Demand for personal emergency response systems (PERS) and related alarms is expected to expand 7.3% annually through 2021 to $220 million. Growth will be driven primarily by an above average increase in the number of people over the age of 65, which is the demographic most likely to utilize these devices. In addition, there is a persistent interest among elderly individuals to age in place in their own homes, rather than to move in with a relative or to an assisted living facility. These individuals are much more likely to utilize PERS alarms, since they are at home alone all or part of the time. These and other trends are presented in Security Alarms Market in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Value gains will benefit from the introduction and rising popularity of a variety of value-added features, such as:
- medication reminders, dispensing, and compliance monitoring
- fall detection
- vital signs sensors
- voice panic detection
The market for all types of security alarm systems in the US is projected to increase 5.1% annually, reaching $4.9 billion in 2021. Gains will primarily be driven by ongoing growth in construction activity, since new systems are generally installed during initial construction or major renovations. The institutional market, in particular, will benefit as related building expenditures improve from the slow growth of the 2011-2016 period.