Key Note forecasts that the UK CCTV market will rise in value by 30.1% between 2012 and 2016, with significant growth forecast from 2013 onwards.
The latest Key Note Market Report Update analyses the recent changes in the UK CCTV market, duly covering equipment, installation and maintenance but excluding the cost of monitoring.
Owing to the slight recovery in the economy and an increase in output within the construction industry, Key Note estimates that the CCTV market will have increased by 2.2% in 2011 compared to the previous year, reaching a value of £418 million at current end user prices.
The CCTV market has been severely impacted by the recession in recent years, of course, with many businesses belonging to the commercial sector filing for insolvency. Others have withheld investment on refurbishment or improvement, thus reducing the need for CCTV installations.
However, of late construction output has risen, providing an increased demand for CCTV products.
Prospects for further demand in the CCTV market are promising. Analogue CCTV systems are still widely used in the UK, but with the ability to convert analogue signals into digital, newer systems can be installed relatively easily.
There is also huge potential to upgrade CCTV systems to incorporate Internet Protocol (IP) technology and wireless cameras.
Ongoing terrorist threat
The continued threat of terrorism and the constant concerns around criminal activity and anti-social behaviour mean that surveillance is essential for the authorities and the majority of businesses based in the UK.
CCTV can also contribute to public safety by acting as a deterrent on public transport and by monitoring access to hazardous and dangerous areas. The integration of technology is another key factor for a number of businesses, providing greater security and reducing the margin of error for fire and burglar alarms.
The value of CCTV was lauded last year in the aftermath of the London riots in August. After four days of anti-social behaviour, rioting and looting, the police were able to release numerous CCTV images of offenders, aiding in the conviction of a huge number of rioters.
Such factors have helped to drive the CCTV market, as has the huge operation of policing the 2012 London Olympics and, as a result, the CCTV market is expected to grow significantly over the next few years.
Indeed, Key Note forecasts that the UK CCTV market will rise in value by 30.1% between 2012 and 2016, with significant growth forecast from 2013 onwards.
An increase in commercial and industrial construction work is expected to result in subdued growth in 2012.
However, more significant increases are expected in 2013 as the construction industry continues to recover and public spending returns to a more healthy level.
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