CLEVELAND, Aug. 23, 2017 /PRNewswire/ -- Demand for security cameras is projected to increase 7.2% annually through 2021 to $2.8 billion. Gains will result from a variety of factors that support replacement demand and sales of higher value, upgraded versions, including:
ongoing product advancements in camera technology
increasing affordability of cameras with expanded features, such as internal recording capabilities
continued shift toward upgrading existing legacy analog systems to either IP or HD analog systems in order to utilize more feature-rich cameras and systems
rising interest in higher value, more niche camera types -- such as thermal or explosion resistant -- as their prices continue to come down, which will work to expand the base of installed cameras
In 2016, dome cameras accounted for the largest share of video surveillance camera demand with 42%. Sales of these products have benefited from developments over the past decade, such as increased durability and higher resolutions. This has allowed for broader use of dome cameras in both indoor and outdoor applications. Dome camera sales have also gained from the rising use of cameras indoors, where these constructions are still highly popular due to their discreet appearance.
Through 2021, sales of all video surveillance products are projected to increase 5.6% annually to $4.9 billion. Growth will be driven by the increasing affordability of feature-rich systems that incorporate enhanced capabilities, which will work to expand the base of end users that choose to install video surveillance systems and spur replacement and upgrade demand among existing users.
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