System and box camera vendors face whirlwind of change in fluctuating global market

The system and box camera markets faced economic turmoil in FY2023, with broadcasters across North America, Europe and APAC facing pressure from high levels of inflation. This turbulence resulted in the widespread postponement of investment in high-cost broadcast equipment such as system cameras. Alongside this challenge, pro PTZs have also cannibalised demand, placing an additional burden on the professional video space. 

Yet, according to a new report from Futuresource Consulting, while North America and Europe registered year-on-year shipment declines of 14% and 13% respectively, APAC, LATAM and MEA all posted significant double-digit growth. As a result, the global market was able to achieve some stability, with total volume retreating by 2%, and overall market value falling by just 1%. 

“Box cameras are at the epicentre of the market decline,” says Helen Matthews, Lead Market Analyst, Futuresource Consulting. “Last year, these compact system cameras, without the on-shoulder functionality of their larger counterparts, registered a 10% drop in sell-in, and a 14% drop in market value. Much of the market fallout was due to Panasonic’s discontinuation of its box camera products. Meanwhile, system cameras remained relatively stable, down 1% in volume year-on-year, and just 0.1% in value.” 

4K at the industry forefront

4K continued its ascent, with 78% of system camera shipments supporting 4K functionality. This was largely due to it becoming the standard resolution for most system cameras in price segments of $30,000 and above. However, 4K is also growing in demand, with broadcasters in North America and Europe increasingly using it to down sample and create high-quality HD HDR content. 

Consequently, HD system cameras registered a 69% drop in sell-in, despite new HD models being released to market. Futuresource notes that HD-only system cameras are becoming a niche product, aimed primarily at the education, government and low-end corporate verticals.  

Looking to sensor technology, three-chip 2/3” sensor system cameras continue to dominate the broadcast landscape, accounting for 81% of system and 95% of box camera sell-in. Single sensor 2/3” system cameras also entered the market for the first time last year, with a focus on the education and government verticals. 

Box cameras primed for short-term recovery

Despite the poor performance of the box camera market last year, Futuresource expects a recovery in FY2024. This will be driven by increased investment in video production from countries such as Saudi Arabia, UAE and Qatar, with multiple state-of-the-art live event stadiums opening their doors from FY2025 onwards. 

Broadcasters in North America will also benefit from a rise in ad revenues due to the US presidential campaign in FY2024, which will also buoy the box camera market. 

Investment expected ahead of 2026 FIFA World Cup

“Across our forecast period, out to FY2028, we expect sell-in to peak in FY2025, as broadcasters in North and Latin America invest in new camera heads in preparation for the 2026 FIFA Football World Cup, taking place across Canada, Mexico and the USA.  

Futuresource Consulting’s System & Box Camera Market FY2023 report assesses the current state of the market and provides an outlook on the shape of the sector over the next five years. For more information or to make a purchase, please contact Ben at ben.thrussell@futuresource-hq.com.