The report "Gunshot Detection System Market by Application (Commercial, Defense), Installation (Fixed, Soldier Mounted, and Vehicle Mounted), Product Type (Indoor, and Outdoor), and Region (North America, Europe, Asia Pacific, Middle East) - Global Forecast to 2025", is estimated at USD 594 million in 2020 and is projected to reach USD 979 million by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% from 2020 to 2025. Gunshot detection systems for homeland security were first used in the U.S. These systems are primarily used by law enforcement agencies. They are installed at a height of more than 30 feet above the ground at select locations of the coverage area. These include walls, poles, streetlights, and buildings, among others. Increase in the incidents of mass shootings in educational institutions is a prime concern. These systems installed at educational institutions places provide real-time updates on shooting events to security personal, along with individuals inside these places on their electronic communication devices. . Industry experts believe that COVID-19 could affect Gunshot Detection System production and services by 10% globally in 2020.
The fixed installation segment to grow at a higher CAGR in the gunshot detection system market during the forecast period
The gunshot detection system market has been segmented and analyzed in terms of installation type, namely, fixed installation, soldier mounted, and vehicle mounted. The market is dominated by the fixed segment and this segment is also projected to grow at the highest CAGR during the forecast period. Fixed gunshot detection systems use the acoustic sensor node detection technology to detect a gunshot event. Fixed installations are carried out at a specific height from the ground. High security areas such as restricted military infrastructures are high potential fixed installation sites for gunshot detection systems. Military installations use fixed installations on walls, poles or border crossings. Fixed electro-optic systems are used by military personnel for enemy sniper localization.
Increasing investment in subscription as a service (SaaS) is expected to drive the market for gunshot detection system market during the forecast period
Based on solution, the SaaS segment of the gunshot detection system market is estimated to have the highest CAGR during the forecast period. The increasing subscription based services by public safety authorities is driving the market for this segment.
North America region shows the highest potential for implementation of gunshot detection
North America is expected to drive the growth of the gunshot detection system market in the coming years, at the highest CAGR during the forecast period, 2020 to 2025. The gunshot detection system market in North America is expected to witness growth, owing to the high number of firearm-related deaths in the region, especially in the US where firearm-related death rate is 25 times higher than other countries. Major US cities are planning to install indoor gunshot detection systems at universities, corporate office locations, and financial facilities, among others, over the next five years.
The major players in the gunshot detection system market include SST, Inc (US), Raytheon (U.S), Shooter Detection Systems (US), Tracer Technology (US), and QinetiQ North America (US), Thales (France) among others. These players have adopted growth strategies such as new product launches, contracts, collaborations, acquisitions, expansions & agreements, to expand their presence in the gunshot detection system market. new product launches have been the leading strategies adopted by major players from 2016 to 2019, which helped them innovate on their offerings and broaden their customer base.
Source: ASDReports - Market Research
Date: Sep 11, 2020