The East European and Russian video surveillance equipment market, which is worth a combined $595.1m, is forecast to grow at a CAGR of 4.8%. However, this masks the mixed fortunes that a forecast for Russia and Eastern Europe. This is according to recently published estimates from IHS Inc.
The East European and Russian video surveillance equipment market, which is worth a combined $595.1m, is forecast to grow at a CAGR of 4.8%. However, this masks the mixed fortunes that a forecast for Russia and Eastern Europe. This is according to recently published estimates from IHS Inc.
According to market analyst, Aaron Dale “Currently, Russia accounts for approximately half of all revenues in the total Russia and East Europe video surveillance equipment market. However, the Russian market is forecast to decline due to a combination of damaging sanctions, capital flight and a volatile currency, while the rest of Eastern Europe is forecast to see strong growth.”
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From a comparatively equal size in 2013, IHS forecasts the market in Eastern Europe will be approximately twice the size of the Russian market by 2018.
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Other key findings of the report include:
* Ukraine is predicted to exhibit the lowest growth of all nations in Eastern Europe. The market for video surveillance equipment in Ukraine will be heavily restrained by the current military conflict between pro-Russian separatists and the Ukrainian armed forces. As a result, Ukraine's share of total market revenues is forecast to drop from approximately 5% in 2013 to 3% in 2018.
* The overall market has tipped in favor of network equipment (by supplier revenues) for the first time, despite the large focus on analogue equipment that exists in many regions.
* Due to the challenging economic conditions, supply to the Russia market continues to consolidate with the top 15 suppliers accounting for 68.5% of the market in 2014, compared with 66.5% in 2013.