Worldwide shipments of CCTV cameras currently account for a value of US$ 10,951.7 million, and are predicted to increase at a CAGR of 6.9% from 2023 to 2033, to give the global CCTV camera market a valuation of around US$ 21,409.3 million by 2033.
Sales of CCTV cameras currently account for around 25% share of the global video surveillance industry market. Demand for IP cameras is gaining impetus as Internet proliferation has increased substantially in multiple user applications.
Many CCTV systems come in a combination of IP cameras, dome cameras, bullet cameras, etc., to ensure proper CCTV surveillance coverage.
As per FMI analysis and review of the CCTV camera market, H1,2023(O)-H1,2023(P) witnessed a growth of 16 BPS points. The reopening of the economy after the pandemic caused the crowds of people to slowly return to pre-pandemic levels across various places, leading to an increased demand for CCTV cameras.
The rise in the number of start-up companies across the world and office spaces automatically leads to the setting up of CCTV cameras. Certain people also choose to place CCTV cameras outside their homes for safety. Government mandates make it necessary to place CCTV cameras in certain places as well.
H1,2023(O)-H1,2022(A) witnessed a growth of 47 BPS points. Infrastructure growth in cities and towns automatically leads to the growth in CCTV cameras. 2021-2022 witnessed growth in crime rates as well as social unrest across the world.
To improve security and law and order in urban regions. CCTV cameras are witnessing growth. Several offices and government offices are placing CCTV cameras on their premises whenever they are set up as a mandatory task.
Surveillance cameras have seen a major change in demand over the past few years as digitization and technological proliferation in the human lifestyle have increased. Security has become a major concern in recent times as the risk of thefts and other security-related issues have grown more frequent than ever before.
Demand for closed-circuit television cameras rose at a CAGR of 6% from 2018 to 2022. Increasing demand for security solutions in infrastructure such as power plants, smart grids, etc., rising technological proliferation, increasing urbanization and digitization, and rapid technological advancements in CCTV camera technologies are expected to majorly influence the CCTV camera market potential.
Government initiatives to improve security have also helped propel sales of CCTV cameras in multiple countries. For instance, Indian Railways started the installation of IP cameras to bolster passenger safety in rail travel. Surveillance cameras will be installed across major stations nationwide and installation was expected to be completed by March 2022.
Consumption of CCTV cameras is estimated to rise at a CAGR of 6.9% from 2023 to 2033.
New Product Launches by CCTV Camera Manufacturers in Line With Tech Advances
CCTV camera vendors are developing new products to meet changing technological advancements and are incorporating technologies such as AI and facial recognition. As demand for surveillance systems and security systems increases, CCTV camera companies are focusing on the launch of new and advanced products.
For instance, in October 2021, Hikvision, a renowned name in the security and surveillance systems industry, unveiled its new intelligent radar PTZ camera. The surveillance camera is of 4 MP resolution and is equipped with a 40X long-range zoom. Hikvision cameras are one of the best offerings in the global CCTV camera industry landscape.
Asian Economies to See High Demand Outlook for CCTV Cams
The global closed-circuit television camera market research enlists detailed metrics for regions such as North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA).
The North American CCTV camera industry is expected to hold a significant market share in the global industry landscape over the forecast period. Increasing adoption of wireless CCTV cameras and wireless surveillance systems is expected to be a major trend in this region.
Increasing adoption of home surveillance systems in residential applications in Europe is expected to be a major trend driving sales of home surveillance cameras and home CCTV systems over the forecast period.
Rising focus on security and increasing technological proliferation are expected to govern demand for CCTV cameras in regions such as East Asia, South Asia, and the Pacific. Demand for surveillance systems in these regions is expected to be majorly influenced by economies such as India and China.
Cumulatively, these regions are expected to see an increase in demand for closed-circuit television cams at the second-highest CAGR after North America.
What Opportunities Do CCTV Camera Suppliers Have in India?
Rising Criminal Activity and Concerns for Security to Drive Sales of Surveillance Cameras
India has seen a substantial rise in criminal activity in the nation over the past few years and this has fostered a demand for CCTV systems to ensure the safety of citizens. Government initiatives to deploy more security systems in public places have propelled sales of IP cameras, dome cameras, bullet cameras, and other surveillance cameras.
The increasing crime rate has also bolstered demand for CCTV cameras for homes. Home CCTV systems are expected to see an increase in demand as urbanization paces in India. CCTV camera suppliers can focus on India to benefit from the untapped market potential nation has to offer. The market in India is anticipated to grow at a CAGR of 7.8%.
How Lucrative Is The CCTV Camera Industry In China?
Well-established Manufacturing Sector to Benefit Surveillance Camera Manufacturers
The presence of key closed-circuit television cams manufacturers such as Hikvision and Dahua Technology in China is expected to majorly influence CCTV camera demand in the nation. Low manufacturing costs in China are anticipated to provide an opportunistic setting for CCTV camera manufacturers. Government initiatives to boost technological industry advancements are expected to favor the CCTV camera market potential in China. The market in China is anticipated to grow at a CAGR of 5.8%.
Concerns regarding Chinese manufacturing technology in nations such as the United States are expected to act as a restraining factor for CCTV camera companies based in China.
For instance, in June 2021, United States regulators were contemplating a ban on products from some Chinese manufacturers, which included surveillance camera companies such as Hangzhou Hikvision Digital Technology and Dahua Technology. The bill was passed in October 2021 and sent to the United States president for approval.
Which CCTV Camera Application is Expected to Have a Bright Outlook?
CCTV Systems for Commercial Application to See High Sales
Commercial infrastructure security has become or prime concern for many companies and this has propelled demand for CCTV systems to monitor these premises and ensure security. Currently, CCTV camera sales account for 33% of the global CCTV camera market revenues.
On the other end, demand for home surveillance cameras is rising rapidly owing to increasing awareness of security among individuals with increasing physical risks. Home CCTV cameras are expected to see a bright outlook over the forecast period. Residential applications account for 17% of the global CCTV camera industry landscape.
CCTV Camera Market By Model Type:
Box Cameras
Dome Cameras
PTZ Cameras
Fixed Bullet Cameras
Positioning Cameras
On-board Cameras
Others
CCTV Camera Market By Technology:
Analog CCTV Systems
IP/Network-based CCTV Systems
CCTV Camera Market By Camera Sensor Type:
CCD Sensor-based Cameras
CMOS Sensor-based Cameras
CCTV Camera Market By Application:
CCTV Cameras for Residential Use
CCTV Cameras for Commercial Use
CCTV Cameras for Industrial Use
CCTV Cameras for Government Use
CCTV Camera Market By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
Middle East & Africa (MEA)
