The market for closed-circuit television (CCTV) equipment for Thai households will continue growing by 30-40% this year, outpacing the average 8% annual growth rate for traditional CCTV systems in the enterprise segment.
The growth will be driven by increased awareness of the need to ensure safety and security, said Ranee Sitthikaew, group manager of Panasonic Siew Sales Thailand, the sales unit of Panasonic Group Thailand.
The overall CCTV camera market in Thailand was valued at 3.5 billion baht in 2016 and is forecast to grow to 4 billion this year.
Ms Ranee said Panasonic is set to introduce new CCTV products for households this year to capitalise on growing demand.
"We forecast our market share will increase from 10% in 2016 to 13% this year," she said.
Panasonic is one of the top three leading brands in the Thai CCTV market. The company's sales revenue was 400 million baht in 2016 and is projected to rise to 500 million this year.
Ms Ranee said Panasonic is also focusing more on the low-end CCTV market, with its cameras starting from 2,000 baht apiece. She said, however, that the average price of a low-end CCTV camera in the market is 1,000 baht.
She said Panasonic will continue giving priority to high-end CCTV products to maintain its market share in the enterprise segment.
CCTV systems for enterprises require sophisticated capabilities like extreme visibility functions to automatically capture high-resolution images, data protection systems and end-to-end data encryption.