World Demand for Security Equipment to Exceed $90B in 2012
May 29, 2008
CLEVELAND
World demand for security equipment is projected to climb 7.8 percent annually through 2012 to over $90 billion, according to a new report by The Freedonia Group Inc., a Cleveland-based industry research firm.
Titled World Security Equipment, the study projects the strongest market gains will be registered in developing parts of Asia, Eastern Europe, Africa, the Middle East and Latin America.
China, India, Russia and Brazil are forecast to record some of the most robust sales increases. By 2012, China will surpass Japan to become the second largest security equipment market in the world behind the U.S. Growth is also expected to be strong in lower-volume markets such as Turkey, Indonesia and Israel.
The report also shows a strong sales advance for electronic security products through 2012. With the new generation of electronic security products having greater capabilities than mechanical devices, market gains will be driven by further improvements in system designs.
In addition, prices of many electronic security devices are becoming more affordable to building owners looking to upgrade from conventional mechanical locks. Demand for access controls will grow the fastest, followed by CCTV surveillance equipment, miscellaneous electronic security products and alarms. However, sales of locks and other mechanical security goods will climb as well, bolstered by generally healthy economic climates in developing parts of the world.
While the commercial and industrial security equipment market continues to be dominant, the strongest growth will be recorded in the residential security market, according to the report.
To view the full report, visit www.freedoniagroup.com.
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