow, cooling, and lighting has significantly boosted the demand for residential security systems. The scale of the global market will expand in the coming years as urbanization and industrialization increase. An increase in the disposable income of the world’s population has resulted in a colossal demand for residential security systems in every region.
In addition to this, wireless DIY security tools are available at cost-effective rates and hence are in enormous demand in emerging economies. Launching new residential security systems will increase global market earnings in the future years. In the fourth quarter of 2022, for instance, Arlo Technologies, a U.S.-based manufacturer of wireless surveillance cameras, released home security tools with multi-sensor capability and the ability to perform a variety of remote sensing operations. These strategic actions will stimulate the expansion of the global market.
➤ High installation costs may impede the expansion of global industry by 2030
Residential security system deployment expenses can impede the expansion of the global residential security industry. Aside from this, the astronomical prices of residential security equipment can hinder the global economy.
➤ Huge demand for intelligent devices will generate new global market expansion opportunities
Rising demand for smart device implementation will create new growth opportunities for the residential security market worldwide. The global market will expand as the use of artificial intelligence and machine learning algorithms in residential security systems increases.
➤ Stringent legislation governing the application of residential security tools can impede the global industry’s expansion
Strict laws regulating the use of residential security systems can present a formidable obstacle to the global expansion of the residential security industry. The global expansion of the industry may be impeded by a lack of understanding of the product’s advantages and the risk to users’ privacy, as well as by rising ownership costs.
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The Global Residential Security Market is segmented based on product, application and region
Global Residential Security Market: Product Segment Analysis
● Smart Locks
● Security Cameras
● Fire Sprinklers & Extinguishers
● Sensors & Security Alarms
Global Residential Security Market: Application Segment Analysis
● System
● Services
The global residential security market profiles key players such as:
● Allegion Plc
● Godrej & Boyce Mfg. Co. Ltd.
● United Technologies
● Bosch Security Systems GmbH
● UTC Fire & Security
● ASSA Abloy AB
● Tyco International Ltd
● CONTROL4 CORPORATION
● Ingersoll-Rand Plc
● Frontpoint Security Solution
● Nortek Security and Control
● Honeywell International Inc
➤ In the upcoming years, it is anticipated that North America will maintain its leadership position in the global residential security market
North America, which accounted for 55% of the global residential security market’s revenue in 2022, will be the dominant region throughout the assessment period. Moreover, the expansion of the regional market can be attributed to an increase in security concerns among the citizens of nations such as Canada and the United States. Presence of main security system manufacturers in these nations will significantly contribute to regional market revenue.
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In the coming years, the Asia-Pacific residential security industry will experience the highest CAGR due to a rise in demand for home security systems in emerging economies such as India and Indonesia. In addition, an increase in the practical application of smart city concepts has expanded the development potential of the regional industry.
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