Maxwell’s concept of electromagnetism has helped in the extraction of major treasures in the past, detection of mining locations and now it stands as the backbone of security screening for public as well as military applications in the form a device called metal detector.
New York, NY -- (SBWIRE) -- 09/18/2017 -- Maxwell's concept of electromagnetism has helped in the extraction of major treasures in the past, detection of mining locations and now it stands as the backbone of security screening for public as well as military applications in the form a device called metal detector. Metal detectors are devices with high archaeological, mining and military importance. Metal detectors in archaeological application form the basis of detecting the remains of past, buried beneath the earth. Apart from archaeology, mining industry highly relies on metal detectors, particularly for detection of precious metals. The precious metal industry, which includes metals such as gold and platinum is significantly large in terms of value, and substantial demand for these metals in the market increases the demand for novel and robust metal detection technology. The precious metal detection technologies incur relatively higher costs and hence their market is expected to witness a slower annual growth rate over the forecast period. Apart from archaeological and mining application, security screening falls as a major area of application for metal detection technology with a large variety of products available depending upon the level of security required. Increasing terror related activities across the globe has made organisations to improve their security infrastructure through adoption of proper equipment and technology. Metal detectors can easily be seen at premium hotels, public shopping malls, parks, zoos, government building, etc. Manufacturers of metal detectors focus on developing robust, handy and cost effective products to leverage the existing opportunity in the metal detectors for security screening market. The global metal detector market is expected to witness steady growth over the next decade and will be mainly driven by advancement in technology.
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Global Metal Detectors Market: Market Dynamics
The global metal detectors market is expected to be significantly driven by increasing government investments in security owing to the rising violence and conflicts worldwide. Furthermore, ongoing infrastructural development across countries to develop new airports, stadiums and other such infrastructures will create demand for metal detectors. Security application is expected to hold a major share of the demand for metal detectors and witness robust growth over the forecast period. The global metal detectors market has also witnessed increased adoption of metal detectors in industrial application.
Moreover, day-by-day general public is understanding the importance of security equipment and as a result systems such as metal detectors are also being increasingly deployed in residential buildings/apartments/townships so as to ensure safety of residents.
One of the factors restraining growth is the higher cost, however this factor has only a moderate impact over the growth of the market. Government regulations in some of the countries, which ban the use of metal detectors for applications such as precious metal detection is expected to hamper market growth.
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Global Metal Detectors Market: Region-wise Outlook
Asia Pacific is expected to remain a major market for metal detectors over the forecast period. The region is expected to generate significant demand for metal detectors for security screening application owing to the ongoing infrastructural developments in the countries such as China and India. North America and Europe are expected to be the next big markets for metal detectors. These regions are expected to witness significant CAGR over the forecast period. Latin America and Middle East & Africa are estimated to expand at a slower growth rate as compared to Asia Pacific, North America and Europe.
Global Metal Detectors Market: Market Participants
Examples of some of the market participants identified in the global metal detectors market are; Fisher Research Laboratory, Garrett Metal Detectors, Minelab, XP Metal Detectors, Barska, DetectorPro,
Nokta Metal Detectors, Tesoro Metal Detectors,E.I.A. S.p.A., Makro Metal Detectors, Metal Detectors, nc,