(I-BusinessNews.Com, July 03, 2020 ) According to the new market research report Gunshot Detection System Market was valued at $0.57 billion in 2019 and is projected to reach $1.0 billion by 2024, at a CAGR of 12.30 % during the forecast period. The base year considered for the study is 2018 and the forecast period is 2019 to 2024. The objectives of this study are to analyze the gunshot detection system market along with the statistics from 2017 to 2024 as well as to define, describe, and forecast the market based on solution, application, and region.
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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. The growth in fixed segment owing to upgradation of security system in existing infrastructures such as universities, public banks, and corporate offices, among others, 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
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. The need for better surveillance and safety systems from gunfire on military vehicles, soldiers in a combat region is prime drivers for gunshot detection systems in the region.
Based on application, the commercial segment of the gunshot detection system market is projected to grow at the highest CAGR during the forecast period. The demand for increased security in futuristic smart cities is a factor driving the gunshot detection system market. In the last 3 to 5 years large-scale installations of gunshot detection systems have taken place in cities of North America and some parts of Europe. Defense utilization of gunshot detection systems involves installation on armored vehicles, soldier wearables, border crossings, and for military installations at buildings and bases, among others. Defense systems are focused at localization of the origin gunshots and providing information for counter-offensive strategies.
The geographical analysis of the gunshot detection system market includes regions such as North America, Europe, Asia Pacific, and Rest of the World (RoW). The North America region accounted for the largest share of the gunshot detection system industry in 2019. 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.
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