Demand for security cameras is projected to increase 7.2 percent annually through 2021 to $2.8 billion, according to Video Surveillance Equipment Market in the U.S., a new study from Cleveland-based industry research firm Freedonia.
Gains will result from a variety of factors that support replacement demand and sales of higher value, upgraded versions, including:
- ongoing product advancements in camera technology;
- increasing affordability of cameras with expanded features, such as internal recording capabilities;
- continued shift toward upgrading existing legacy analog systems to either IP or HD analog systems in order to utilize more feature-rich cameras and systems; and
- rising interest in higher value, more niche camera types — such as thermal or explosion resistant — as their prices continue to come down, which will work to expand the base of installed cameras.
In 2016, dome cameras accounted for the largest share of video surveillance camera demand with 42 percent. Sales of these products have benefited from developments over the past decade, such as increased durability and higher resolutions, the report states. This has allowed for broader use of dome cameras in both indoor and outdoor applications. Dome camera sales have also gained from the rising use of cameras indoors, where these constructions are still highly popular due to their discreet appearance.
Through 2021, sales of all video surveillance products are projected to increase 5.6 percent annually to $4.9 billion. Growth will be driven by the increasing affordability of feature-rich systems that incorporate enhanced capabilities, which will work to expand the base of end users that choose to install video surveillance systems and spur replacement and upgrade demand among existing users.
More information about the study is available at www.freedoniagroup.com/industry-study/video-surveillance-equipment-in-the-us-by-product-technology-and-market-3553.htm.