Security Products Market to Grow 9% Annually

The world market for security products and systems is projected to grow nearly 9% annually through 2004 (approaching $60 billion), according to the World Security Products & Systems study from the Cleveland-based Freedonia Group, Inc.

The study attributes the increase in demand partly to a demand for locks and other mechanical security products that will be supported by a resurgence of fixed investment in emerging country markets and the trend toward integrating electronics into these devices.

But the best gains will be for other electronic security products, including closed-circuit television anti-shoplifting electronic surveillance systems, access controls, and explosive detection devices.

The study went on to say the fastest growth for security equipment is expected in the world's developing regions, which will log healthy growth off a weak late-1990s base.