According to a recent report published by Allied Market Research, titled, “Explosive Detector Market by Product Type, Offering and End Use: Opportunity Analysis and Industry Forecast, 2020-2027,” the global explosive detector market was valued at $5.97 Billion in 2019, and the explosive detector market size is projected to reach $11.10 billion by 2027, growing at a CAGR of 8.2% from 2020 to 2027.
In 2019, Europe dominated the explosive detector market share among all regions analyzed, contributing approximately 30% share of the overall revenue. Adoption of explosive detector, in various industries, has fueled the market growth. Moreover, European key players are continuously taking efforts to improve this technology and its applications in industries.
As the number of applications of outdoor explosive detectors is increasing, portability of devices becomes more important. Fortunately, computer and battery advancements have allowed handheld explosive detectors to offer more functionality that was once reserved for bulk explosive detectors. To accommodate varying environmental conditions, handheld explosive detectors also come with the screen glare reduction and ergonomics of the handle and controls. Therefore, the benefits of handheld explosive detectors has increased its demand in the market.
Factors such as increase in the number of terrorist activities and government regulations are expected to boost the adoption of explosive detector in these end-user sectors in the near future. Presently, the global market is driven by the aviation end-user segment, owing to the high demand for security. However, the public places segment offers lucrative opportunities for stakeholders on account of heavy investments in security by various government funding in these sectors.
As per the analysis, COVID-19 pandemic has not impacted much on the explosive detector market owing to rise in demand for security as terror activities have increased worldwide. Further, public places, high alert zones and such other critical areas & premises always maintain a steady demand over the period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue generator in 2019, accounting for $1,736.1 million, and is estimated to garner $3,190.8 million by 2027, growing at a CAGR of 8.0%.
The market for explosive detectors is segmented into technology, product type, end-user, and region. The technology is further bifurcated into trace and bulk types. The product type is classified into vehicle mounted, handheld, robotics, and others. The end-user segment is further categorized into military & defense, cargo & transport, aviation, public places, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the market include 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, which are profiled in this report.
Key Findings Of The Study
- By product type, the handheld explosive detector held the highest revenue of $2,591.8 million in 2019 and contributed a major part in the explosive detector market share.
- By technology, the bulk segment held the highest revenue share of the market in 2019, generating $3,375.3 million as per the explosive detector market analysis.
- By end user, the aviation segment held the highest revenue share of the market in 2019, generating $1,765.6 million as per the explosive detector industry analysis.
- By region, Europe is expected to dominate the market, garnering a major explosive detector market share during the forecast period.