Deerfield Beach, FL -- (SBWire) -- 10/26/2017 --The residential security system includes various components such as surveillance systems, intruder alarms, access control systems, and software. Residential security is a part of physical security that assures the security of homes and individual. With increasing instances of criminal activities such as burglary and theft in residential buildings and among the aging people has resulted into growing demand for residential security systems in Europe. The residential security system also provides safety against gas leaks, fire, and other hazards. It effectively provides the surveillance services and facilitates an option raise an alarm in case of an emergency.
According to the report, the Europe residential security market was valued at USD 759.2 million in 2014 and is expected to reach USD 1,867.5 million by 2020. Europe residential security market is expected to grow at a CAGR of 17.11% between 2015 and 2020. Zion Market Research has published a new report titled Residential Security Market in Europe (Surveillance Systems, Intruder Alarms, Access Control Systems and Software): Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.
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A key factor driving demand for residential security in Europe is increasing installations of smart homes. The smart home market in Europe is growing at a rapid pace and is expected to cross 15 billion marks by the end of 2020. The smart home market is on the rise especially in Germany, UK, and France. With increasing number of installations of the smart home, demand for residential security systems is expected to increase. Moreover, advances in the technology and entry of the new players in the Europe residential security systems market is expected to lower down the price of the residential security. This, in turn, is expected to boost the demand for residential security market in Europe. However, high installation cost and uncertain economic conditions across Europe except Germany are expected to arrest the growth of residential security market.
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Surveillance systems, intruder alarms, access control systems, and software are the key segment of the residential security market. Surveillance systems segment dominated the residential security market in 2014 with around 35% share in the total market. Surveillance systems are witnessing strong demand from end users. However, it is expected to decrease in its market share during the forecast period owing to the availability of different substitutes such as cloud-based services. Access control systems market is expected to exhibit fastest growth rate during the forecast period.
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Some of the key industry participants in residential security market include Honeywell International Inc., Bosch Security Systems Inc., Tyco International, GE Security Inc Ltd., AMX Corp., Control4 Corp., Alarm.com Inc., Siemens Building Technologies AG., and home Automation Inc.
Residential Security Market Worth $1,867.5 Million and CAGR 17.11% by 2021
Residential Security Market to exceed USD 1,867.5 Million in 2020