According to a new report from Cleveland-based research firm The Freedonia Group, world demand for security equipment is expected to increase 7 percent annually to $117 billion in 2016.
The research firm expects the fastest gains to be made in parts of Asia, Eastern Europe, Africa, and the Middle East where security markets are still relatively underdeveloped. The biggest factors anticipated to contribute to the growth of the market include; greater economic growth; new business formation and foreign investment activity; rising urbanization; and growing middle and upper class populations.
Among individual national markets, China and India are expected to see the fastest increases in security equipment demand as both are expected to growth in excess of 10 percent annually through 2016. In fact, through 2016, China is forecast to account for more than one-quarter of global gains in security equipment sales, according to the report. Although it will lag slightly behind the global average, security equipment demand in North America is still expected to increase by 6.5 percent annually through 2016.
Among the product segments covered in the report include access control, video surveillance systems, alarms (intrusion, fire, panic/medical emergency, smoke, etc.), mechanical security devices (safes, vaults, safety deposit boxes and other fixed bank security equipment), and other electronic security products (bomb and metal detection devices, electronic article surveillance, anti-shoplifting systems, etc.).
Electronic security products accounted for nearly 65 percent of the total global security equipment demand in 2011, while the commercial and industrial security equipment market accounted for nearly 65 percent of sales in 2011.