Pune, India, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global gunshot detection system market size was USD 697.5 million in 2021. The market is projected to reach USD 1,408.3 million in 2028 at a CAGR of 10.56% during the 2021-2028 period. Increasing instances of shooting at universities, hospitals, and schools is projected to fuel the market growth. The use of the detection systems by the military, law enforcement, and security is predicted to drive the market share. 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, 2021-2028”.A 

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, direction of the gun, and weapon firing type.  

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List of Key Players Present in the Market

Report Scope & Segmentation:

Report Attribute Details
Market size value in 2021 USD 697.5 Million
Revenue forecast in 2028 USD 1,408.3 Million
Growth Rate CAGR of almost 10.56%  during 2021-2028
Base Year 2020
Historic Years 2017-2019
Forecast Years 2021- 2028
Segments Covered By Installation Analysis, By Application Analysis, By System Analysis,
Forecast Units Value (USD Million), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World
Countries Covered Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 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.) and Other key players
Report Coverage Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

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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.   

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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.

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.

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.   

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Key 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.  

Detailed Table of Content:

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