Global Explosive Detection Technologies Market Is Anticipated to Grow US $9,234.1 Mn by 2024: Persistence Market Research
Increasing terror threats and geo-political unrest around the world is fuelling the growth of global explosive detection technologies market.
New York, NY -- (SBWire) -- 03/02/2017 --Launches and development of new products is significantly trending in the global market for explosive detection technologies. Increasing adoption of strategic partnerships & contracts by leading market players is fuelling the market growth of explosive detection technologies.
Explosive Detection Technologies Market:
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These market players include Smiths Group Plc., Kromek Group Plc., Elbit Systems Ltd., Implant Sciences Inc., Security Electronic Equipment Co. Ltd., Kunshan Sanxun Electronics Technology Co. Ltd., Shanghai WeiEn Security Equipment Co. Ltd., Safran SA, L-3 Communications Holdings Inc., OSI Systems Inc., Chemring Group PLC, Guangzhou Skyscanner Electronic Equipment Co. Ltd., Suzhou Aoteng Electron Technology Co. Ltd. and Tongfang Weishi Technology Co. Ltd.
Increasing terror threats and geo-political unrest around the world is fuelling the growth of global explosive detection technologies market. In 2015, global sales value of explosive detection technologies market was recorded at US $ 5,090 million and it is estimated to account for US $ 9,234.1 million by 2024 end. This market is estimated to grow at 7% CAGR based on value during the forecast period, 2016 to 2024.
Manual Function Segment Expected to Reach US $4,765.3 million by 2024
Based on Function, the global market for explosive detection technologies is categorised into manual and automated function. The market value of manual function segment was worth US $ 2,957.2 million in 2016. This segment is estimated to account for US $4,765.3 million by 2024 end. Whereas, about 44.9% of market value share was accounted by automated function in 2016 and it is estimated to reach US $4,468.8 million by 2024 end.
Trace Detection to Witness Highest CAGR in Terms of Value
Based on Technology, the market is categorised into trace detection and bulk detection technology. In terms of value, the trace detection technology is estimated to exhibit highest CAGR of 7.8% and, the bulk detection technology is estimated to grow at 6.5% CAGR during 2016 to 2024.
Air Transport to Remain Lucrative During the Forecast Period
Based on end user, the market is categorised into borders, air transport, ports and critical infrastructure. A Y-o-Y growth rate from 5.7% to 6.7% during 2016 to 2020 is expected to be witnessed by air transport segment. While the critical infrastructure is estimated to exhibit an average annual growth rate of 7.3% by 2022 end.
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Asia Pacific to be a Dominant Region for Explosive Detection Technologies Market
Region-wise, the market is categorised into Latin America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and North America. Asia Pacific is estimated to be the largest growing market for explosive detection technologies and expected to witness 9% CAGR during the forecast period. The sales revenue from this region is estimate to reach US $ 2,390.5 million by 2024 end. Markets in Middle East & Africa and Europe are estimated to witness of 6.3% and 8.2% CAGR respectively, during the forecast period. In 2016, Asia Pacific accounted for more than 20% value share of the market. Whereas, Europe and North America collectively accounted for more than 60% market value share in 2016.
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Leading establishments such as airports and security agencies have been focusing on application of fool-proof security systems owing to increased terrorist attacks. Governments of different regions are highly concentrating on security infrastructure improvement which drives the global market growth of explosive detection technologies. In contrast, increasing prevalence of IEDs (improvised explosive devices) is a major factor responsible for restrained growth of this market.
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