Gunshot Detection System Market Business Overview 2021| Major Key Players and Stockholders, Business Strategy Analysis

Gunshot Detection System Market Size, Share & COVID-19 Impact Analysis, By Installation (Fixed Installation, Soldier Mounted, and Vehicle Installation), By Application (Commercial and Defense), By System (Indoor and Outdoor), and Regional Forecast, 2021-2028

The globalgunshot detection system (GDS) marketis set to gain momentum from the increasing focus of prominent manufacturers on the development of advanced technologies for detecting real-time sound. Safe Zone, for instance, completed a USD 1 million round of funding anchored by Seedfunders. This would help to broaden its senior leadership team and strengthen its distribution in North America.Fortune Business Insightspublished this information in a new study, titled, Gunshot Detection System Market, 2021-2028. The study further mentions that the market size wasUSD 673.9 millionin 2020. It is expected to grow fromUSD 697.5 million in 2021toUSD 1,408.3 million in 2028,exhibiting a CAGR of10.56%in the forecast period.

COVID-19 Pandemic to Hinder Growth Backed by Delay in Product Deliveries

The outbreak of the COVID-19 pandemic has resulted in lockdown measures in countries, such as Japan, India, China, Germany, France, and the U.S. Hence, the global defense industry was impacted severely as numerous product deliveries were either cancelled or delayed. It is likely to decline the demand for gunshot detection systems in the upcoming years. We are providing you with authentic research reports so that you can find the best strategy to cope up with the grave situation.

Segmentation-

Increasing Installation to Spur Growth of the Defense Segment

The research report classifies the market based on geography, installation, application, and system. By installation, it is divided into fixed installation, vehicle installation, and soldier mounted installation. In terms of system, it is segmented into outdoor and indoor. Based on application, it is bifurcated into defense and commercial. Amongst these, the defense segment is expected to remain at the forefront by generating the largest gunshot detection system market share. GDS is mainly used in this sector to detect locations of firing, especially from large weapons.

Report Coverage-

The market comprises multiple stakeholders, such as software solution providers, original equipment manufacturers (OEMs), and gunshot detection system equipment manufacturers, and component suppliers. All percentage breakdowns, splits, and shares were verified through primary sources and determined using secondary sources. The markets size and supply chain were calculated using the bottom-up and top-down approaches.

Drivers Restraints-

Surging Need to Reduce Risks of Collateral Damage to Bolster Growth

The increasing cases of mass shootings in public worldwide are one of the most crucial reasons responsible for the gunshot detection system market growth in the near future. The Gun Violence Research Group, for instance, declared that in 2019, the U.S. experienced the highest number of mass shooting incidents. When deployed indoors and outdoors, gunshot detection systems help to lower the risk of collateral damage in high crime areas. However, the installation and integration of these systems involve high-cost spending, which, in turn, may obstruct growth.

Regional Insights-

Increasing Installation byLaw Enforcement Agencies to Favor Growth in North America

Geographically, North America remained dominant in 2020 by generatingUSD 248.3 millionin terms of revenue. This growth is attributable to the increasing installation of these detection systems by various law enforcement agencies, increasing security concerns, and surging mass shooting incidence in the region. On the other hand, Asia Pacific is anticipated to grow remarkably fueled by the increasing defense expenditure, expansion of military forces, and rising number of smart city projects.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077

Competitive Landscape-

Winning of Significant Contracts Vital Strategy Adopted by Key Players to Compete

The global market is fragmented with the presence of several companies that are persistently striving to gain a competitive edge by bagging new contracts from regulatory bodies and renowned firms. This way, they will be able to provide their in-house solutions.

Below are the two latest industry developments:

  • December 2020:ShotSpotter, Inc. signed new contracts with seven U.S. cities with populations of less than 50,000. The company will install its flagship gunshot detection solution named ShotSpotter Respond to keep up with the latest trend of small cities equipping big city tools to reduce and prevent gun violence.
  • April 2020: Aselsan, a defense company based in Turkey, signed a contract with a NATO member nation to deliver SEDA Gunshot Detection System and SARP Advanced Remote Controlled Stabilized Weapon Stations.

A list of all the reputed manufacturers present in this market:

  • ShotSpotter Inc. (The U.S.)
  • ACOEM Group (France)
  • Louroe Electronics (The U.S.)
  • Tracer Technology Systems, Inc. (The U.S.)
  • Safety Dynamics, Inc. (The U.S.)
  • Databuoy Corporation (The U.S.)
  • Raytheon Company, a Raytheon Technologies company (The U.S.)
  • Thales Group (France)
  • Rheinmetall AG (Germany)
  • IAI (Israel)
  • QinetiQ (The U.S.)

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Read Related News:

https://www.globenewswire.com/news-release/2021/04/06/2205293/0/en/Gunshot-Detection-System-Market-to-Worth-USD-1-408-3-Million-by-2028-Increasing-Mass-Shooting-Incidents-Worldwide-to-Aid-Growth-Says-Fortune-Business-Insights.html