Pune, India, Dec. 09, 2021 (GLOBE NEWSWIRE) -- The global gunshot detection system market size is set to reach USD 1,408.3 million in 2028. This information is given by Fortune Business Insights™ in a new report, titled, “Gunshot Detection System Market, 2021-2028.” The report further states that the market stood at USD 673.9 million in 2020. It is expected to showcase a CAGR of 10.56% in the forecast period between 2021-2028. The increasing number of upcoming smart city projects in various parts of the world is compelling government agencies to install advanced gunshot detection systems. In November 2019, ShotSpotter, Inc., for instance, signed a three-year contract worth USD 4.27 million with the Puerto Rico Public Housing Authority. This deal would enable the company to supply its novel gunshot detection technology to the metropolitan area, including Trujillo Alto, Bayamón, and San Juan.
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Fortune Business Insights™ lists out the names of prominent gunshot detection system providers operating in the global market. They are as follows:
- 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.)
Report Coverage-
Our analysts have conducted extensive primary and secondary research to gain authentic information of the market. In the secondary research, several government sources, such as the Bureau of Justice Statistics (BJS), U.S. Federal Bureau of Investigation (FBI), were taken into consideration to determine the crime rate across the globe. The primary research included the supply side marked by the development of gunshot detection and advancements in gunshot detection technology.
A Significant Industry Development-
ShotSpotter Bags New Contract from Detroit Police Department to Deliver Sensors
In November 2020, ShotSpotter, a leading gunshot detection system manufacturer, received a four-year contract from the Detroit Police Department for the installation of sensors. The deal is worth USD 1.5 million and it includes the annual subscription for expert witness services, real-time alert services, and gunfire analysis. It will be started in spring 2021. These sensors will be mounted on high structures, such as streetlights, buildings, and telephone poles. It can also capture audio clips and date & time during a shooting.
Drivers & Restraints-
Surging Installation by Law Enforcement to Aid Growth
The surging utilization of gunshot detection systems by defense forces, security agencies, and law enforcement worldwide is set to affect growth positively. These systems can analyze and detect real-time information and send it to the police department. In June 2020, for instance, the Sacramento City Council extended a contract worth USD 2.5 million with ShotSpotter. It will enable the former to detect gunshots through 2025 at three undisclosed locations. However, the installation process of these detection systems requires high material costs and labor. It may hinder the gunshot detection system market growth in the upcoming years.
Segments-
Vehicle Installation Segment to Grow Rapidly Fueled by High Defense Expenditure
We have divided the market on the basis of installation, application, system, and geography. Based on application, it is segregated into commercial and defense. In terms of system, it is bifurcated into indoor and outdoor. Here’s a glimpse of the installation criterion:
- By Installation: The market is categorized into fixed installation, vehicle installation, and soldier mounted installation. Out of these, the vehicle installation segment held the largest gunshot detection system market share in 2020 backed by the high demand for armored vehicles equipped with advanced systems. Coupled with this, the rising defense expenditure in numerous countries would also boost growth.
Regional Insights-
Fortune Business Insights™ Says Rising Security Concerns to Propel Growth in North America
- North America: The region held USD 248.3 million in 2020 in terms of revenue. It would retain its dominant position throughout the forthcoming years on account of the presence of renowned manufacturers, namely, QinetiQ, Safety Dynamics Inc., and ShotSpotter Inc. in the region. Additionally, the increasing demand from law enforcement agencies and rising security concerns would also propel growth.
- Asia Pacific: It would showcase remarkable growth in the near future because of the rising defense expenditure and rapid expansion of military forces. Also, increasing urbanization is resulting in the surging number of smart city projects, especially in developing countries, such as India. It would contribute to this growth.
- Europe: The presence of Rheinmetall AG, Thales Group, and ACOEM Group would accelerate regional growth. They are majorly focusing on partnership and agreement signing strategies to compete in the market. Thales Group, for instance, signed a contract worth USD 5.21 million with General Dynamics Corporation in April 2018 for delivering its unique acoustic sensors.
Browse Detailed Research Insights with Table of Content:
https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077
Competitive Landscape-
Key Players Focus on Signing New Contracts to Strengthen Their Positions
The global market contains numerous renowned gunshot detection system manufacturers that are aiming to adopt mergers & acquisitions and gaining new contracts for strengthening their positions. Some of them are also trying to develop new technologies to increase their customer bases.
Below is one of the latest industry developments:
- January 2020: Shooter Detection Systems received a new contract from a California Fortune 100 customer for its Guardian Indoor Active Shooter Detection System. This order is considered to be the company’s largest order as it will deliver multi-thousand pieces. It will help the company to stand out from others.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Gunshot Detection System Market
- Impact of COVID-19 on Global Gunshot Detection System Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVID-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued…!!!
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