The Gunshot Detection System (GDS) market size is expected to grow from USD 564 million in 2019 to USD 1,008 million by 2024, at a Compound Annual Growth Rate (CAGR) of 12.30%
NEW YORK, April 22, 2019 /PRNewswire/ -- Increasing incidences of shooting at schools, universities, and hospitals is leading to an increasing adoption of these systems by law enforcement agencies especially from the North American region is driving the market for gunshot detection systems
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The Gunshot Detection System (GDS) market size is expected to grow from USD 564 million in 2019 to USD 1,008 million by 2024, at a Compound Annual Growth Rate (CAGR) of 12.30% during the forecast period. The gunshot detection system market is driven by several factors, such as increased rates of homicide deaths from gunfire in North America and increasing demand for gunshot detection systems in militaries for threat detection and identification is another factor driving the gunshot detection system market. The cost of installation of gunshot detection systems is very high and maintaining these systems is an additional expense for governments.
Vehicle installations segment is estimated to account for the largest share of the gunshot detection system market in 2019
Based on installation, the vehicle installations segment is estimated to account for the largest share of the gunshot detection system market in 2019.The growth in the vehicle installations segment is owing to the upgradation of existing armored vehicle fleets.
The increasing delivery of new armored vehicles is also leading to the increasing demand for armored vehicles. Increasing soldier modernization programs are also contributing to the demand for overall GDS.
Increasing demand for vehicle-mounted, soldier mounted, and drone mounted gunshot detection systems is expected to drive the market for the outdoor segment
Based on system, the outdoor segment is estimated to account for the largest share of the gunshot detection system market in 2019. High demand for vehicle-mounted and soldier mounted gunshot detection system is expected to drive this market.
North America is expected to lead the gunshot detection system market during the forecast period
North America has the highest firearms possession to population ratio across the world.The US in the region accounts for the largest civilian gunfire deaths.
Need for better surveillance and safety systems from gunfire in cities are the prime drivers for gunshot detection systems in the region.
Defense applications use Gunshot locator systems, which have greatly improved situational awareness and combat preparedness for military units. They have led to decrease in combat casualties in hostile environments from enemy fire.
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Break-up of profiles of primary participants in the gunshot detection system market
-- By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
-- By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40%
-- By Region: North America - 45%, Europe - 20%, Asia Pacific - 30%, Rest of the World - 5%
The major companies profiled in the report include SST, Inc. (US), Raytheon (US), QinetiQ North America (US), Shooter Detection Systems, LLC. (US), Acoem Group (France), and Thales Group (France), among others.
Research Coverage:
The market study covers the gunshot detection system market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as solution, application, system, installation, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons to buy this report:
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall gunshot detection system market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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