North America Home Security Systems Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Home Type (Condominiums/ Apartments and Independent Homes), By Security Type, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Home Security Systems Market would witness market growth of 8.0% CAGR during the forecast period (2022-2028).
Lighting systems are becoming increasingly technologically advanced, providing not only energy economy but also additional benefits including ventilation, light ambiance, and warmth. Furthermore, these lighting systems increase product demand by adding aesthetic attractiveness to the home while minimizing the need for artificial heating and cooling. Additionally, energy efficient lighting uses less energy and is a more cost-effective light source than traditional lighting. The energy efficient lighting industry is predicted to grow due to better energy savings compared to other types of lighting. In the previous five years, the market has changed drastically, with several novel and adaptable technologies hitting the market.
Furthermore, the growing usage of LEDs in the automobile industry could create new prospects for the Home Security Systems Market. LED (Light Emitting Diode) technology is sweeping the lighting and décor industries. LED technology is increasingly being implemented in private and public constructions, such as residential buildings and business institutions. While LED lighting is environmentally friendly, it is not the sole benefit of this technology.
According to the latest analysis, LED adoption in the United States resulted in annual energy savings of 1.3 quadrillion Btu (quads) in 2018, equating to $14.7 billion in consumer savings and roughly 5% of total electricity use from buildings in 2018. The theoretical energy savings potential of widespread usage of the most efficient, connected LED products is over 5 quads, about four times more than current energy savings and equivalent to roughly 20% of total building power use in 2018. LED product installations increased in all applications from 2016 to 2018, approximately doubling to 2,325 million units or 30.0 percent of total general illumination lights.
The North America Home Security Systems Market would witness market growth of 7.8% CAGR during the forecast period (2022-2028).
Various IoT-connected devices are included in the security & control system, which are designed to protect property from espionage, sabotage, subversion, accidents, and attack. Door and window sensors, motion sensors, interior and outdoor automation, wired or wireless security cameras, and a control panel, which is the main controller of a home's security system, are all included. The home control and security system have a number of benefits, including the ability to remotely manage homes and enhanced security sensing capabilities.
The industry is growing due to an increase in illegal activities such as theft and unauthorized access to homes. Furthermore, an increasing number of residential buildings are being equipped with sophisticated security systems that have electronic component control capabilities, which propels the market growth.
The regional government are very dedicated to curb out or minimize the cyber security threats in home security systems. The renewal of Canada's National Cyber Security Strategy reflects the country's ongoing and evolving cyber security threat. The new strategic framework, which was released in 2018, is backed by a budget of C$507.7 million over five years and C$108.8 million every year after that. The framework was created in response to an uptick in cyber-attacks against the government and private sector organisations in Canada. Border security, counter-terrorism, cyber resilience, and critical infrastructure protection and resilience are all areas of focus. In addition, the Government of Canada has created a Canadian Center for Cyber Security and a National Cyber-crime Coordination Unit, as well as giving the Chief Information Officer of the Government of Canada new authority.
The US market dominated the North America Services Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9,927.7 million by 2028. The Canada market is experiencing a CAGR of 12.1% during (2022 - 2028). Additionally, The Mexico market would exhibit CAGR of 11.2% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Video Surveillance System, Fire Protection System, Entrance Control System, Access Control System, and Intruder Alarm System) and Services (Security System Integration Services, Remote Monitoring Services, Fire Protection Services, Video Surveillance Services, and Access Control Services). Based on Home Type, the market is segmented into Condominiums/ Apartments and Independent Homes. Based on Security Type, the market is segmented into Professional-installed & Monitored, Self-installed & Professionally Monitored, and Do-It-Yourself (DIY). Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Robert Bosch GmbH, ABB Group, Resideo Technologies, Inc., ADT, Inc., Assa Abloy AB, Allegion PLC, Snap One, LLC, Secom Co. Ltd., Hangzhou Hikvision Digital Technology Co., Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Video Surveillance System
- Fire Protection System
- Entrance Control System
- Access Control System
- Intruder Alarm System
- Security System Integration Services
- Remote Monitoring Services
- Fire Protection Services
- Video Surveillance Services
- Access Control Services
By Home Type
- Condominiums/ Apartments
- Independent Homes
By Security Type
- Professional-installed & Monitored
- Self-installed & Professionally Monitored
- Do-It-Yourself (DIY)
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Johnson Controls International PLC
- Robert Bosch GmbH
- ABB Group
- Resideo Technologies, Inc.
- ADT Inc.
- Assa Abloy AB
- Allegion PLC
- Snap One, LLC
- Secom Co. Ltd.
- Hangzhou Hikvision Digital Technology Co., Ltd.
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