ALBANY, New York, May 12, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research entitled "Night Vision (IR) Surveillance cameras Market -Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024," the global night vision (IR) surveillance cameras market is expected to reach a value of US$ 175.8 Mn by 2024. The market is estimated to expand at a CAGR of 26.5% during the forecast period from 2016 to 2024. The demand for continuous monitoring; growing government, military, and civilian security concerns; need for critical asset protection; and falling prices are driving the expansion of the night vision (IR) surveillance market globally.
North America was the largest market for night vision (IR) surveillance cameras in the year 2016, with a market share of around 47.4%. The high adoption of night vision camera capabilities has helped the region successfully resist and fight terrorism and has helped in identifying crucial information and links to terrorist activities in the region. Europe is expected to be the fastest-growing market for night vision (IR) surveillance cameras at a projected CAGR of 29.1% during the forecast period (2016-2024).
Factors, such as growing demand for continuous monitoring for perimeter access and population management and growing security concerns about public/private end-use sectors and critical asset protection, have collectively resulted in the growth of the night vision surveillance market across the globe. Moreover, the demand for next-generation infrared night vision cameras coming from defense and military end-use verticals, is expected to further boost the demand for the night vision (IR) surveillance camera market.
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Globally, the dome camera segment occupied approximately 33.5% of the night vision (IR) surveillance camera market in 2015. This is the result of its unique vandal-proof and weather-proof design, which makes it more durable for use in the long term. Moreover, due to their ability to go undetected, dome cameras had the higher market share. Box cameras are expected to be the fastest-growing segment during the forecast period at a CAGR of 29.7%. Increasing adoption of box cameras by the military, traffic surveillance, and commercial sectors is the major reason behind its fastest growth.
PTZ cameras was the largest segment by type of the night vision (IR) surveillance market, accounting for approximately 71.9% of the total market in 2015. The demand comes from increasing usage in video analytics and intelligent imaging applications in various end-use sectors. The fixed cameras segment is expected to be the fastest-growing camera type at a CAGR of 26.9% during the forecast period.
Public sector and defense were the largest segment by end-use of the night vision (IR) surveillance cameras market accounting for approximately 23.3% of the total market in 2015. The business organizations segment is expected to be the fastest-growing segment by end-use at a CAGR of 29.2% during the forecast period.
In recent years, leading night vision (IR) camera vendors have been looking at offering highly customized solutions to various end-use sectors. Leading night vision (IR) surveillance manufacturers in 2015 included FLIR Systems, Axis Communications AB, Robert Bosch GmbH, Pelco Corporation, Raytheon Company, BAE Systems plc., L-3 Communications Holdings, Samsung Electronics Co., Ltd., and Hikvision Digital Technology Co., Ltd.
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The global night vision (IR) surveillance cameras market is segmented as below:
Night Vision (IR) Surveillance Cameras Market
- Box Cameras
- Dome Cameras
- Bullet Cameras
- Fixed Cameras
- PTZ Cameras
- Public Sector and Defense
- Business Organizations
- Others (Hospitality, Education and Residential)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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SOURCE Transparency Market Research