The global night vision surveillance cameras market has paced up in recent times due to a variety of social and technological uses of these cameras. Since the product offered by the market is a specialty product which aids across specific domains, the innovational excellence of players is an integral factor that decides the success of the market players.
The large firms that are operational in the market are banking on their ability to provide customized solutions for a range of end-users in order gain supremacy in the market. Since the consumer demand is on a rise, it is important for players to fit into the specific needs of the consumers to capture a sustainable market share. The most well-established players in the market include Pelco Corporation, GmBH, Axis Communications AB, Robert Bosch, L-3 Communications Holdings, and BAE System Plc.
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The demand for night vision surveillance cameras is expected to grow at an exponential rate to say the least. Transparency Market Research’s report prophesizes the market to reach a stupendous value of US$175.8 mn by 2024 as against a market value of US$22.8 mn in 2015, registering a phenomenal CAGR of 26.5% over the forecast period of 2016 to 2024.
In terms of end use, the public sector and the defense segment is anticipated to be the most extensive consumer of night vision surveillance cameras. On a geographical footing, North America is projected to surge forward with a CAGR of 27% over the forecast period. Other segments for the market include Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Measures to Counter Terror Attacks and Criminal Mishaps Consolidates Market Growth
Infrastructural advancements have always been at the risk of being demolished or disrupted by natural disasters, unavoidable accidents, and criminal activities which places a deep liability on various public and private sectors. This is a major driver for the growth in demand for night vision surveillance cameras across a variety of public and private sector enterprises.
Moreover, terror attacks have been a major concern for organizations, people, and governments across the globe making it immensely integral for them to install these cameras. Power, Banking, Communications systems, and Banking are key sectors that are swiftly accepting the use of these cameras within their framework. Homes, offices, and personal spaces are now acquainted with mart systems to counter criminal activities and other incorrigible mishaps, which is further bolstering the demand in the market.
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Moreover, the various market players are making perpetual efforts to induce innovation with their products and expand their product portfolio, which is another important standpoint from the perspective of market growth. The success of innovation strategies would tone the prices down and encourage a larger number of consumers to buy the products within the market.
Aggressive Pricing Strategies Could be a Meek Market Threat
The market has been growing at a commendable rate but the availability of these products at online selling channels is persuading the sellers to resort to aggressive pricing strategies. This especially holds true with low-end devices where prices are the prime decider in the buying decision. This could be a subtle threat to the market but the market would majorly count progressive strides. The growth of the market is expected to be exponentially high during the forecast period which would keep magnifying the scope and opportunities for various players.
The review is based on TMR’s research report titled, “Night Vision Surveillance Cameras Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”