Published Date: 28-Jul-2022
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According to a new report, published by KBV research, The Global Burglar Alarm Systems Market size is expected to reach $5.7 billion by 2028, rising at a market growth of 6.4% CAGR during the forecast period.
The Commercial & Industrial segment is showcasing a CAGR of 6.9% during (2022 - 2028). Burglars may find commercial premises appealing since they are often high-traffic areas with higher crime rates. The most vulnerable industries are anticipated to be banking, healthcare, and education. Because other firms have taken security measures, the surrounding environment has an impact on its safety.
The Hardware segment acquired maximum revenue share in the Global Burglar Alarm Systems Market by Component in 2021, thereby, achieving a market value of $3.37 billion by 2028. In terms of hardware, alarm sensors have the largest market share. This is because the burglar alarm systems are built on hardware such as motion detectors, alarm systems, and door and window sensors.
The Wireless Alarm System segment has shown growth rate of 6.9% during (2022 - 2028). Wireless burglar alarms are easier to install. Wireless business security systems provide a wider choice of unique protection capabilities, reduced installation costs, and more straightforward updates than cable systems. Sensors in a wireless security system use radio frequency technology to connect with the control panel.
The North America market dominated the Global Burglar Alarm Systems Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.13 billion by 2028. The Asia Pacific market is estimated to witness a CAGR of 6.9% during (2022 - 2028). Additionally, The Europe market would experience a CAGR of 6.2% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ADT, Inc., Assa Abloy AB, Hangzhou Hikvision Technology Co., Ltd., Honeywell International, Inc., Johnson Controls International PLC, Siemens AG, Napco Security Technologies, Inc., RISCO Ltd., Inovonics Wireless Corporation, and Banham Security.
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