This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 2/22/2017
Overview                                                                                            

 
                                                                                                                                  Unit: USD millions
Safety and Security Industry Statistics
Note: The above statistics are unofficial estimates.

The market for security and safety equipment continues to present a very good outlook.  While crime rates are still relatively low, particularly by Latin American standards, it has risen in the last few years, and there is increasing public awareness of the need to respond. 
 
Commercial institutions and households are usual targets for armed assaults and, as a result, there is an increasing need for security equipment in residential areas and public spaces.  With raising labor costs, many businesses and households have opted to install automated security measures.  Additionally, the boom in the construction sector and the expansion of the Panama Canal is generating strong demand for safety equipment.
 
The United States has maintained a strong position in the security and safety equipment sector, with more than 50 percent market share during recent years.  This situation has improved as a result of the Trade Promotion Agreement between the U.S. and Panama, which eliminated import duties on U.S.-made products in this sector.  American products are considered to be high-quality and the proximity of the U.S. for spare parts and post-sales service continues to provide U.S. companies with a competitive advantage.  Major competitors are from Japan, Korea, and Germany.  There are no restrictions on the entry of security and safety equipment and both U.S. and European standards are accepted in Panama.  Main users include banks, the Panama Canal Authority, retailers, ports, hotels, airports, hospitals, and large local and multinational corporations.

Sub-Sector Best Prospects                                                            
 
Best sales prospects are electronic surveillance equipment, fire and burglar alarms, smoke detectors, and safe/strong boxes.  Car alarm systems are always in strong demand.  Various types of personal safety equipment such as gloves, eyeglasses, harnesses, vests, etc., show signs of strong demand.

Opportunities                                                                         

New gated communities in Panama City and condominiums are increasing the use of surveillance electronic equipment.  The Panama Canal is also a major user of security and safety equipment, as well as the ports, which rank as the largest in the region.

Web Resources                                                              

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