Global Gunshot Detection System Market : Industry Analysis and Forecast (2019-2027)
- 4100.00 Dollar US$
- Published date: July 23, 2021
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- Pune, Pune, Maharashtra, India
Global Gunshot Detection System Market was valued US$ XX Mn in 2019 and is expected to reach US$ 7120.7 Mn by 2027, at CAGR of XX % during forecast period.
At the same time, the factors that are limiting the market are the scarcity of gunshot detection professionals, the high installation cost of gunshot detection systems. Also, worldwide financial uncertainty and macroeconomic situations such as currency exchange rates and economic difficulties are some of the major challenges which are hampering the growth of Gunshot Detection System Market.
Global Gunshot Detection System Market Segment Analysis:
Based on the installation, the vehicle installations segment is expected to account for the largest share of the gunshot detection system market over the period. The growth in the vehicle installations segment is due to the upgradation of existing armored vehicle fleets. The increasing delivery of new armored vehicles is also leading to increasing demand for armored vehicles. Increasing soldier modernization programs are also contributing to the demand for overall GDS.
The global gunshot detection systems market is mainly dominating by Raytheon products, both in military and civilian applications. Shotspotter, which sells civilian versions of Raytheon’s gunshot detection system through the license, generated a revenue of around XX million in 2019. The product obtaining cost for gunshot detection systems is very low. The civilian usage of gunshot detection systems is gradually increasing across various countries, with the threat from random shooters and terrorists augmenting the demand from civilians.
Global Gunshot Detection System Market Regional Analysis:
North America is expected to drive the growth of the gunshot detection system market during the forecast period, 2019 to 2027. The gunshot detection system market in North America is expected to witness growth, because of the largest civilian gunfire deaths in the region, especially in the US where the firearm-related death rate is 25 times higher than other countries. Major US cities are planning to install indoor gunshot detection systems at universities, corporate office locations, and financial facilities, among others, over the next few years.
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