UK – Europe’s residential security market was valued at US $759.2 million in 2014 and is expected to reach a whopping $1,867.5 million by 2020, according to a report by Market Research Store.
Residential security system includes various components such as surveillance systems, intruder alarms, access control systems and software.
Increasing instances of criminal activities such as burglary and theft in residential buildings has resulted into growing demand for residential security systems in Europe. Residential security systems also provide safety against gas leaks, fire, and other hazards. It effectively provides the surveillance services and facilitates an option raise an alarm in case of any emergency.
Key factor driving demand for residential security in Europe is increasing installations of smart homes. The smart home market in Europe is growing at a rapid pace and is expected to cross 15 billion mark by the end of 2020. Smart home market is on the rise especially in Germany, UK and France. With increasing number of installations of smart home, demand for residential security systems is expected to increase.
Moreover, advances in the technology and entry of the new players in the Europe residential security systems market is expected to lower down the price of residential security. This in turn is expected to boost the demand for residential security market in Europe. However, high installation cost and uncertain economic conditions across Europe except Germany is expected to arrest the growth of residential security market.
Surveillance systems, intruder alarms, access control systems and software are the key segment of residential security market. Surveillance systems segment dominated the residential security market in 2014 with around 35% share in total market.
Surveillance systems are witnessing strong demand from end users. However, it is expected to decrease in its market share during the forecast period owing to availability of different substitutes such as cloud-based services. Access control systems market is expected to exhibit fastest growth rate during the forecast period.
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