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Future of Explosive Detection Technology Market: Size, Share & Forecasts to 2029
Explosive Detection Technology Market
What Is the Projected Market Size Valuation of the Explosive Detection Technology Market by 2025?
The market size for explosive detection technology has seen substantial growth recently. The value is projected to rise from $7.33 billion in 2024 to $7.76 billion in 2025, representing a compound annual growth rate (CAGR) of 5.9%. Several factors contributed to this growth in the historical period, including heightened national security concerns, expanded budgets for defense and homeland security, an increased demand for screening technologies, more investment in research and development, and a surge in drone usage.
What Is the Estimated Market Growth Value for the Explosive Detection Technology Industry in 2029?
Anticipated robust expansion is on the cards for the explosive detection technology market in the coming years, with the size poised to reach a staggering $9.78 billion by 2029, growing at a compounded annual rate (CAGR) of 5.9%. This projected surge during the forecast period can be linked to multiple factors such as a rise in the number of airports and their funding, escalating military and defense financing, increasing governmental initiatives, burgeoning demand for security mechanisms, and a heightened risk of explosives-related attacks. Key emerging trends over the forecast period will be technological innovations, the incorporation of artificial intelligence, sensor technology, robotics, and data analytics.
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What Are the Growth Drivers and Opportunities in the Explosive Detection Technology Market?
The increase of worldwide terrorism is predicted to stimulate further expansion of the explosive detection technology market. Defined by the application of violence, intimidation, or threats typically targeting civilians, terrorism is employed to fulfill political, religious, or ideological aims. Various factors contribute to the rise of terrorism, including political instability, ideological extremism, social and economic disparities, advances in technology, and enduring geopolitical disputes. The role of explosive detection technology in counter-terrorism is vital, serving to detect and thwart the use of explosives in public areas, airports, and zones with high security risks. An example to note is in December 2023, as per the 2023 Global Terrorism Index from the Institute for Economics & Peace, based in Australia, it was observed that terrorist attacks have become more deadly with fatalities per attack seeing a surge of 26%. In comparison to the 1.3 deaths per attack in 2021, the year 2022 saw a rise to 1.7 deaths per attack. Hence, the surge in global terrorism is indeed fueling the progress of the explosive detection technology market.
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What Are the Primary Segments Covered in the Global Explosive Detection Technology Market Report?
The explosive detection technology market covered in this report is segmented -
1) By Technology: Bulk Detection, Trace Detection
2) By Function: Automated, Manual
3) By Application: Transport Safety, Safeguarding Facilities, Other Applications
4) By End Use: Air Transport, Critical Infrastructure, Ports And Borders, Military And Defense
Subsegments:
1) By Bulk Detection: X-ray Inspection Systems, Gamma-ray Detection Systems, Neutron Activation Systems, Ground Penetrating Radar (GPR), Explosive Detection Using Canine-Assisted Detection Systems, Bulk Acoustic Wave (BAW) Sensors, Acoustic and Vibration-Based Detection Systems, Advanced Radar Imaging For Bulk Detection
2) By Trace Detection: Ion Mobility Spectrometry (IMS), Mass Spectrometry (MS), Laser-Induced Breakdown Spectroscopy (LIBS), Surface Enhanced Raman Spectroscopy (SERS), Chemical Ionization Detection, Photoionization Detectors (PID), Field Asymmetric Ion Mobility Spectrometry (FAIMS), Electronic Nose and Sensor Arrays For Trace Detection
What Are the Top Growth Trends in the Explosive Detection Technology Market?
Leading businesses in the explosive detection technology market are concentrating on crafting innovative approaches like a portable trace detection system to augment security measures across different settings. The portable trace detection system is a compact device tailored to identify tiny traces of explosive materials instantly, thus permitting swift and effective scanning in places like airports, national borders, and public events. Take for example, in April 2023, Pokhriyal, a company based in India that produces high-end explosive detection systems, unveiled NanoSniffer. NanoSniffer is a detector based on microsensor explosive trace. It is crafted for fast and precise detection of explosives, making it applicable in diverse scenarios such as airport security, military engagements, and public safeguarding.
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Which Companies Are Shaping the Future of the Explosive Detection Technology Market?
Major companies operating in the explosive detection technology market are General Electric Company, Safran SA, L3Harris Technologies Inc., Leidos Holdings Inc., Elbit Systems Ltd., Smiths Detection Group Ltd., Bruker Corporation, Cobham PLC, FLIR Systems Inc., MSA Safety Incorporated, OSI Systems Inc., Chemring Group PLC, Analogic Corporation, Nuctech Company Limited, Rapiscan Systems Inc., American Science and Engineering Inc., Implant Sciences Corporation, Morpho Detection LLC, Autoclear LLC, Viken Detection LLC, Kromek Group PLC, Proengin SA
Which Region Holds the Largest Market Share in the Explosive Detection Technology Industry?
Asia-Pacific was the largest region in the explosive detection technology market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the explosive detection technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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