Physical Security Equipment Market to reach nearly US$ 64,000 Mn in revenues by 2022
A recent research by Future Market Insights (FMI) has estimated the global physical security equipment market to reach nearly US$ 64,000 Mn in revenues by 2022-end. Over the forecast period (2017-2022), the global market for physical security equipment is projected to exhibit a staggering expansion at over 10% CAGR.
Emergence of Thermal Cameras – A Major Trend Observed in the Market
A major trend being discerned in the market is the emergence of thermal cameras. As these cameras are water & heat resistant, and use infrared radiation for taking images, they have become an indispensable part of physical security equipment in monitoring unique/large-scale outdoor environments. Several institutions and critical infrastructures are being offered grants by governments for purchasing efficient surveillance equipment. The requirement for sophisticated security systems that help in ensuring safety of data has led the organisations to adopt data analytics, along with cloud-based data storages.
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The nature of the global physical security equipment market is highly fragmented, with presence of various large- as well as small-scale vendors competing for gaining larger market share. These vendors are concentrating on providing innovative and highly-efficient security solutions coupled with customized security services for sustaining their presence in the market. In addition, they are also providing integrated security systems, which ensure optimum security. Global leaders in the market are adopting key strategies such as M&A, and are acquiring niche players, in a bid to enhance their product portfolio.
Organisations Adopting Physical Security Equipment for Safeguarding their Personnel & Property
It has become pivotal for different institutions around the world to adopt physical security equipment on the back of surging threats related to physical damage and attacks. Various organisations from end-use sectors including transportation, commercial, utilities & energy retail, residential, government, manufacturing, education, healthcare and BFSI are adopting physical security equipment for safeguarding their property as well as personnel. The elevation in threats pertaining to terrorism across the globe has led the organisations and governments to spend more on latest and highly advanced security solutions, for ensuring safety of physical sites and people working there. Increasing incidences of espionage and thefts, particularly in banking sector and commercial buildings, are further driving adoption of physical security equipment worldwide.
Key Insights from FMI’s Report on Global Physical Security Equipment Market
- Asia-Pacific excluding Japan (APEJ) is anticipated to remain the fastest-growing market for physical security equipment. By the end of forecast period, APEJ will become the second most lucrative region for growth of the market. Government agencies in APEJ are increasingly deploying physical security equipment in public and transportation security, especially in China and India. In addition, soaring IT sector, coupled with rapid industrialisation in APEJ countries will further drive the market growth.
- Sales of physical security equipment in government vertical segment are projected to register the highest CAGR through 2022. In addition, although healthcare vertical currently accounts for relatively lower revenue share of the market, it will exhibit an impressive expansion over the forecast period. BFSI is expected to remain the second largest vertical in the global physical security equipment market.
- Consumer video surveillance will continue to be the most attractive physical security equipment, followed by thermal cameras and wireless infrastructure. Revenues from consumer video surveillance, thermal cameras and wireless infrastructure will collectively account for nearly two-third share of the market throughout the forecast period.
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FMI’s report has listed key players that are actively operating in the global physical security equipment market, which include Montaplast GmbH, Valeo SA, The Chamberlain Group, Inc., Siemens AG, Bosch Security Systems, Inc., United Technologies Corporation, Zhejiang Dahua Technology Co., Ltd., Hangzhou Hikvision Digital Technology Co., Ltd., Axis AB, Hanwha Techwin Co., Ltd., Johnson Controls International Plc, and Schneider Electric SE.