A new study from The Freedonia Group forecasts the U.S. market for security products and systems to increase 6.3 percent annually to nearly $20 billion in 2016.
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A rebound in construction and capital investment is expected to spur an increased demand in security products in the U.S., according to a new report from market research firm The Freedonia Group. In fact, the "Security Products" study forecasts the U.S. market for security products and systems to increase 6.3 percent annually to $19.9 billion in 2016.
Among some of the growth drivers cited by the study include a perceived high risk of crime, as well as technological improvements enhancing the speed of operation and ease of use of security systems.
Products closely tied with construction trends are expected to see the most robust sales growth, specifically electronic access control systems and locks which are projected to post the fastest gains of any security product through 2016.
"Advances for electronic access control systems will be driven by technological innovations that allow these systems to employ an increasingly sophisticated array of clearance options that are both more difficult to forge and easier to operate," the research firm wrote in a statement. "Additionally, falling prices for many types of access controls are making these products more accessible to building owners looking to upgrade from conventional mechanical locks."
While most markets for security products are expected to see sold gains through 2016, the research firm predicts that the fastest gains will be seen in the office and lodging markets, driven by this anticipated growth in construction activity. The consumer and industrial markets are also forecast to experience above average gains.
Despite government regulations and ongoing investment in new technology, the air transportation market is expected to achieve growth that exceeds the industry average.
For more information about the study, visit www.freedoniagroup.com.