According to a new report published by Allied Market Research, titled, Explosive Detector Market by Technology, Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global explosive detector market accounted for $4,531 million in 2016, and is expected to reach $8,208 million by 2023, growing at a CAGR of 8.7% from 2017 to 2023. In 2016, North America dominates the global market, in terms of revenue, accounting for more than 30% share of the global market, followed by Europe.
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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.
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.
Key Findings of the Explosive Detector Market:
- In 2016, bulk detector segment dominated the global explosive detector market, in terms of revenue, and is projected to grow at a CAGR of 8.3% during the forecast period.
- Robotics segment is projected to grow at a CAGR of 9.8%.
- Military & defense is expected to exhibit a CAGR of 9.1% during the forecast period.
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.