The global Burglar Alarm System Market size is anticipated to reach USD 7.01 billion by 2030, registering a CAGR of 6.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The demand for burglar alarm systems is expected to increase due to the growing popularity of smart homes, including intelligent security systems. Market players are likely to embrace business strategies such as partnerships, mergers & acquisitions to gain more market share. For instance, in May 2021, ASSA ABLOY acquired Sure-Loc Hardware, Inc., manufacturers of residential locks and related accessories. Through this acquisition, the company aims to strengthen its position in mature markets by adding complementary services and products to its business.
The increasing demand for a high level of security in residential complexes, commercial buildings, and industrial complexes is likely to fuel the need for burglar alarm systems in the forthcoming years. Access control technology development tailored to advanced analytics solutions is expected to expand the market size. For instance, in April 2022, Johnson Controls acquired Security Enhancement Systems, LLC., a supplier of phone-based, keyless access control systems for essential infrastructure providers such as telecommunications towers. The acquisition enabled Johnson Controls to efficiently provide data analytics and keyless access control to protect high-value infrastructures effectively.
North America is projected to hold a significant market share driven by rising property-related crimes. Asia Pacific is anticipated to exhibit the highest growth, backed by stringent rules and safety standards released by the government. China is expected to hold the maximum share attributed to established security brands, including Shenzhen HORN security technology co., LTD, Zhejiang Dahua Technology Co., Ltd., and Fujian Chuango security technology co., LTD. The players continue to innovate security infrastructure, hardware, and professional services.
If a secured zone is penetrated, the home security system combines software and hardware sensors designed to detect an intrusion or illegal entry. The market players are prioritizing partnerships & collaborations with home security service providers to expand product offerings and services. For instance, in October 2021, ADT partnered with Redfin, a full-service real estate brokerage provider, to provide smart home services and security monitoring for homes with Redfin. The partnership will allow ADT to install sensors, alarms, and smart locks, let buyers tour the house without worrying, and keep sellers informed about who visits and leaves the property.
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Burglar Alarm System Market Report Highlights
- The security in the residential and commercial segment is estimated to witness substantial growth over the forecast period. This growth can be attributed to the protection from theft in the market
- Wireless security cameras have become increasingly popular due to their adaptability and ease of use. They are simple to put up and lower installation costs by eliminating wires or professional installation
- In 2021, North America represented the highest revenue share. Countries such as the U.S., Canada, and Mexico are offering lucrative growth opportunities for market augmentation, partly attributed to the growing security in these countries. Asia Pacific is anticipated to represent the fastest CAGR by 2030
- In 2007, the Underwriters Laboratories (UL) created the UL 634 Level 2 standard to help Sensitive Compartmented Information Facility (SCIF) and other high-end security installations to identify sensors that provide the absolute highest level of intrusion detection. UL 634 Level 2 products are likely to gain more demand from end-users including Government, commercial/residential, and other high-end security entities