Press release
Explosive Detection Technologies Market to expand at a CAGR of 5.2% by 2016–2024
Demand for explosive detection technologies is expected to increase at a significant rate across airports in order to ensure security. Increasing regulations across the globe to enhance security, increasing passenger volumes, upcoming airport construction projects, and increasing terror threat perception are major factors expected to drive the demand for explosive detection technologies worldwide. A growing geo-political unrest in various countries across the globe is also expected to support market growth in the near future. Top market players are focusing on obtaining long-term supply agreements for explosive detection technologies for government and other applications, which in turn is expected to increase installation of new devices in various countries across the globe. Development of improvised explosive devices is a major challenge for the explosive detection technologies market. Moreover, explosive detection is a labor intensive process requiring faster screening to avoid significant delays. This factor is likely to restrain the growth of the explosive detection technologies market over the forecast period.
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The global explosive detection technologies market is segmented on the basis of Function, Technology, End User, and Region. The Manual segment is expected to expand at a CAGR of 6.1% in terms of value and the Automated segment is expected to expand at the highest CAGR of 8.0% in terms of value over the forecast period. The Bulk Detection segment is estimated to account for a market value share of 57.4% by the end of 2016; while the Trace Detection segment is anticipated to be valued at US$ 2,285.7 Mn by the end of 2016 and is expected to reach US$ 4,154.7 Mn by the end of the forecast period. The Air Transport and Critical Infrastructure segments are estimated to collectively account for over 55% revenue share by the end of 2016.
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On the basis of regions, the global explosive detection technologies market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to account for over 20% share of the global explosive detection technologies market in terms of value by the end of 2016, projected to expand at a value CAGR of 9.0% over the forecast period. Markets in North America and Europe are estimated to collectively account for over 60% share in terms of value by the end of 2016. North America and Europe are expected to contribute significant revenue share to the global explosive detection technologies market throughout the forecast period.
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