According to a recent report published by Allied Market Research, titled, “Public Safety Sensors Market by Sensor Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global public safety sensors industry was valued at $1.46 billion in 2019, and is projected to reach $2.44 billion by 2027, registering a CAGR of 7.1% from 2020 to 2027.
The public safety sensors market forecast holds high potential in the residential and automotive sector. The current business scenario experiences rapid development in smart infrastructure and smart vehicle technology, leading to the readiness to adopt this technology, particularly in the developed and developing regions such as North America, Asia-Pacific, and Europe. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative features.
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Increase in demand for different types of sensors, especially in autonomous cars, is expected to drive the public safety sensors market growth during the forecast period. Advanced technologies and innovations such as Advanced Driver Assistance Systems (ADAS) and Emission Control Sensors are expected to open new opportunities for the public safety sensors market in the automotive industry.
Public safety sensors features enhanced functionality & accuracy and facilitates quick and cost-effective monitoring and reporting procedure. It is incorporated for different challenges aimed to improve quality and productivity in the process.
Asia-Pacific and North America are expected to offer lucrative growth opportunities during the forecast period. North America and Asia-Pacific are anticipated to grow at a rapid pace at a CAGR of 5.1% and 8.1%, respectively.
Leak detections are increasingly used in oil & petroleum industry, chemical industry and air conditioning & refrigeration industries among others. Usage of leak detectors leads towards potential accidents avoidance and risk analysis for future concerns. This technology promotes safe orientation among users in various situations. Governments all over the world are setting up regulations in order to promote the adoption of leak detectors among various industry verticals. For instance, the U.S. federal government regulates pipelines via Code of Federal Regulations (CFR) 49 which insist the adoption of leak detectors. In addition, the air conditioning and refrigeration industries are using leak detectors to measure and prohibit carbon dioxide to reduce global warming potential, which is assisting the growth of public safety sensors market forecast globally.
Gunshot detectors are increasingly being used in the U.S. for safety and security purposes. The system uses sensors mounted on light poles along schools & universities, offices and public spaces. It triangulates the sound, giving police a precise location of where the gunfire happened. In addition, governments of various countries are entering into partnership with companies to install such technologies in the public places. For instance, San Diego government entered into a four year contact valuing $1 million with Shot Shutter, a company dealing with gunshot detectors to ensure safety among its citizen. Therefore, usage of safety sensors for public safety applications drives the public safety sensors market growth in the global front.
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The COVID-19 crisis is making uncertainty in the stock market, immense slowing of the supply chain, falling business confidence, and increasing panic among the customer segments. The overall impact of the pandemic is impacting the production process of several industries including semiconductor and electronics, and others. Trade barriers are further constraining the demand and supply outlook. As the government of different countries has already announced total lockdown and temporarily shutdown of industries, the overall production process is adversely affected.
According to public safety sensors market trends, the governments in key markets have prioritized safety and security technologies pertaining to the current threat environment is experienced globally. Thus, there is strong demand for public safety sensors and technologies from the military & defense sector. However, the residential sector witness severe loss, thereby no new orders have been placed during the pandemic. And this impact is estimated to continue till 2021. Moreover, the international automobile markets are in very week state owing to the lockdowns imposed to tackle the pandemic continued for several weeks.
Although the vehicles markets in the U.S. and Europe are estimated to witness mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Hence, the public safety sensors market is facing major obstacles from the emergence of COVID-19 pandemic.
Key Findings Of The Study
The major companies profiled in the report include ABB Ltd., FIBARO, Baumer, Rockwell Automation, Siemens AG, Schneider Electric, Infineon Technologies, Texas Instruments, Sensors Industries and Keyence Corporations. These key players adopt several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the public safety sensors market share during the forecast period.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.