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Country Industry Forecast- European Union Security Industry
Frost & Sullivan, April 2004
After the events of September 11, 2001, the European Union (EU) has been tightening its security processes. All member countries are undertaking major security initiatives such as installation of sophisticated electronic equipment. The security equipment industry has received a boost with the passing of new laws such as building safety regulation, working time directives, biometrics in visas and common standards for physical security equipment. In fact, the security industry is one of the fastest growing industries in Europe with an expected annual growth rate of more than 10 percent in the next few years.
Growth is expected to be primarily driven by the four major economies of Europe -- the United Kingdom, Germany, Italy and France. Untapped markets such as Scandinavia, Benelux and Iberia also present a substantial opportunity for security equipment manufacturers. Europe currently faces issues such as an aging population, increasing crime rates, EU enlargement and illegal immigration that substantiate the requirement for a more secure society.
The current focus of EU institutions is on making the EU one of the most competitive markets in the world by 2010 and ensuring stable economic growth. Efforts to this end include investment in human capital, improvements in physical infrastructure, and enhancement of available network in the transportation, telecommunications, and energy sectors. To counteract sluggish economic conditions that are compounded by increased uncertainties due to geopolitical tensions and international terrorism, the European Commission has endorsed economic growth initiatives including the European Action for Growth.
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