SHANGHAI, China—A new study by IMS Research indicates the video surveillance market in China is expected to exceed 20 percent revenue growth this year and “be the solid core of the recovering global video surveillance equipment market.”
Titled “The China Market for CCTV and Video Surveillance Equipment - 2010 Edition,” the report notes that the China video surveillance market was estimated to exceed $1.4 billion in 2009.
The research firm’s new assessment forecasts the China market to grow at a compound annual rate of 20.2 percent by 2014 and be worth an estimated $3.5 billion.
The major drivers for the market growth are increasing investment from the Chinese 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, according to the report. As a result, 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 analog video surveillance products, but confronting more barriers to adoption in China than in overseas markets,” says Bo Zhang, a market analyst who authored the report. “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.”
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