Gunshot Detection System Market Statistics, And Industry Trends By 2029
The global gunshot detection system (GDS) market growth 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.
According to a recent study titled "Gunshot Detection System Industry, 2021-2028" by Fortune Business Insights™, a renowned market research firm, it has been reported that a company aims to expand its senior leadership team and enhance its distribution network in North America. The study reveals that the gunshot detection system market had a valuation of USD 673.9 million in 2020 and is projected to reach USD 1,408.3 million by 2028, with a compound annual growth rate (CAGR) of 10.56% during the forecast period.
Increasing Installation to Spur Growth of the Defense Segment
According to the research report, the gunshot detection system market is categorized based on various factors, including geography, installation type, application, and system type. Installation types are classified as fixed installation, vehicle installation, and soldier-mounted installation. System types are divided into outdoor and indoor systems. Furthermore, the market is segmented based on application, distinguishing between defense and commercial sectors. The report predicts that the defense segment will continue to lead the market, generating the largest market share. Gunshot detection systems are primarily utilized in the defense sector to identify the origins of gunfire, particularly 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.
Browse Source :
https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077
Regional Insights-
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.
Competitive Landscape-
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.
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