Explosive Detector Market to Reap Excessive Revenues by 2023
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.
Rise in occurrences of organized crimes and the presence of antisocial networks, growth in aviation security need and government regulation on public safety, and massive government investments for improving the state safety are the key drivers for the growth of the global explosive detector market. Moreover, increase in demand for national security, the safety of institutions having high national importance, and public safety are expected to provide lucrative opportunities to market players. Bulk detector is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. However, trace detector segment is expected to witness significant growth in the future, owing to advancement in explosive trace detector products by using advanced sample collection technology.
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The aviation sector is projected to maintain its lead in the end user segment. The emerging economies (of Asia-Pacific and European countries) also expand their military and defense budget to counter the rise in activities of terrorists and make their international boundaries more secure.
North America is expected to maintain its dominance throughout the forecast period, owing to the presence of key companies in the region. Moreover, strict policies of U.S. government on terrorism and swift growth of the U.S. aerospace industry is expected to assist the market growth.
Europe is projected to grow at the highest CAGR during the forecast period, owing to increase in terrorist attacks, rise in safety concerns due to war condition with Middle-East countries. Furthermore, increase in military spending by the European Union is expected to support the market growth.
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The major players such as 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 adopt new technology launch as their key strategy to expand their market foothold.
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