Electronic Security Market Growing Through Pandemic
The ‘Electronic Security Systems (ESS) – Global Market Trajectory & Analytics’ report has been released by ResearchAndMarkets which argues the market is continuing to grow strongly through the COVID-19 pandemic.
Amid the COVID-19 crisis, the global market for electronic security systems, estimated at $US45.8 Billion in the year 2020, is projected to reach a revised size of $70.4 Billion by 2027, growing at a CAGR of 6.3 per cent over the period.
CCTV is projected to record a 8.7 per cent CAGR and reach $36.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the alarms segment is readjusted to a revised 3.1 per cent CAGR for the next 7 years.
The electronic security market in the U. S. is estimated at $12.4 Billion in the year 2020, with China, the world`s second largest economy, forecast to reach a projected market size of US$15.7 Billion by the year 2027 trailing a CAGR of 10.2 per cent over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2 per and 5.8 per cent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4 per cent CAGR.
In the global access control segment, USA, Canada, Japan, China and Europe will drive the 6.9 per cent CAGR estimated for this segment. These regional markets, accounting for a combined market size of $4.5 Billion in the year 2020, will reach a projected size of $7.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $9.5 Billion by the year 2027, while Latin America will expand at a 8.9 per cent CAGR through the analysis period.