Explosive detection is widely used at airports, critical infrastructure, borders & ports, and in military & defence 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.
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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.
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.
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