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(EMAILWIRE.COM, May 26, 2013 ) San Francisco, CA -- According to a new report from the Freedonia Group, global demand for security systems is expected to rise 7 percent annually, up to $117 billion by 2016. The force is being caused by advances in security technology and a strong rebound in construction activity worldwide.
The Freedonia Group, a research company say that electronic products accounted for nearly 65 percent of security equipment sales in 2011, and will continue to take up more the electronic purchases through 2016.
Greater functionality and designs has driven demand for such products, that include fire extinguishers, safe boxes, vaults and home security systems. New technology allows for better improvements in affordability and are increasingly easier to use.
Countries that will see the most rise in security purchases are likely to be China, India, South Africa and Turkey, all of which see a 9 percent increase annually for the next 4 years. Freedonia Group expects the largest rise will be in the residential sector, even though the commercial and industrial market accounted for 65% of the security systems purchased in 2011.
While the commercial purchases will remain dominant in the market share, residential demand will be stimulated by a high-perceived rise in crime and the affordability of systems. False alarms still seem to a be a problem in all the security markets of the world, but for more sophisticated and intrinsic security system, that can be seen as a market advantage: Consumers want something they can trust.
Dave Petunia, a Freedonia Group analyst told Security System News that media coverage of crime tends to downplay the lowering rates of crime.
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Source: EmailWire.com
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