NEW YORK, Nov. 11, 2015 /PRNewswire/ -- World demand to rise 6.8% annually through 2018
World demand for security equipment will advance 6.8 percent annually to $125 billion in 2018. The fastest gains will be in relatively underdeveloped security markets located mainly in Asia, Eastern Europe, Africa, and the Middle East. Because the intensity of security product use is relatively low in these areas, there is still significant growth potential. In addition, these markets will be supported by economic growth, new business formation, foreign investment activity, rising urbanization, and growing middle and upper class populations, which will provide means to invest in security products.
China, India to be fastest growing major markets
Among major individual national markets, the most rapid increases in security equipment demand will be in China and India, which will each register doubledigit annual growth through 2018. These markets will benefit from above average increases in GDP, urban population, and building construction activity. Despite rapid gains over much of the past decade, the usage of many types of security equipment in these countries remains low compared to more mature markets. Security equipment demand in North America is expected to grow 6.5 percent annually through 2018, representing a significant improvement over the 2008- 2013 pace. Growth will be driven by a rebound in construction, and more rapid growth in GDP and consumer incomes. Advances will also be aided by rising penetration for security equipment in Mexico, the least developed market for these products in the region. Gains in Western Europe and Japan will be more modest, but will post stronger growth through 2018 than they did between 2008 and 2013. While these markets will also exhibit growth resulting from improving economies and concerns about crime, their relative maturity will constrain
Electronic security products to outpace mechanical types
Electronic security products accounted for nearly two-thirds of total global security equipment demand in 2013. These products are also expected to post faster sales advances than mechanical security equipment through 2018. Demand will be driven by improvements in design that give electronic systems greater functionality, while also making them increasingly user-friendly and costeffective. Demand for locks and other mechanical security products will be bolstered by improving economic conditions in developing areas where these products have not yet reached market maturity. Construction gains in the US, Japan, and other more established markets
will also support gains.
Residential market to be fastest growing outlet
The commercial and industrial security equipment market accounted for twothirds of sales in 2013. The dominance of this market reflects the large number of facilities, high potential for loss, and availability of resources for protective purposes. Market gains will be fueled by rising business formation and nonresidential construction activity. However, the fastest growth will be recorded in the residential market, stimulated by factors such as a rebound in global residential construction spending, a high perceived risk of crime among residents in many areas, rising per capita incomes, and the increasingly affordable nature of security equipment.
This upcoming industry study, World Security Equipment, presents historical demand data (2003, 2008, 2013) and forecasts (2018, 2023) by product, market, world region, and for 14 countries. The study also considers key market environment factors, details the industry structure, evaluates company market share and profiles 44 global competitors
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