Electronic Security industry forecasts to 2010 and 2015
Released on = April 21, 2007, 1:37 am
Press Release Author = Bharat Book Bureau
Industry = Marketing
Press Release Summary = The US market for electronic security products and systems is expected to rise nearly seven percent per year to $15.5 billion in 2010. Growth will be spurred by some of the same factors driving the broader security industry, including a high perceived risk of crime (from conventional violent and property crimes
Press Release Body = Electronic Security industry forecasts to 2010 & 2015
US market value to reach $15.5 billion in 2010 The US market for electronic security products and systems is expected to rise nearly seven percent per year to $15.5 billion in 2010. Growth will be spurred by some of the same factors driving the broader security industry, including a high perceived risk of crime (from conventional violent and property crimes to white collar crimes and terrorism) and a belief that public safety officials are overburdened. Although much of the investment that was proposed immediately following the 9/11/01 terrorist attacks has been completed, gains will continue to be fueled by improving capital spending, as well as technology developments that drive spending on upgraded systems.
Shipments of electronic security products from US facilities are projected to increase 6.5 percent annually through 2010 to $13.6 billion. This rate is somewhat slower than demand growth and reflects both ongoing growth in markets that already feature a high import component (e.g., alarms and closed-circuit television systems) and a broader trend of US-based manufacturers outsourcing a rising level of manufacturing and assembly activities.
Access controls, contraband detection systems to provide best growth prospects
Holding especially good prospects are systems that provide a high level of protection with a minimum amount of maintenance and manned support. For instance, access controls are expected to post the strongest growth through 2010 because of technological innovations that
allow them to employ an increasingly sophisticated array of clearance options, including biometrics, and because they can effectively replace guards. Above average growth is also expected for contraband detection systems as technology improves and the systems become more accessible to a wide array of applications. However, gains will be significantly below the massive expansion, much of which took place in the airport segment, between 2002 and 2004. Automotive security devices will also exhibit healthy growth as OEM penetration rates continue to increase, although some slowing is expected thereafter as this process is completed.
Most end-use markets to register healthy growth
Most end-user markets for electronic security systems will register healthy growth. Above average gains are expected in the industrial, offices and lodging, financial institutions and services sectors, due to a combination of cyclical factors and concerns over the adequacy of security safeguards in these settings.
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