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Home Security Systems Global Market Report 2022
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A home security system is designed to safeguard a home against intrusion from burglars or other people with malicious intensions, and can monitor flood, fire or other environmental threats that may damage a home. The demand for home security systems is witnessing a rapid growth. The scenario is therefore creating demand for highly sophisticated security solutions like access control systems, IP-based video surveillance, digital CCTVs and remote-monitoring solutions.To get more news about security lock systems, you can visit securamsys.com official website.
Demand is also driven by the low penetration rate of home security systems in the US, which is estimated at around only 17% of the total US homes. This factor, coupled with the $2500 average value loss per burglary, presents increased opportunities for home security systems. Technological developments also ensure that building security systems became affordable to suffice the budgetary requirements of consumers across the board.
Against this backdrop, demand is growing for a wide range of home security products and solutions ranging from CCTV video cameras, smart locks, keyless entry systems to burglar alarm systems. The present generation of home security solutions offers unparalleled connectivity, control and accessibility, and more importantly enable homeowners to remotely access a wide range of features using a PC or a smartphone. The growing popularity of smart security systems is also largely attributed to their innovative features such as remote arming and disarming, viewing of stored video clips of various events, accessing of household appliances and monitoring of movements even when away from home to name a few.Amid the COVID-19 crisis, the global market for Home Security Systems estimated at US$54 Billion in the year 2022, is projected to reach a revised size of US$68.2 Billion by 2026, growing at a CAGR of 5.4% over the analysis period.
The Home Security Systems market in the U.S. is estimated at US$17.6 Billion in the year 2022. The country currently accounts for a 32.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$7.4 Billion in the year 2026 trailing a CAGR of 7.2% through the analysis period.