Portland, OR, Nov. 09, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global public safety sensors market garnered $1.46 billion in 2019, and is projected to generate $2.44 billion by 2027, registering a CAGR of 7.1% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top investment pockets, value chain, key segments, and competitive landscape.
Increase in implementation of internet of things (IoT), stringent regulations of government regarding leak detection systems, and development of novel sensor technologies for public safety propel the growth of the global public safety systems market. However, implementation of sensors in devices results in high initial cost and less lifespan restrains the market growth. On the other hand, surge in adoption of wearables for public safety applications offers new opportunities in the next few years.
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Covid-19 Scenario:
- Manufacturing factories have been shut down due to the lockdown imposed by governments of various countries. Moreover, there has been interruption in supply, which in turn, led to scarcity of raw materials and finished goods.
- With prioritization of safety and security technologies by governments, the demand has been increased from the military & defense sector during the pandemic.
- However, the demand has been reduced considerably from the construction, residential, and automobile sectors, as there have been postponement of installations.
- New investments have been either reduced or locked, and there are delays in planned projects across various end-use industries.
The report offers a detailed segmentation of the global public safety sensors market based on sensor type, application, and geography.
By sensor type, the pressure sensor segment accounted for the largest share in 2019, contributing to nearly half of the total market share, and is estimated to maintain its lead position during the forecast period. However, the acoustic wave sensor segment would grow at the fastest CAGR of 10.8% from 2020 to 2027.
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By application, the indoor and outdoor gunshot detector segment is projected to portray the highest CAGR of 11.1% during the forecast period. However, the flood detection segment accounted for the highest market share in 2019, holding more than one-third of the global public safety sensors market, and is projected to maintain its lead position during the forecast period.
By region, Asia-Pacific held the largest market share based on revenue with nearly half of the total share in 2019, and is expected to maintain its leadership status by 2027. Moreover, this region is expected to register the highest CAGR of 8.1% from 2020 to 2027. The report also discusses regions including North America, Europe, and LAMEA.
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Key players of the global public safety sensors market analyzed in the report include ABB Ltd., Baumer, FIBARO, Siemens AG, Rockwell Automation, Infineon Technologies, Schneider Electric, Sensors Industries, Texas Instruments, and Keyence Corporations.
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