November 5th, 2020 8:49 am
Rising Demand for CCTV & Video Surveillance Systems to Spearhead Market Growth in 2021
Amid the COVID-19 crisis, the global market for Electronic Security Systems (ESS) estimated at US$45.8 Billion in the year 2020, is projected to reach a revised size of US$70.4 Billion by 2027, growing at a CAGR of 6.3% over the analysis period 2020-2027. CCTV & Video Surveillance Systems, one of the segments analyzed in the report, is projected to record a 8.7% CAGR and reach US$36.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Alarms segment is readjusted to a revised 3.1% CAGR for the next 7-year period.
Electronic Access Control Systems Segment to Record 7.5% CAGR
In the global Electronic Access Control Systems segment, USA, Canada, Japan, China and Europewill drive the 6.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.5 Billion in the year 2020 will reach a projected size of US$7.2 Billion by the close of the analysis period. Chinawill remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.5 Billion by the year 2027, while Latin America will expand at a 8.9% CAGR through the analysis period. The report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
An article from our friends @PRnewswire