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Security and protection items such as CCTV cameras, safes & lockers, fire alarms, locks, and keys, etc., have a vast market globally. With the rapid progress in the corporate world, security concerns are on the rise. The major growth actors driving the market include technological advancements, terror attacks, and installation of wireless technology in security systems, and cameras for video surveillance.
The surge in demand for fire safety equipment for different industries, such as automotive, manufacturing, utilities, petrochemical, energy and power, oil and gas exploration, construction, and mining, is expected to drive the market growth. As per research, the global fire safety equipment market size was estimated at US$43,488 million in 2020 and is expected to expand at a CAGR of 6.6% from 2021 to 2028.
The visible rise in security threats and the development of smart city projects are a few of the factors driving the market for smart lock keys. Corporates are also going towards portable security devices. Nevertheless, smartphone snatching, the high cost of devices, and the fear of privacy breaches are projected to hamper the market growth. As per research, the market for smart locks was valued at US$529.7 million in 2019 and is expected to reach US$ 1,282.5 million by 2027. It is projected to grow at a CAGR of 11.9% from 2020 to 2027.
The products for self-defense are on the rise. The growth of this particular market is attributed primarily to rising incidences of civil unrest. The need for personal safety in recreational activities like hiking and camping are also the reasons behind self-defense products’ significant growth. As per research, the global market size for self-defense products is projected to reach $3.6 billion by 2025 and is expanding at a CAGR of 5.9%.
An unwarranted surge in crime rates across the globe, the availability of technologically advanced security systems, together with rising investment in R&D for improved operation of alarm monitoring systems are some factors that are supporting the growth of the security alarm’s global market. As per research, the alarm monitoring market is projected to grow at a CAGR of 5.4% during 2021-2026.
The requirement for physical security is increasing each day due to rising burglary cases. Growing security concerns and rising infrastructural development caused by the growing terrorist activities have forced the development of innovative physical security solutions. All these aspects have spurred expectations to help the CCTV camera market grow at an exceptional rate. As per research, the global CCTV camera market will grow at a CAGR of 11.4% to touch the market volume of 5 Billion by 2027.
Safes and lockers are secured storage systems where valuables such as documents, records, money, and others can be stored. Rising concerns related to the safety of valuable assets, growth in threat levels, sharp increase in commercial and retail banks, and the surge in security awareness are some major growth drivers in the global safes and lockers market. As per research, the global market size for safes and vaults was valued at $5.82 billion in 2019 and is expected to touch $9 billion by 2027 at a CAGR of 8.1%.
All the projections shared here are completed with a conservative approach amid COVID-19 waves. Developed and developing economies are unsure due to concerns about COVID-19 variants. However, companies dealing in the security & protection industry have already seen a sharp increase in their profits as the lockdown situations are easing out.
