The market for night vision surveillance cameras is expected to develop at a stable compound annual growth rate (CAGR) of 22.3% between 2022 and 2032. This indicates that the market is positioned for impressive growth. It is anticipated that this booming business would have a significant increase in market share, rising from US$ 108.9 billion in 2022 to an astounding US$ 812.2 billion by 2032.
It is significant to note that the market for night vision surveillance cameras grew at a faster rate of 24.4% during the preceding five years (2016–2021), reaching a value of US$ 84.7 billion in 2021. The industry for night vision security cameras has been supported by manufacturers’ increasing spending in research and development, which is responsible for this extraordinary rise.
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The development of Coronavirus has influenced the store network and circulation of night vision surveillance cameras, smothering night vision surveillance cameras market development.
Savvy night vision surveillance cameras are fit for identifying, perceiving, investigating, and following people, vehicles, and items. It could be tweaked by changing settings like article size and responsiveness. Accordingly, the utilization of brilliant night vision surveillance cameras is growing nowadays.
Because of the expanded acknowledgment of organization cameras in business and private applications, night vision surveillance camera arrangements are probably going to be executed at a fast rate all through the estimate period. Furthermore, expanded R&D speculations by producers are moving the night vision surveillance camera market extension.
Manufacturers of night vision surveillance cameras can focus on increasing their R&D expenditure in order to offer solutions that incorporate sophisticated technology such as video analytics, facial recognition, and theft detection.
One of the reasons impeding the growth of the night vision surveillance camera market in South Asia and Latin America is the high price of the device. Furthermore, data storage issues for night vision surveillance cameras are impeding the night vision surveillance camera market expansion.
Due to high product awareness and retail availability of night vision surveillance cameras, the U.S. is expected to hold a significant share of the night vision surveillance camera.
Rising security breaches and rising reliance are driving up demand for night vision surveillance camera in nations such as the United States and Canada. The central governments of the United States and Canada are turning to night vision surveillance camera to improve security across public applications.
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To maintain a consistent income flow, players in the night vision surveillance camera market are focusing on product expansion and business collaboration. In comparison to the other regions, the Asia Pacific and North American regions are likely to present significant potential for companies in the night vision surveillance camera market.
KEY TAKEAWAYS:
- In the type sector, PTZ (Pan, Tilt and Zoom) from the night vision surveillance camera market are anticipated to flourish at the quickest CAGR of 22.0%.
- With a CAGR of 21.6%, public sector and defence are predicted to grow significantly in the end-use application sector of the night vision surveillance camera market.
- The market size fornight vision surveillance camera market in the United States is expected to reach US$ 195.4 Billion by 2032, growing at a CAGR of 21.3% during the research period.
- China is anticipated to reach a market sizeof US$ 52.6 billion in Night vision surveillance camera by 2032, with a CAGR of 20.7% during the research period.
- Australia’s Night vision surveillance camera market is anticipated to be worth US$ 25.8 Billion by 2032, with a CAGR of 19% over the forecast period.
- Japanis expected to have a market size for Night vision surveillance camera of US$ 25.3 Million by 2032, with a CAGR of 19.1% during the research period.
- By 2032, South Africais expected to reach a market size of US$ 5.6 Billion in night vision surveillance camera, with a CAGR of 18% during the research period.
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COMPETITIVE LANDSCAPE:
Hangzhou Hikvision Digital Technology Co Ltd., Canon Inc., Bosch Security Systems, Inc., Honeywell International Inc., Panasonic Corporation, Dahua Technology Co., Ltd., Pelco, Sony Corporation, Samsung, Cisco Systems, and others are among the prominent competitors in the night vision surveillance camera market.
The increased emphasis on distribution channels and advice via social media applications is likely to boost growth of the leading players in the night vision surveillance camera market.
RECENT DEVELOPMENT:
- Thermoteknix Systems Ltd. debuted its innovative TiCAM 1000C Biocular Target Locator System at the Security & Policing security event in February 2019. It is a portable camera used for observation, surveillance, and security. It is also appropriate for low-light situations and inclement weather.
- Thales Group announced the co-development of ELFIE night vision devices with Indian armed force producer MKU ltd in February 2019. ELFIE will provide convenient mobility as well as night warfare The night vision devices may be used with either a helmet or a weapon, and it is suited for both left and right eyes.
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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