Rise in utilization of internet of things (IoT) and advancements in sensor technologies for public safety applications drive the growth of the global public safety systems market.
PORTLAND, Ore., Oct. 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Public Safety Sensors Market by Sensor Type (Level Sensor, Temperature Sensor, Proximity Sensor, Acoustic Wave Sensor, Pressure Sensor, Humidity Sensor, Gas Sensor, and Others) and Application (Indoor & Outdoor Gunshot Detector, Fall Detection, Flood Detection, Car Crash Detection, Infrastructure Failure Detectors and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global public safety sensors industry generated $1.46 billion in 2019, and is expected to reach $2.44 billion by 2027, growing at a CAGR of 7.1% from 2020 to 2027.
Prime determinants of growth
Rise in utilization of internet of things (IoT), strict government regulations regarding implementation of leak detection systems, and advancements in sensor technologies for public safety applications drive the growth of the global public safety systems market. However, incorporation of sensors in devices leading to extra initial value and reduction in lifespan of devices hinders the market growth. On the other hand, increase in adoption of wearable devices for public safety applications creates new opportunities in the coming years.
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- The lockdown imposed by governments of many countries enforced manufacturing factories to shut down. Moreover, the supply chain has been disrupted, which in turn, resulted in shortages of raw materials, components, and finished goods.
- As safety and security technologies have been prioritized by governments, the demand from the military & defense sector continued despite the pandemic.
- The demand from the residential, construction, and automobile sectors has been declined significantly, as there have been no new installations or postponement of installations.
- There has been reduction in new investments and delays in various planned projects across different end-use industries. It will take time for the operations to get back on track.
The pressure sensor segment to maintain its dominant share throughout the forecast period
Based on sensor type, the pressure sensor segment contributed to the highest market share in 2019, accounting for nearly half of the global public safety sensors market, and is expected to maintain its dominant share throughout the forecast period. This is due to favorable government regulations regarding the mandate of pressure sensors in automobiles. However, the acoustic wave sensor segment is expected to witness the largest CAGR of 10.8% from 2020 to 2027, owing to rise in applications in healthcare and industrial sectors.
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The flood detection segment to continue its lead during the forecast period
Based on application, the flood detection segment held the highest share in terms of revenue, accounting for more than one-third of the global public safety sensors market in 2019, and is projected to continue its lead during the forecast period. This is attributed to enhanced features such as real-time monitoring and instant alerts. However, the indoor and outdoor gunshot detector segment is expected to witness the highest CAGR of 11.1% from 2020 to 2027. This is due to surge in adoption of gunshot detectors by the military and defense sectors.
Asia-Pacific, followed by North America, to maintain its dominant share by 2027
Based on region, Asia-Pacific, followed by North America, accounted for the highest market share in terms of revenue with nearly half of the global public safety sensors market in 2019, and is projected to maintain its dominant share by 2027. Moreover, this region is projected to witness the highest CAGR of 8.1% during the forecast period. This is due to technological advancements and increase in automotive standards in developing nations such as India, China, and Indonesia. The report also analyzes regions such as Europe and LAMEA.
Leading market players
- ABB Ltd.
- Rockwell Automation
- Siemens AG
- Schneider Electric
- Infineon Technologies
- Texas Instruments
- Sensors Industries
- Keyence Corporations
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SOURCE Allied Market Research