PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606387
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606387
The market for Sensor-based Gun Systems was projected to reach USD 5,851.5 million in 2023 and expand at a CAGR of 8.20% between 2024 - 2032.
Sensor-based gun systems, sometimes referred to as smart gun systems or smart firearms, are sophisticated weapons that use a variety of sensors and technologies to improve their performance and security features. They enhance accuracy, dependability, and overall performance while collecting data in real-time and giving the user feedback. In order to precisely detect the location, orientation, and movement of the gun for better targeting and increased precision while lowering the possibility of missed shots, they also make use of sensors such as gyroscopes, accelerometers, and optical devices. They are equipped with biometric sensors or radio frequency identification (RFID) technology, which lowers the danger of abuse and accidents by allowing the handgun to identify authorized users and prohibit unauthorized people-like criminals or children-from using it. Some of the main drivers driving the sensor-based gun systems market include the increasing frequency of mass shootings, the increasing investments made by international governing bodies to improve border security, and the growing integration of newer technology in an effort to avert a major disaster.
Sensor-based Gun Systems Market- Market Dynamics
Expanding Financial Agreements to Enhance Border Security from Global Governing Bodies
The market for sensor-based gun systems is being driven in large part by the growing investments being made by international governing organizations to improve border security. Concerns over terrorism, illegal immigration, smuggling, and geopolitical tensions are driving governments across the globe to devote significant resources to modernizing and fortifying border control measures. Sensitive border areas can be securely guarded with sensor-based gun systems, which combine technologies like AI-based aiming, infrared sensors, and motion detection to provide increased precision and automated threat identification. The adoption of these cutting-edge solutions is also being fueled by expanding government and defense contractor partnerships as well as rising funding allotments for border infrastructure and surveillance systems. This tendency is especially noticeable in areas where there are security concerns because such areas are trying to use the newest technologies to protect civilian and military personnel alike.
Sensor-based Gun Systems Market- Key Insights
According to our research analyst's analysis, the global sensor-based gun systems market is projected to expand at a CAGR of approximately 8.20% during the forecast period of 2024-2032.
The sensor-based man-portable guns category was predicted to hold the largest market share in 2023 based on type.
The national defense category was predicted to hold the largest market share in 2023 based on application.
North America held the largest revenue share by region in 2023.
The Global Sensor-based Gun Systems Market is segmented into Type, Application, and Region.
On the basis of type, the market is segmented into Sensor-based Turret Guns and Sensor-based Man-Portable Guns. The dominant category in the market is Sensor-based Man-Portable Guns. Man-portable guns (MPGs) with sensors are weapons that can track and identify targets. These systems include turret guns and man-portable weapons. Gun systems with sensors are employed in law enforcement, national defense, and other fields. Portable handguns and machine guns are combined to create sensor-based man-portable armaments. They can serve as combatants' or law enforcement's carry-anywhere handguns as well as machine guns for military applications. German designer Carl Gustav Jung produced the first effective hybrid device at the end of World War I and the beginning of the 1920s.
In terms of application, the market is segmented into Law Enforcement and National Defense. In 2023, the national defense application segment held the highest revenue share. The increase in military spending across nations that are building their armed forces with a focus on sensor-based technologies is responsible for the growth. The German Ministry of Defense, for example, has declared that it will upgrade its armed forces by USD 7 billion by 2025, with a focus on soldier skills. Due to the many benefits these systems provide, including improved accuracy and safety when handling guns, the law enforcement application market is anticipated to expand at a substantial rate in the forecast period.
Sensor-based Gun Systems Market- Geographical Insights
The Sensor-based Gun Systems market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
The market for sensor-based gun systems is expanding significantly in the North American region due to factors such as growing geopolitical tensions, modernizing military hardware, and higher defense budgets. The emphasis on border security and counterterrorism measures has increased demand for sophisticated monitoring and combat systems. The US, which has made significant investments in sensor-based gun technology, and Canada, which is using similar systems for both military and law enforcement purposes, are two major contributors to this rise.
On the other hand, the Asia Pacific area is expanding quickly due to rising military spending, particularly in nations like South Korea, China, and India. The need to bolster national military capabilities is becoming more pressing, and this, along with territorial disputes and regional conflicts, is driving investments in cutting-edge armaments, such as sensor-based gun systems. In addition, as governments work to strengthen their defense infrastructure and lessen their dependency on imports, technical developments and the emergence of homegrown defense companies are fueling the sensor-based gun systems market expansion.
The market for sensor-based gun systems is extremely competitive, with a number of major competitors vying for customers with cutting-edge and trustworthy products. Prominent players in the industry offering a variety of sensor-based gun systems are Israel Aerospace Industries Ltd, ACOEM Group, Arcarithm, Inc., EAGL Technology, Inc., Bharat Electronics Limited, Evolv Technology Inc., and others. To address the changing needs of military and law enforcement clients, these businesses concentrate on product development, investments in research and development, and strategic alliances.