Reading time ( words)
According to a report by Markets and Markets the active protection system market is projected to grow from $2.84 Billion in 2016 to USD 4.15 Billion by 2022, at a CAGR of 6.50% during the forecast period. The following influencing factors expected to drive this market during the forecast period include; modernization of armed forces, rise in asymmetric warfare, and rising need for security from different types of weapon systems. The use of active protection systems in defense has increased considerably in the past few years. The report indicates that these platforms require systems that can help detect, track, and defend against incoming threats. Patriot One Technologies Inc., Honeywell International Inc., Lockheed Martin Corporation, Siemens AG, Axon Enterprise, Inc.
The gunshot detection system market is also projected to grow from $726.3 Million in 2016 to $3,099.8 Million in 2022, at a CAGR of 27.36% during the forecast period. Another Markets and Markets report points out that based on installation type, the gunshot detection system market is dominated by the fixed segment, and this segment is projected to grow at the highest CAGR during the forecast period. Fixed gunshot detection systems use the acoustic sensor node detection technology to ascertain a gunshot event. Fixed installations are carried out at a specific height from the ground.
Patriot One Technologies Inc. is a developer of a revolutionary award-winning concealed weapons detection system. On May 2nd the Patriot's President and CTO Dinesh Kandanchatha provided an update of the company's accomplishments in the first quarter of 2017 and the milestones are expected to be achieved in the upcoming quarter, "The start of 2017 was marked by a number of significant events for the Company. First was our installation of demonstration showcases involving several core verticals targeted by Patriot One through 2017 and 2018, including hospitality/gaming, entertainment, and houses of worship. Beyond effectively demonstrating Patriot One's technology, these showcases garnered significant interest from local media and the broader security community. Additionally, these live installations provided valuable opportunities to further refine Patriot One's cognitive microwave radar system in real-world conditions. Over an extended field trial period, the system successfully and consistently detected concealed weapons with zero false negatives and a false positive rate of less than 5 percent.
Next, Patriot One was honored to receive a prestigious award from the Security Industry Association (SIA) for best new counter terrorism/force protection product, as evaluated by security leaders from some of the world's largest security organizations. The SIA presented the award during the ISC West conference in Las Vegas - one of America's largest security technology conferences. During the event, the Company also hosted two informative panel sessions, which included representatives from the Company's newly announced business affiliates at Mutual Safe of South Africa and the University of North Dakota.
To support Patriot One's central aim to deliver products in Q4 2017, the Company has intensified pre-sales preparations as demonstrated by a significant backlog of pending orders. In fact, as of today, Patriot One's purchase commitments exceed the Company's 2017 target production volume."
Honeywell International Inc. is a software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Recently, the company said it will provide the commercial and military versions of its innovative 3-D weather radar solution to Lockheed Martin Corporation for use on its new LM-100J Super Hercules commercial freighter. With Honeywell's IntuVue RDR-4000 and 4000M Weather Radar systems, the Lockheed Martin LM-100J will benefit from the same ease of use and early warning of weather hazards - such as lightning, hail and turbulence - available in commercial airliners and business jets.
Siemens AG software used to develop Mars Rover helps ULA successfully deliver rockets to Orbit. An Atlas V rocket designed and built by United Launch Alliance (ULA), which utilizes engineering analysis and simulation software from Siemens' product lifecycle management (PLM) software business unit, carried a U.S. Navy communications satellite into space. ULA is the space industry's most experienced launch services company, providing reliable, cost-efficient access to space for the Department of Defense, National Reconnaissance Office, NASA, and commercial customers.
Axon Enterprise, Inc., formerly TASER International, Inc., recently announced that it is launching a new program to equip every police officer in America with a body camera. The company will also provide supporting hardware, software, data storage, training, and support to police departments free of cost for one year. "We are going 'all-in' to empower police officers to more safely and effectively do their jobs and drive important social change by making body cameras available to every officer in America," said Rick Smith, Founder and CEO of Axon.
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.