Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- The global gunshot detection system market size was USD 697.5 million in 2021 and is projected to reach USD 1,408.3 million in 2028 at a CAGR of 10.56% during the 2023-2028 period. Increasing instances of shooting at universities, hospitals, and schools is projected to fuel the market growth. Use of the detection systems by military, law enforcement, and security is predicted to drive the market share. The adoption of progressive infrared and sound detection technologies is expected to increase the market size during the forecast period. Growing investments in border security is likely to drive market growth. Advancements in the technologies of gun detection is expected to boost the demand curve for the product. Fortune Business Insights™ mentioned this in a report titled, “Gunshot Detection System Market, 2023-2028”.
The gun detection system is used to detect and deliver the location of the source using multiple sensors. It is used by security, military, and law enforcement agencies to recognize the source, the direction of the gun, and weapon firing type.
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List of Key Players Present in the Gunshot Detection System Market:
- Rheinmetall AG (Germany)
- Databuoy Corporation (U.S.)
- IAI (Israel)
- QinetiQ (U.S.)
- Louroe Electonics (U.S.)
- Safety Dynamics, Inc. (U.S.)
- Raytheon Company, a Raytheon Technologies Company (U.S.)
- Thales Group (France)
- Tracer Technology Systems, Inc. (U.S.)
- ACOEM (France)
- ShotSpotter Inc. (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 10.56% |
| 2028 Value Projection | USD 1,408.3 Million |
| Market Size in 2020 | USD 673.9 Million |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Gunshot Detection System Market Growth Drivers | Rising Number of Shooting Incidents, especially in the U.S. to Boost Market Growth |
| Increasing Use of Gunshot Detection Systems by Law Enforcement Agencies to Propel Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077
COVID-19 Impact: Halt in the Defense Industry Hampered Market Growth
The pandemic of COVID-19 affected the market growth for gunshot detection system due to shutdown of industrial processes. Lockdowns imposed worldwide resulted in cessation in production activities. Travel ban due to travel restrictions halted the use of GDS which affected the market negatively.
Segmentation
By Installation Analysis, Vehicle Installation Segment to be a Prime Part in the Segment
Based on the fuel, the market is segmented into fixed installation, vehicle installation, and soldier mounted. Vehicle installation segment is anticipated to have a significant share in 2020 owing to growing demand for armored vehicles that are furbished with advanced systems. Mounting investments in defense from majority of countries is expected to drive market share. Rise in the mass shooting incidents, security concerns, and increasing crime rates is expected to increase the market growth.
By Application Analysis, Commercial Segment to Have Rapid Growth
One the basis of application, the market is divided into commercial and defense. Defense segment to have majority share and is predicted to have a substantial growth during the forecast period. The detection systems are used to detect locations of large weapons. Commercial segment is also set to experience high growth during the forecast period.
By System Analysis, Outdoor Segment to Dominate the System Analysis Segment
On the basis of application, the market is divided into indoor and outdoor. Outdoor segment is expected to dominate the system analysis segment. The dominance is attributed to high coverage and high accuracy which is expected to fuel the growth in the segment.
Report Coverage
This report covers the overview of this market that provides an analysis of product, impact of COVID-19 pandemic, segmentation, drivers and restraints, regional insights, new developments, and key players present in the market. Dynamic change in the market is subjected to alter the demand in the forecast period.
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Drivers & Restraints
Rising Number of Shooting Incidents to Exhibit High Growth Trajectory
Rising number of shooting incidents is anticipated to shape the growth trajectory of gunshot detection system market growth. These systems are effective in detecting the guns in high crime areas. Increasing use of GDS by law enforcement agencies is expected to fuel the market growth. Growing demand from security agencies, defense forces, and law enforcement agencies to propel market growth
On the other hand, high costs for configuration and installation complications is expected to hamper market growth for gunshot detection system during the forecast period.
Regional Insights
Increasing Cases of Mass Shooting in North America to Expand Market Growth
North America holds the largest part in the global gunshot detection system market share due to increasing number of cases of mass shooting in the region. The market size stood at USD 248.3 million in 2020. Growth in the gun ownership in the U.S. and sale of illegal arms are expected to increase the need for detection systems. The regional market is set to grow owing to increasing investing activities in power and energy. Presence of majority market players such as Raytheon Company, ShotSpotter, QinetiQ, and others in the region is expected to drive the market growth. Major cities of the U.S. have been planning to indoor GDS in financial establishments, universities, and corporates which is anticipated to drive market growth.
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
- Global Gunshot Detection System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Installation
- Fixed Installation
- Soldier Mounted
- Vehicle Installation
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Defense
- Market Analysis, Insights and Forecast – By System
- Indoor
- Outdoor
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
TOC Continued…!
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Competitive Landscape:
New players entering the market have launched their new product lines making the market more competitive with their advanced solutions. It includes R&D investments, launch of new and advanced products in the market. Companies have been adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
Industrial Development:
July 2021: ShotSpotter Inc. announced that they will open a satellite office located in Washington D.C. The office will be equipped with Incident Review Center for gunshot detection.
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