fortunebusiness insights 10 Gunshot Detection System Market to Worth USD 1,408.3 Million by 2028; Increasing Mass Shooting Incidents Worldwide to Aid Growth: Says Fortune Business Insights™
The global gunshot detection system (GDS) market is set to gain momentum from the increasing focus of prominent manufacturers on the development of advanced technologies for detecting real-time sound. Safe Zone, for instance, completed a USD 1 million round of funding anchored by Seedfunders. This would help to broaden its senior leadership team and strengthen its distribution in North America. Fortune Business Insights™ published this information in a new study, titled, “Gunshot Detection System Market, 2021-2028.” The study further mentions that the market size was USD 673.9 million in 2020. It is expected to grow from USD 697.5 million in 2021 to USD 1,408.3 million in 2028, exhibiting a CAGR of 10.56% in the forecast period.
COVID-19 Pandemic to Hinder Growth Backed by Delay in Product Deliveries
The outbreak of the COVID-19 pandemic has resulted in lockdown measures in countries, such as Japan, India, China, Germany, France, and the U.S. Hence, the global defense industry was impacted severely as numerous product deliveries were either cancelled or delayed. It is likely to decline the demand for gunshot detection systems in the upcoming years. We are providing you with authentic research reports so that you can find the best strategy to cope up with the grave situation.
Increasing Installation to Spur Growth of the Defense Segment
The research report classifies the market based on geography, installation, application, and system. By installation, it is divided into fixed installation, vehicle installation, and soldier mounted installation. In terms of system, it is segmented into outdoor and indoor. Based on application, it is bifurcated into defense and commercial. Amongst these, the defense segment is expected to remain at the forefront by generating the largest gunshot detection system market share. GDS is mainly used in this sector to detect locations of firing, especially from large weapons.
The market comprises multiple stakeholders, such as software solution providers, original equipment manufacturers (OEMs), and gunshot detection system equipment manufacturers, and component suppliers. All percentage breakdowns, splits, and shares were verified through primary sources and determined using secondary sources. The market’s size and supply chain were calculated using the bottom-up and top-down approaches.
Drivers & Restraints-
Surging Need to Reduce Risks of Collateral Damage to Bolster Growth
The increasing cases of mass shootings in public worldwide are one of the most crucial reasons responsible for the gunshot detection system market growth in the near future. The Gun Violence Research Group, for instance, declared that in 2019, the U.S. experienced the highest number of mass shooting incidents. When deployed indoors and outdoors, gunshot detection systems help to lower the risk of collateral damage in high crime areas. However, the installation and integration of these systems involve high-cost spending, which, in turn, may obstruct growth.
Increasing Installation by Law Enforcement Agencies to Favor Growth in North America
Geographically, North America remained dominant in 2020 by generating USD 248.3 million in terms of revenue. This growth is attributable to the increasing installation of these detection systems by various law enforcement agencies, increasing security concerns, and surging mass shooting incidence in the region. On the other hand, Asia Pacific is anticipated to grow remarkably fueled by the increasing defense expenditure, expansion of military forces, and rising number of smart city projects.
Browse Detailed Summary of Research Report with TOC:
Winning of Significant Contracts — Vital Strategy Adopted by Key Players to Compete
The global market is fragmented with the presence of several companies that are persistently striving to gain a competitive edge by bagging new contracts from regulatory bodies and renowned firms. This way, they will be able to provide their in-house solutions.
Below are the two latest industry developments:
- December 2020: ShotSpotter, Inc. signed new contracts with seven U.S. cities with populations of less than 50,000. The company will install its flagship gunshot detection solution named ShotSpotter Respond™ to keep up with the latest trend of small cities equipping big city tools to reduce and prevent gun violence.
- April 2020: Aselsan, a defense company based in Turkey, signed a contract with a NATO member nation to deliver SEDA Gunshot Detection System and SARP Advanced Remote Controlled Stabilized Weapon Stations.
A list of all the reputed manufacturers present in this market:
- ShotSpotter Inc. (The U.S.)
- ACOEM Group (France)
- Louroe Electronics (The U.S.)
- Tracer Technology Systems, Inc. (The U.S.)
- Safety Dynamics, Inc. (The U.S.)
- Databuoy Corporation (The U.S.)
- Raytheon Company, a Raytheon Technologies company (The U.S.)
- Thales Group (France)
- Rheinmetall AG (Germany)
- IAI (Israel)
- QinetiQ (The U.S.)
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