Alarm Systems and Equipment Global Market Report 2024

The alarm systems and equipment market size has grown steadily in recent years. It will grow from $5.58 billion in 2023 to $5.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth observed during the historical period can be attributed to factors such as security concerns and crime rates, compliance with regulatory standards, urbanization, population growth, the influence of the insurance industry, and competition within the alarm systems and equipment market, leading to market expansion.

The alarm systems and equipment market size is expected to see steady growth in the next few years. It will grow to $6.97 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period can be attributed to factors such as increased market competition and innovation, the emergence of do-it-yourself (DIY) solutions, a growing focus on environmental sustainability, concerns related to data privacy and cybersecurity, and the ongoing trends of urban development and expansion. Major trends expected in the forecast period include advancements in enhanced emergency response capabilities, the integration of predictive analytics, voice control integration, progress in wireless technology, a heightened focus on energy efficiency, and the integration of mobile apps in alarm systems and equipment.

The market for alarm systems and equipment is thriving due to escalating investments prompted by heightened safety and security concerns among households. With an increase in crime rates, consumers are prioritizing security, especially in residential areas. The preference for smart home devices, such as intelligent alarms and related equipment, has surged as households seek enhanced safety. Statistics on home burglaries underscore the significance of security systems, revealing that homes without such systems are 300% more susceptible to break-ins. In 2022, the US witnessed a 7% increase in vehicle thefts, totaling 1,001,967 cases, reinforcing the future potential for the alarm system and equipment market.

The rising adoption of smart homes is anticipated to be a key driver for the alarm systems and equipment market. Smart homes, equipped with various technologies to enhance efficiency, security, and comfort, are increasingly incorporating alarm systems to detect and alert homeowners to potential threats such as intrusions and environmental hazards. In 2023, approximately 63.43 million households in the US actively utilized smart home devices, marking a 10.2% increase from 2022. This widespread adoption of smart homes is propelling the growth of the alarm systems and equipment market.

The market faces limitations due to the inconvenience caused by false alarms. False alarms, resulting from various factors such as incorrect codes, untrained users, or environmental changes, pose challenges to the growth of the alarm systems and equipment market. These false alarms not only induce unnecessary panic but also strain resources, diverting emergency and police services to non-threatening situations. In 2020–2021, 98% of automatic fire alarm occurrences were false alarms, with 90% attributed to defective equipment, costing the UK an estimated £1 billion annually in missed output and business disruption.

Companies in the alarm systems and equipment market are actively investing in wireless protocols for fire detection, with ZigBee technology gaining attention. Major players, including Honeywell International, Inc., Bosch Security Systems, Alarm.com, ADT Corp., and Nortek Security & Control, are incorporating wireless technologies to enhance fire safety systems in various settings, from homes to public places.

Key players are focusing on introducing smart home protection solutions. These comprehensive systems leverage interconnected devices and technologies to bolster residential security. In June 2023, SimpliSafe launched 24/7 Live Guard Protection, an advanced service providing enhanced protection for smart homes using wireless indoor security cameras. These cameras, equipped with AI, enable real-time threat assessment, recording, and interaction with live agents when necessary.

In December 2021e, Securitas, a global security services group, acquired Supreme Security Systems for approximately $20 million. This acquisition expands Securitas' service capabilities and client offerings in the northeast US, aligning with the company's ambitious goal to double the size of its security solutions and electronic security business by 2023.

Major companies operating in the alarm systems and equipment market report are Monitronics International Inc., Robert Bosch GmbH, Siemens AG, United Technologies Corporation, Chubb Fire & Security Ltd., Burg-Wächter KG, Schneider Electric SE, Honeywell International Inc., Johnson Controls International PLC, Carrier Global Corporation, UTC Fire & Security Americas Corporation Inc., Stanley Black & Decker Inc., Securitas AB, Hikvision Digital Technology Co., Assa Abloy AB, ADT Inc., Allegion PLC, Godrej & Boyce Manufacturing Company Limited, Vivint Smart Home Inc., Axis Communications AB, Alarm.com Holding Inc., Dahua Technology Co. Ltd., Vector Security Inc., Vanderbilt Holding Company Inc., Nortek Security & Control LLC, Brivo Inc., Bosch Security Systems Inc., RISCO Group NV, Qolsys Inc., Hanwha Techwin Co. Ltd., FLIR Systems Ltd., Gunnebo AB, Tyco International Ltd. The Asia-Pacific was the largest region in the alarm systems and equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global alarm systems and equipment market report during the forecast period. The regions covered in the alarm systems and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Various types of communication technology are utilized for alarm systems and equipment, including wired telecommunication networks, cellular wireless networks, wireless radio networks, and IP networks. An IP network relies on the Internet Protocol (IP) to transmit messages between computers. These alarm systems and equipment are available as system hardware and solutions, catering to residential, commercial, and industrial end-users.

The alarm systems and equipment market research report is one of a series of new reports that provides alarm systems and equipment market statistics, including alarm systems and equipment industry global market size, regional shares, competitors with an alarm systems and equipment market share, detailed alarm systems and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the alarm systems and equipment industry. This alarm systems and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the alarm systems and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The alarm systems and equipment market consist of sales equipment or devices for the protection and security of the residential or commercial building. The different types of alarm systems include door alarm, motion sensor alarm, glass break sensor, water alarm, and heat alarm. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.