Some of the prominent enterprises operating in the market such as Axis Communication AB, L-3 Communications Holdings, BAE Systems plc, Samsung Electronics Co., Ltd, Pelco Corporation, and others are looking to offer highly customized solutions across diverse end-use segments to increase their profit margins. The majority of these players are focusing on product innovation to cater to the increasing consumer demand.
The most prominent companies operating in the global night vision (IR) surveillance cameras market specialize in offering a wide range of commercial products for use across infrastructure, transport, retail, public sector, defense, education, banking, and industrial segments. These companies are also relentlessly working on launching more sophisticated versions of their products to gain competitiveness in the market, Transparency Market Research has observed in its latest study.
High-end surveillance technologies are finding a wider target market as concerns over infiltration or criminal conspiracies rise. The prevailing scenario offers lucrative prospects for the global night vision (IR) surveillance cameras market, TMR says. This will enable it to surge at a CAGR of 26.5% between 2015 and 2024. The global market, which in 2015 stood at US$22.8 mn, is projected to reach a valuation of US$175.8 mn by 2024.
Key Players Focusing on Product Innovation to Gain Lion’s Share in Market
Innovation of latest technologies has emerged as a prevalent strategy among leading players to win the lion’s share in the market. Product innovations have also led to reduced costs of night vision cameras, subsequently boosting their sales globally.
“The rising construction of smart homes is also expected to positively influence demand for night vision (IR) surveillance cameras,” said a TMR analyst. “Most of these buildings are fitted with smart technologies to control and detect any criminal activities,” he added. Benefited by the increasing concern pertaining to the protection of offices, homes, and personal properties, the sale of night vision surveillance cameras is expected to surge at a robust pace.
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On the flip side, with online shopping making inroads into lives of consumers, sellers are more likely focus on aggressive pricing strategies. This could adversely influence the market’s growth trajectory. This is truer in the case of low-end devices, where prices play an important role in influencing customer’s buying decisions. Such aggressive pricing strategies create uncertainties of revenue generation for small- and mid-sized companies could increase.
Nevertheless, the advent of wireless night vision (IR) surveillance cameras is expected to reduce efforts of routine maintenance of the device. This is expected to boost the adoption of night vision cameras across several sectors.
Installation of Night Vision (IR) Surveillance Cameras Highest in Defense and Public Sector
As per TMR, the defense and public sector is expected to report the highest demand for night vision (IR) surveillance cameras. “The proliferation of night vision cameras across the defense and public sector is mainly spurred by the recent instances of terror attacks of critical infrastructure,” said the report’s author. In many incidents banks, power, health, water supply, and communication systems were targeted by anti-social outfits. Ensuring the safety of critical infrastructure is therefore of utmost priority for governments across several nations at present. This boosts the deployment of night vision (IR) surveillance cameras across the defense and public sector.
The review is published based on research published by TMR in a report, titled “Night Vision (IR) Surveillance Cameras - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.”