World

Global burglar alarm market to almost touch US $7 billion by 2030

The global burglar alarm systems market size is anticipated to reach USD 6.72 billion by 2030, registering a CAGR of 6.3% from 2023 to 2030 this is according to a new report by Grand View Research.

The demand for burglar alarm systems is expected to increase due to the growing popularity of smart homes, including intelligent security systems. According to the research, market players are likely to embrace business strategies such as partnerships, mergers & acquisitions to gain more market share. The increasing demand for a high level of security in residential complexes, commercial buildings, and industrial complexes is likely to fuel the need for the burglar alarm systems market in the coming years.

The wireless alarm segment is expected to exhibit the highest CAGR over the forecast period. 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.

The hardware component sub-segment led the burglar alarm systems market in 2022. At the same time, motion detector sensors under the classification of hardware sub-segment are expected to witness the highest CAGR during the forecast period.

In 2022, North America represented the highest revenue share. Security alarm systems in households in North America are required to be registered with the police department. For instance, in some regions, for example, Oklahoma city, the police department does not investigate alarms generated by unauthorized security systems.

Some of the key players in this field that are also mentioned in the report include, ADT, Assa Abloy, Banhams, Dahua, Hikvision, Honeywell, Inovonics, Johnson Controls, Napco, Risco, Securitas, and Siemens.

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