New York, US, July 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Residential Security Market Size and Analysis by Product (Smart Locks, Security Cameras, Sensors), By Solution (Home Integrated System, Access Control Management), By Residential Type (Independent, Apartment) - Forecast 2030” valuation is poised to reach USD 91.64 Billion by 2030, registering an 8.28% CAGR throughout the forecast period (2020–2030).
Residential Security Market Overview
Residential security has become a vital part of the residence across the globe in the laratesew few years. The growing accidents and crime rate are the significant parameters boosting the need for these systems. The systems capable of sensing fire & smoke, health emergencies, and burglar activities are being implemented worldwide rapidly. Factors such as growing awareness, economic growth, and constant technological developments are likely to boost the growth of the market for residential security over the projected timeframe.
Residential Security Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 91.64 Billion |
| CAGR (2020 to 2030) | 8.28% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Solution and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | UTC Fire & Security, Allegion Plc., ASSA Abloy AB, Bosch Security Systems GmbH, Tyco International Ltd., CONTROL4 CORPORATION, United Technologies, Frontpoint Security Solution, Nortek Security and Control, Godrej & Boyce Mfg. Co. Ltd., Ingersoll-Rand Plc. and Honeywell International Inc. |
| Key Market Opportunities | The growing population and the changing trends in implementing smart devices are considered as the primary opportunity for the Residential Security market to grow |
| Key Market Drivers | The increasing innovations in Security systems have brought in attractive features to the security systems and offer excellent controls. |
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Fire extinguishers and sprinklers have become necessary across residential and commercial properties. Residential security systems encompass a range of applications such as live streaming, fire detectors, and smoke detectors. These systems offer easy accessibility, simple operations, and insurance policies.
Market Drivers
The global market for residential security has recorded a significant growth rate in the last few years. The primary factor contributing to boosting the market's growth is the recent technological innovations in security. The developments have introduced various advanced features making these systems even more helpful and user-friendly. Furthermore, the changing trends and increasing population across the globe are likely to promote the growth of the residential security market over the assessment timeframe. In addition, rapid industrialization and increasing urbanization are also anticipated to boost the market's growth over the coming years.
Market Restraints
Although several factors support the growth of the residential security market, certain aspects may impede the market's performance. The factors such as higher ownership costs and deployment charges are also anticipated to hinder the market's growth over the coming years. The global COVID-19 pandemic has significantly impacted the market's performance in recent times.
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Residential Security Market Segments
Among all the categories, the physical security segment is anticipated to dominate the global market for residential security over the assessment timeframe. The video surveillance sub-segment accounted for the highest revenue share in recent times. The speedy development of commercial and institutional infrastructure across the globe is the main factor boosting the segment's growth.
Among all the organizations, the SME segment is projected to acquire the largest market share across the global market for residential security over the assessment timeframe. The segment utilizes simple security systems.
Among all the end users, the residence segment is anticipated to record the highest growth over the assessment timeframe. The segment's growth is attributed primarily to the high number of damages sustained by resources and assets. Furthermore, the factors such as the use of advanced video surveillance and the development of smart homes and access control systems are projected to boost the segment's growth over the coming years.
Residential Security Market Regional Analysis
The global market for residential security is analyzed across five major regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the analysis reports by MRFR, the Asia-Pacific region is likely to dominate the global market or residential security over the projected timeframe. In 2018, the regional market was valued at USD 12.2 billion. The growth in security concerns across the region is the primary aspect catalyzing the regional market's growth. Furthermore, the rising number of potential manufacturers is another significant parameter supporting the growth of the regional residential security market.
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The North American regional market for residential security is anticipated to grow substantially over the assessment timeframe. The region has been the early adopter of advanced technologies, which in turn is supporting the growth of the regional market. In addition, the presence of several leading market players is another crucial parameter boosting the demand for these systems.
COVID-19 Impact
The global COVID-19 pandemic has impacted the majority of the market sectors across the globe. In order to stop the spread of the disease, several governments across the globe implemented partial or complete lockdowns. Given the imposition of travel restrictions, the global market players faced several unexpected challenges. The disruption of supply chains led to causing a significant loss of revenues for major market sectors across the globe. With the lockdowns imposed across various regions, the IT sectors and educational institutions introduced the system of online working and learning. Thus, a large population switched to staying home and working in recent times. With people staying at home, the number of theft and crime activities across the globe fell significantly during the lockdowns. Thus, the global residential security market faced a significant demand decline in the last few years. The market players witnessed a significant loss of revenue along with a fall in demand.
In addition, with the lowered workflow given the COVID-19, several businesses had to shut down their businesses momentarily or permanently. With the global economy getting back on track, the global market for residential security is also likely to witness substantial growth over the coming years.
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Residential Security Market Competitive Analysis
Dominant Key Players on Residential Security Market Covered are:
- UTC Fire & Security
- Allegion Plc.
- ASSA Abloy AB
- Bosch Security Systems GmbH
- Tyco International Ltd.
- CONTROL4 CORPORATION
- United Technologies
- Frontpoint Security Solution
- Nortek Security and Control
- Godrej & Boyce Mfg. Co. Ltd.
- Ingersoll-Rand Plc.
- Honeywell International Inc.
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