Increase in implementation of internet of things (IoT) and wireless technologies in home security systems and surge in security threats and breaches drive the growth of the global window sensors market
PORTLAND, Oregon, May 27, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Window Sensors Market by Type (Indoor and Outdoor), and Application (Commercial and Household): Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global window sensors market generated $7.43 billion in 2017 and is expected to garner $15.39 billion by 2025, growing at a CAGR of 9.3% from 2018 to 2025.
Increase in implementation of internet of things (IoT) and wireless technologies in home security systems and surge in security threats and breaches drive the growth of the market. On the other hand, high cost of installation hinders the growth of the industry. Nevertheless, adoption of artificial intelligence (AI) and deep learning in home security systems along with rise in number of smart city initiatives create new pathways in the industry.
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Indoor segment to maintain its leadership status throughout the forecast period
Based on type, the indoor segment contributed to the major market share in 2017, with more than two-thirds of the total market and is estimated to maintain its leadership status throughout the forecast period. This is due to upsurge in rate of burglaries and incidents of security breaches. On the other hand, the outdoor segment would register the highest CAGR of 10.8% from 2018 to 2025, owing to rise in implementation of home security systems.
Household application to dominate in terms of revenue by 2025
The household application segment accounted for nearly three-fifths of the total market share in 2017 and will maintain its dominance by 2025. This is due to increase in installation of home security systems that reduces the rate of burglary. However, the commercial segment is estimated to grow at the highest CAGR of 9.9% from 2018 to 2025, owing to initiatives for smart cities taken by governments from various countries.
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North America to contribute its lion's share by 2025
North America held the major market share, accounting for more than two-fifths of the total market share in 2017 and will continue to contribute its lion's share by 2025. This is due to rise in implementation of smart technologies such as AI and IoT leading to adoption of window sensors. LAMEA would register the highest growth rate, with a CAGR of 12.0% from 2018 to 2025, owing to surge in awareness regarding home security among consumers.
Frontrunners of the industry
Key market players analyzed in the research include Honeywell International, Inc., Pepperl+Fuchs GmbH, Optex Group Co., Ltd., SecurityMan Inc., Panasonic Corporation, Eve Systems, iSmart Alarm, Inc., SABRE - Security Equipment Corp., Samsung Electronics Co., Ltd., and United technologies Corporation. They have adopted different strategies including mergers & acquisitions, collaborations, new product launches, partnerships, and others to gain stronghold in the industry.
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