To understand and assess opportunities in this market, the report is divided into key sections namely – by function, by technology, by end user, and by region.
Albany, NY -- (SBWIRE) -- 02/17/2017 -- Global sales of explosive detection technologies was valued at US$ 5,090.0 Mn in 2015 and is projected to be valued at US$ 9,234.1 Mn by 2024, expanding at a CAGR of 7.0% in terms of value over the forecast period (2016–2024). The explosive detection technologies market in Asia Pacific is anticipated to be the fastest growing market, registering a CAGR of 9.0% between 2016 and 2024. Rising instances of terrorism and geo-political unrest across the globe is likely to boost the demand for explosive detection technologies significantly.
Key market drivers and trends
Increasing incidence of terror attacks has intensified the focus of security agencies and other high profile establishments – particularly airports – on implementing fool-proof security measures. Governments across the globe are placing greater emphasis on improving security infrastructure, especially at critical establishments such as airports. This is expected to drive growth of the explosive detection technologies market over the forecast period. However, a growing number of improvised explosive devices (IEDs) poses a major challenge for sustained growth of this market.
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One of the major trends in the explosive detection technologies market is new product development and launch. Leading market players prefer adopting the strategy of partnerships and contracts to supply explosive detection technologies to various government and non-government bodies.
Market analysis by segmentation
The global explosive detection technologies market is segmented on the basis of Function (Automated, Manual); Technology (Bulk Detection, Trace Detection); and End User (Air Transport, Critical Infrastructure, Ports and Borders, Military and Defense). The Automated segment is estimated to account for a market value share of 44.9% by the end of 2016, reaching a value of US$ 4,468.8 Mn by the end of 2024. The Manual segment is estimated to be valued at US$ 2,957.2 Mn by the end of 2016 and is anticipated to reach US$ 4,765.3 Mn by the end of the forecast period. The Bulk Detection segment is expected to expand at a CAGR of 6.5% in terms of value over the forecast period and the Trace Detection segment is expected to expand at the highest CAGR of 7.8% in terms of value over the forecast period. In terms of value, the Air Transport segment is estimated to witness a Y-o-Y growth rate of 5.7% to 6.7% from 2016 to 2020. The Critical Infrastructure segment is anticipated to increase at an annual average growth rate of 7.3% till the end of 2022.
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Key regions
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. The Asia Pacific market is projected to be the most attractive market for explosive detection technologies throughout the forecast period, with sales revenues expected to reach US$ 2,390.5 Mn by the end of 2024. Markets in Europe and MEA are anticipated to expand at a value CAGR of 8.2% and 6.3% over the forecast period. 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 while the markets in North America and Europe are estimated to collectively account for over 60% share in terms of value by the end of 2016.
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Leading market players
Some of the leading companies operating in the global explosive detection technologies market are – Safran SA, Smiths Group plc., L-3 Communications Holdings Inc., Kromek Group plc, OSI Systems Inc., Elbit Systems Ltd., Chemring Group PLC, Implant Sciences Inc., Guangzhou Skyscanner Electronic Equipment Co. Ltd., Security Electronic Equipment Co. Ltd., Suzhou Aoteng Electron Technology Co. Ltd., Kunshan Sanxun Electronics Technology Co. Ltd., Tongfang Weishi Technology Co. Ltd., and Shanghai WeiEn Security Equipment Co. Ltd.
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