According to Research Report Insights (RRI) report, titled “Explosive Detection Technologies Market by 2024”, the global explosive detection technologies market in 2016 is projected to rise year over year at a growth rate of 5.4%, accounting for US$ 5.4 billion and is estimated to exhibit CAGR of 5.2%, accounting for US$ 3.9 billion in the forecast period from 2016 to 2024.
Globally, the demand for these technologies of explosive detection is mainly expected in the airport areas for safety purposes. Also, growing rules and norms for ensuring security around the world and increasing volume of passengers are boosting the market for explosive detection technologies. Moreover, ongoing airport construction areas as well as rising perception of terror threat are driving the market demand for explosive detection technologies across the globe. Also, increasing geo-political unrest in several countries is estimated to fuel the market growth in the years to come. However, developing explosive devices that are improvised is a key market restraint for explosive detection technologies. Also, detection of explosive requires intensive labor to do the process faster in order to avoid delays and this factor is impeding the growth of the global market for explosive detection technologies in the coming years.
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The global explosive detection technologies market is categorized into technology, function, end-user and regions. Based on function type, the global explosive detection technologies market is fragmented into manual and automated. Among these, the segment of automated type is expected to show 44.9% of market share by 2016 end to reach value worth US$ 4,468.8 million by 2024 end while on the other hand, manual segment is expected to value worth US$ 2,957.2 million by 2016 end to reach a value of US$ 4,765.3 million over the forecast period.
Based on technology type, the global explosive detection technologies market is categorized into trace and bulk detection. Among these, in terms of value, the segment of bulk detection segment is estimated to grow at a CAGR of 6.5% while the segment of trace detection is anticipated to exhibit maximum CAGR of 7.8% during the forecast period.
Based on end-user type, the global explosive detection technologies market is segmented into critical infrastructure, military & defense, air transport, and ports & borders. Among these, the segment of air transport is projected to see year over year growth rate of 5.7% in 2016 to 6.7% in 2020 while the segment of critical infrastructure is projected to exhibit at a CAGR of 7.3% over the forecast period.
Regionally, the segmentation is done into North America, Europe, APAC, Latin America and Middle East & Africa (MEA). Among these, the APAC region is anticipated to remain most lucrative market over the forecast period to reach revenue worth US$ 2,390.5 million by 2024 end. Moreover, over the forecast period, the MEA and Europe region is predicted to exhibit a CAGR of 6.3% & 8.2% respectively.
Over the forecast period, the APAC region will witness highest growth in the global market for explosive detection technologies.
Some of the key players in the global market for explosive detection technologies include Smiths Group, Kromek Group, Elbit Systems, Implant Sciences, Security Electronic Equipment, Kunshan Sanxun Electronics, Shanghai WeiEn Security, Safran SA, L3 Communications, OSI Systems, Chemring Group, Guangzhou Skyscanner Electronic, Suzhou Aoteng Electron, and Tongfang Weishi Technology, among others.