The world market for professional video surveillance equipment grew by just 1.9 percent in revenues in 2015.
According to IHS, lower growth of 4.9 percent in the Chinese market was one of the biggest contributing factors to slower market growth globally. While the Chinese market grew by 26.7 percent in 2014, the market slowed down last year due largely to price erosion. Unit shipments of security cameras in China grew quickly but the average prices of cameras and recorders fell sharply.
IHS said that slightly higher revenue growth in both the global market and the Chinese market is forecast for 2016, at rates of 6.4 percent and 11.6 percent respectively. Product demand will continue to grow quickly and price erosion, though high, is forecast to ease somewhat. This will mean that the world market for video surveillance equipment will be worth $15.8 billion in 2016.
Other key findings noted by IHS:
- The world market for video surveillance equipment will grow by over 7%
- The Chinese market will account for of total revenues 46%
- 66 million network cameras will be shipped globally, 28 million will be HD CCTV cameras
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