International. During 2020, the global market for monitored residential security was expected to present a stability caused by the 0.8% not very significant increase in the number of accounts. In turn, the forecast projected growth of 3.8% for that year. This was stated by the MONITORING INDUSTRY MARKET STUDY 2022, conducted by Latin Market Research.
It is then that the forecasts for the Europe, Middle East and Africa (EMEA) region, were estimated at a growth of the accounts to a total of 2.5% in 2020. The reduction forecast for Asia is more significant, as it estimated that the number of accounts in the region showed an increase of only 1.5% for that year, a factor of five percentage points less than the previous expectation of growth of 7.6%.
According to the Market Report "by 2022, it was obtained that growth for North America (being the largest market for alarm monitoring) would be 41% of the market share. China, in turn, also has strength within the market, which represents approximately 15% of the share."
The global alarm monitoring market size is projected to reach USD 54.27 billion by 2027, from USD 41.34 billion in 2020, at a Compound Annual Growth Rate (CAGR) of 4.0% during 2021-2027.
Likewise, the market research emphasizes that "growth has increased marginally in the last 5 years and it is expected that when the physical security business "returns to normal" it will have the potential to generate a growth of 5%. For Western manufacturers, it is a more stable market than the video surveillance business and, at the moment, it is not threatened by low-cost Chinese products."
Fire Detection Market Demand
MONITORING INDUSTRY MARKET STUDY 2022 has argued that demand in the global fire detection market exceeded $40 billion in 2020 and will continue to grow for the next seven years.
According to estimates, "the advances followed by profitable products and installations of service and maintenance poles will contribute greatly to favoring sales. Suppliers aim to launch new products and seize opportunities in emerging markets by developing a local sales network and closing new commercial agreements.
From another point, trade magazines projected that the global Advanced Fire Detection and Extinguishing Systems market was valued at USD 8.306 billion in 2020. Relatedly, it is expected to reach USD 11.42 billion by the end of 2026, at a CAGR of 4.6% for the period 2021-2026.
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