China Underpins Global Video Surveillance Market Growth
IMS Research has updated its assessment of the market for CCTV and video surveillance equipment in China in the newly published report “The China market for CCTV and Video Surveillance Equipment – 2010 Edition”. Coming through a disappointing 2009, the China market is expected to exceed 20 percent revenue growth in 2010 and be the solid core of the recovering global video surveillance equipment market.
The China CCTV and video surveillance market was estimated to be worth just over $1.4 billion in 2009. The market is forecast to grow at a compound annual growth rate of 20.2 percent between 2010 and 2014 and be worth an estimated $3.5 billion in 2014—a substantial portion of the global market.
The major drivers for market growth are increasing investment from the government in infrastructure and public security projects. The construction of Safe City projects is expected to enter the second stage of its life-cycle during the early part of the forecast period. Consequently, the airport, port and railway, and education sectors are forecast to be the fastest growing sectors over the next five years.
“Network video surveillance products are growing more quickly than analogue video surveillance products, but confronting more barriers to adoption in China than in overseas markets,” said market analyst Bo Zhang. “One of the major reasons is that there is not an official ‘test and approval’ scheme for network video surveillance systems. This makes decision makers cautious when choosing this type of security system for important applications. That said, there is a clear demand for network video surveillance equipment in China and adoption of it as a solution will increase.”