According to the new market research report “Home Security System Market by Home Type (Independent Homes, Apartments), System Type (Professionally Installed & Monitored, Self-Installed & Professionally Monitored, Do-It-Yourself), Offering (Products, Services), and Geography – Global Forecast to 2023″, published by MarketsandMarkets™, the home security system market is expected to reach USD 74.75 billion by 2023 from USD 45.58 billion in 2018, at a CAGR of 10.40% during the forecast period.
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There is an increasing concern about security among the independent homeowners. The number of independent households is high in the economically developed countries, such as the US, Canada, Germany, etc. Also, those who own the induvial homes usually have a high total household income. The independent homes are more frequently built in isolated locations, and in case of the medical emergencies or the emergencies like burglary/theft, the necessary help may not be available in the area nearby these homes. Considering these factors, the adoption of home security systems among independent homeowners is high.
Home security system market for do-it-yourself security systems to grow at highest CAGR during forecast period
One of the major factors contributing to the projected high growth of the market for DIY security systems is the cost optimization ensured by these systems. Some of the products offer integrated alarm triggers and other smart features during a break-in or security cameras for the monitoring purposes. The penetration of home security systems is still low, and the customers from economically developing countries prefer deploying DIY systems for the security within their budgets. Also, some companies help the customers with user manuals and guidance tools for the system installation and integration. Although the systems do not provide a connection with a professional monitoring station, the customers can remotely monitor the home using their smartphones. Therefore, with the growing adoption of home security systems, the DIY systems become an attractive alternative for the newer customers with average disposable incomes.
Browse and in-depth TOC on “Home Security System Market”
65 – Tables
56 – Figures
183 – Pages
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Industrial valve market for cryogenic valves to grow at high CAGR from 2018 to 2023
The industrial valve market for cryogenic valves will grow at the highest CAGR during the forecast period. The oil & gas, energy & power, and chemicals industries are likely to have high demand for cryogenic ball valves due to their ability for quarter turn on-off operation, minimal lubrication, and capability to provide tight sealing with low torque in cryogenic fluid handling applications. Cryogenic plug valves will be highly installed in the oil & gas and chemicals industries for the isolation application, that is, to separate cryogenic media from other media.
Americas to hold largest size of home security system market by 2023
The largest size of the American market is attributed to the early adoption of home security systems in this region. Moreover, the region is home to major companies functional in the market, such as Johnson Controls (US), Honeywell (US), and UCT (US). Also, the prominent monitoring security service providers such as ADT (US), Vivint (US), and Protect America (US) generate the majority of their revenues in this region itself. Moreover, economically and technically developed countries, such as the US and Canada, hold a large number of households with high disposable income. Additionally, the introduction of IoT and the development of smart cities have given a boost to the home security system market in the region.
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Emerson (US), Cameron – Schlumberger (US), IMI PLC (US), Flowserve (US), and Weir Group (UK) are among a few major players in the industrial valve market.
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