Gunshot Detection Systems - Worldwide Market Analysis & Forecast (2019-2024): Anticipating a CAGR of 26.29% - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Mar 15, 2019--The “Gunshot Detection Systems Market (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The gunshot detection systems market is anticipated to register a CAGR of 26.29% during the forecast period, 2019-2024, to reach a market value of USD 7.83 billion by 2024.
Increased incidences of gun-firing, especially at school premises, have led to various security measures, such as warning people in close proximity and alerting authorities to the location of the shooting. It has resulted in a growing demand for gunshot detection systems over the years.
Growing investment in border security is also likely to drive the market growth in the coming years, as these systems can help border security forces detect and avert any attempts of smuggling, infiltration, and illegal immigration; moreover, with a little modification of the system, it might be possible for the manufacturers to help forces identify perpetrators and detect illegal entry even in the absence of gunshots.
Various law enforcement agencies worldwide are now deploying various tactics in order to curb the increased incidents related to the mass shooting, which will further increase the demand and interest for advanced gunfire detection technology.
Key Market Trends
Outdoor Gunshot Detection Systems Segment projected to Grow at a High Pace
The gunshot detection systems market has been classified into indoor and outdoor. In 2018, the outdoor segment accounted for a major share. However, the indoor segment is anticipated to register the highest CAGR during the forecast period. This is primarily due to the increasing incidences of shootings at school premises in the past couple of years, which will likely force such institutions to increase their perimeter security by installing indoor gunshot detection systems during the forecast period.
Europe Expected to See the Highest Growth
Although Europe has much stricter regulations in terms of gun ownership, there were many incidents of mass shooting since 2015 in European countries. Russia, Ukraine, France, and Germany experienced higher injuries due to mass shootings in 2016. Several Law Enforcement agencies across Europe have plans to procure and install these advanced systems to enhance the security of their respective cities.
The global gunshot detection systems market was mainly dominated by Raytheon products, both in military and civilian applications. Shotspotter, which sells civilian versions of Raytheon’s gunshot detection system through license, generated a revenue of around USD 23 million in 2017.
The product procurement cost for GDS systems is very low. The service cost for detecting and informing the respective authorities/personnel for response accounted for a major share of the revenue in 2017. The civilian usage of GDS is gradually increasing across various countries, with the threat from random shooters and terrorists augmenting the demand from civilians.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter’s Five Forces Analysis
5 Market Segmentation
5.1 Product Type
22.214.171.124.1 Vehicle (Ground and Aerial)
126.96.36.199.2 Fixed/ Ground Installation
188.8.131.52.3 Other Acoustic Applications
184.108.40.206.1 Vehicle (Ground and Aerial)
220.127.116.11.2 Fixed/ Ground Installation
5.2.2 Homeland/Law Enforcement
5.3.1 North America
5.3.4 Middle East
5.3.5 Rest of the World
6 Competitive Landscape
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Vendor Market Share
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Raytheon Company
6.4.2 Rheinmetall AG
6.4.3 Rafael Advanced Defense Systems Ltd
6.4.4 Israel Aerospace Industries Ltd.
6.4.5 Thales Group
6.4.7 ACOEM Group
6.4.10 Databuoy Corporation
6.4.11 Information System Technologies Inc.
6.4.12 Louroe Electronics
6.4.13 Safety Dynamics Inc.
6.4.14 Microflown AVISA
6.4.15 ASELSAN AS
6.4.16 Elbit Systems Ltd.
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/5blzxf/gunshot_detection?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190315005420/en/
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INDUSTRY KEYWORD: DEFENSE OTHER DEFENSE
SOURCE: Research and Markets
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PUB: 03/15/2019 12:49 PM/DISC: 03/15/2019 12:48 PM