International. The global burglar alarm system market is expected to reach $7 billion by 2030, recording a compound annual growth rate – CAGR – of 6.7% between 2022 and 2030, according to a new report from Grand View Research, Inc.
The demand for this class of solutions is expected to increase due to the growing popularity of smart homes. Market players are likely to adopt business strategies such as partnerships, mergers, and acquisitions to gain more market share. For example, in May 2021, Assa Abloy acquired Sure-Loc Hardware, Inc., manufacturers of residential locks and related accessories. Through this acquisition, the company seeks to strengthen its position in mature markets by adding complementary services and products to its business.
Access control will help market expansion
The growing demand for a high level of security in residential complexes, commercial buildings and industrial complexes is likely to drive the need for burglar alarm systems in the coming years. The development of access control technology adapted to advanced analytics solutions is expected to expand the size of the market. For example, in April 2022, Johnson Controls acquired Security Enhancement Systems, LLC., a provider of phone-based keyless access control systems for providers of essential infrastructure, such as telecommunications towers. The acquisition enabled Johnson Controls to efficiently provide data analytics and keyless access control to effectively protect high-value infrastructure.
High market share in North America, higher growth in Asia Pacific
North America is projected to have significant market share driven by the rise in property-related crime. Asia Pacific is anticipated to exhibit the highest growth, supported by strict rules and safety standards released by the government. China is expected to have the maximum share attributed to established security brands, including Shenzhen Horn Security Technology co., Ltd, Zhejiang Dahua Technology Co., Ltd. and Fujian Chuango security technology co., Ltd. Players continue to innovate the security infrastructure. , hardware and professional services.
Partnerships and collaborations
If a secure area is penetrated, the home security system combines software and hardware sensors designed to detect an intrusion or illegal entry. According to the research, market players are prioritizing partnerships and collaborations with home security service providers to expand product and service offerings. For example, in October 2021, ADT partnered with Redfin, a full-service real estate brokerage provider, to provide smart home services and home security monitoring with Redfin. The partnership will allow ADT to install sensors, alarms and smart locks, allow buyers to tour the home worry-free, and keep sellers informed about who is visiting and leaving the property.
