Rise in demand for Explosive Detector Market with a CAGR of 8.7% from 2017 to 2023

The global explosive detector market is expected to witness significant growth in the near future owing to rise in security concerns in the European countries and cross-border conflicts in Asia-Pacific. Earlier, explosive detectors were primarily used in aerospace & defense applications. However, with the advent of advanced technology and increase in awareness about the benefits of explosive detectors, other industries including aviation, cargo & transport and government sectors also adopt explosive detectors to efficient security checking. Key players in the market develop highly sensitive explosive detectors that play a critical role in detection and identification of several explosive materials. Higher security concerns and government regulations in the market, have pushed organizations to adopt explosive detectors, which fuels the growth of the explosive detector market.

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Major players in the market are developing low cost, compact, affordable, and energy efficient explosive detectors. These customized affordable explosive detectors are aimed at serving the needs of small and medium-sized enterprises. Increase in government spending in defense sector also provide a major growth opportunity to the players in the market. There have been substantial investments for R&D by public and private organizations in the market to explore further technologies and applications of explosive detectors. However, high prices, complex technologies, and less accuracy in case of improvised explosives restrict the growth of the market. Deteriorated performance in harsh conditions also limit their adoption. In 2016, North America was the major revenue contributor, followed by Europe. In the coming years, growth of explosive detectors in LAMEA and Asia-Pacific it is expected to increase tremendously.

Global Explosive Detector Market accounted for $4,531 million in 2016, and is anticipated to reach $8,208 million by 2023, growing at a CAGR of 8.7% from 2017 to 2023. Explosive detector is a device used for detection of certain types and amounts of explosive material by coalescing all data from the operational subsystems and making a decision by a computer as to whether or not an alarm should be activated for subsequent resolution by other explosives-detection equipment or a human operator. Explosives detection technology has long been at the front in the fight against terrorism. Explosive detectors are an integral part of checkpoint and security screening for a wide range of applications.

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Key Benefits

The study provides an in-depth analysis of the global explosive detector market to elucidate the prominent investment pockets.
Current trends and future estimations are outlined to determine the overall market potential and single out profitable trends to gain a stronger foothold in the market.
The report provides information about impact analysis and key drivers, restraints, and opportunities.
The market is analyzed based on various regions, namely, North America, Europe, Asia-Pacific, and LAMEA.

Key players in the explosive market, which include Westminster International Ltd., Analogic Corporation, Chemring group PLC, Flir Systems, Inc., NOVO DR Ltd., L-3 Technologies, Inc., Cobham PLC, Nuctech Company Ltd., OSI Systems, Inc., and Smiths Detection are engaged in the process of product innovation, collaboration, and acquisition to expand their services across various geographies.

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The other players in the value chain include (profiles not included in the report):

Hitachi, Ltd.
ICx Technologies
Mistral Security, Inc.
Scent Detection Technologies

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