CCTV Market Research Report - Global Forecast to 2030

Impact of COVID-19 on the CCTV Market

The COVID-19 pandemic has had a harsh impact on the global economy in several ways as the pandemic has impacted various sectors, including energy, manufacturing, construction, industrial, and automotive. There has been an acute decline in the demand for goods and materials from the residential, commercial, and industrial sectors. However, the CCTV market is expected to grow at a significant rate as the number of installations of CCTVs for surveillance in residential, commercial, and industrial sectors is increasing for monitoring and surveillance purposes due to the lockdown restrictions imposed worldwide. This scenario has showcased a strong demand for CCTVs in the global market. However, the outbreak of COVID-19 in November 2019 was followed by strict lockdown restrictions, which has posed several challenges for CCTV manufacturers and suppliers. Honeywell, Bosch, Samsung, and other players engaged in the manufacturing and supply of CCTVs are facing a lot of problems in their supply chain management amidst the global lockdown.

Additionally, the pandemic has also disrupted the supply chains and market demand due to the decline in production, shutting down of industrial sites, halting of various projects, and other factors that have created cash flow constraints. There was a resultant decline in the supply of CCTVs in the global market. Additionally, many countries have halted the export and import of products, which has placed the manufacturers and suppliers in the global CCTV market under financial pressure.

Irrespective of the COVID-19 outbreak, MRFR predicts that the overall demand for CCTV cameras will continue to surge in the upcoming months of 2020. Globally, the COVID-19 pandemic has had a moderate impact on the CCTV market. As many people across the globe have been allowed to work from home, there has been a rise in the demand for CCTVs for monitoring and surveillance purposes, which in turn has helped to boost revenues of the companies operating in the CCTV market. Moreover, the growing focus of governments towards public safety and city surveillance and the rising demand for CCTVs in the industrial sector are some of the factors which propel the demand for CCTVs in the global market.

The Most Surveilled Cities of the World, 2020

Source: Statista

Impact Analysis