Press release
Explosive Detection Technologies Market to Go Strong with 6.2% CAGR between 2029
Explosive detection is widely used at airports, critical infrastructure, borders & ports, and in military & defense to detect explosive materials. Increasing incidents of terrorist attacks and geopolitical unrest are expected to drive the demand for explosive detection technologies across the world. Additionally, government regulations for greater and effective security checking are expected to provide lucrative opportunities to the market.According to PMR’s recent market study, the explosive detection technologies market growth is projected to progress at a CAGR of 6%, and reach US$ 12 Bn by the end of the forecast period of 2019-2029.
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Key Takeaways of Explosive Detection Technologies Market Study
North America is expected to retain its dominant position in the global explosive detection technologies market throughout the forecast period in terms of volume as well as value. This can be mainly attributed to increasing investments in advanced explosive detection technologies for existing airports and commercial buildings in the region.
The air transport end use segment is projected to account for a major share in the global explosive detection technologies market during the forecast period, attributable to increased focus of security agencies, particularly at airports, to implement various security measures to counter terrorist attacks.
Grapheme-based spasers easily detect explosive materials, toxic chemicals, and other compounds by molecule characteristic vibrational transitions. Hence, commercialization of graphene is estimated to provide lucrative growth opportunities to players in the explosive detection technologies market.
“Development of portable and miniaturized units, especially in developed regions; and innovation of advanced techniques to reduce costs while improving efficiency of explosive detection systems, are observed to be key trends among manufacturers in the explosive technologies market,” says a PMR analyst.
global explosive detection technologies market
Explosive Detection Technologies Market: Competitive Landscape
The global explosive detection technologies market is highly consolidated, with tier-1 players accounting for around half of the market share. Some of the key market players included in the report are Smiths Group plc, L3Harris Technologies, Inc., OSI Systems Inc., and Kromek Group plc. Over the past few years, the explosive detection technologies market has witnessed continuous product innovation to overcome shortcomings of the existing equipment. Furthermore, companies are investing in the development of innovative technologies and techniques in order to reduce the costs of trace detection and also improve efficiency.
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Explosive Detection Technologies Market: Conclusion
Growing concerns regarding security across airports, malls, and commercial complexes is expected to be the major factor increasing the demand for efficient, reliable, and low-cost explosive detection equipment. Terrorist attack threats and new airport construction activities, worldwide, are the major reasons that will contribute to the growth of the explosive detection technologies market during the forecast period of 2019-2029.
Find More Valuable Insights on Explosive Detection Technologies Market
PMR, in its new research report, offers an unbiased analysis of the global explosive detection technologies market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The report reveals insights on the explosive detection technologies market, and covers market dynamics, market share analysis, pricing analysis, and channel partners involved in the explosive detection technologies market value chain. Readers can also find key trends and market growth scenario based on technology, function, end user, and regions such as North America, Latin America, Europe, Asia Pacific, and MEA.
COMPANIES COVERED IN EXPLOSIVE DETECTION TECHNOLOGIES MARKET REPORT
Smiths Group plc
Kromek Group plc
3Harris Technologies, Inc.
OSI Systems Inc.
Elbit Systems Ltd.
Chemring Group PLC
Implant Sciences Inc.
Guangzhou Skyscanner Electronic Equipment Co. Ltd
Security Electronic Equipment Co., Ltd
Suzhou Aoteng Electron Technology Co., Ltd.
Kunshan Sanxun Electronics Technology Co., Ltd.
Tongfang Weishi Technology Co., Ltd.
Shanghai WeiEn Security Equipment Co., Ltd.
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