Irving, TX -- (SBWIRE) -- 07/19/2017 -- According to a new market report published by Lucintel, the future of the metal detector market looks attractive with opportunities in the government, commercial, consumer, food & beverage, pharmaceutical, and textile industries. The global metal detector market is expected to reach an estimated $1.6 billion by 2022 and is forecast to grow at a CAGR of 5.1% from 2017 to 2022. The major growth drivers for this market are rapidly increasing terrorism activities, expansion in infrastructure, and increasing stringency in government compliances in various sectors to maintain high level of security and safety.
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In this market, static and handheld metal detectors are used to ensure the safety and security of people, assets, and critical infrastructure. Lucintel forecasts that static metal detector is expected to remain the largest segment due to increasing usage of metal detectors in the food and pharmaceutical industries, transit, educational buildings, and hospitals. Handheld metal detector is expected to witness the highest growth in the forecast period supported by the increasing demand for security in government and commercial sectors along with increasing consumer demand due to growing archeological activities and hobbies.
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Within the metal detector market, the industrial segment is expected to remain the largest end use industry due to stringent government regulations for consumer protection in food processing, pharmaceutical, and chemical industries. Lucintel predicts that the demand for metal detectors in security will witness the highest growth during the forecast period. This growth will be supported by government spending on security for ports, borders, and critical infrastructure to ensure safety from terrorism and crime. Another factor that adds to the growth of the security segment is increasing passenger traffic in airport.
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Asia Pacific is expected to remain the largest market and will experience the highest growth over the forecast period supported by expansion of infrastructure. Factors influencing this are growth in the global economy, rise in the standard of living, and increasing tourism. The awareness regarding metal contamination in the food, pharmaceutical, and chemical industries also creates tremendous opportunities for metal detectors in China, Australia, India, and other countries.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing trend towards advancement in metal detector technology for superior performance and growing use of metal detectors in new applications such as sports and medical applications. Mettler Toledo (Safeline), Codan (Minelab), CEIA (Costruzioni Elettroniche Industriali Automatismi S.p.A.), Garrett Metal Detectors, and Eriez Manufacturing Co. are among the major suppliers of metal detectors.
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The study includes a forecast for the global metal detector market by product type, technology, end use industry, and region as follows:
By Product Type [$M shipment analysis for 2011 – 2022]:
-Handheld Metal Detectors
-Static Metal Detectors
By Technology [$M shipment analysis for 2011 – 2022]:
-Very Low Frequency (VLF)
-Multi Frequency (MF)
-Pulse Induction (PI)
By End Use Industry [Volume (Kilotons) and $M shipment analysis for 2011 – 2022]:
Food and Beverage
By Region [$M shipment analysis for 2011 – 2022]:
-Rest of the World
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This 160-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link http://www.lucintel.com/toc/metal-detector-market-2017-2022.aspx or email@example.com
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This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the global metal detector market by product type (static and handheld), technology (VLF, multi frequency, pulse induction, and others), end use industry (industrial, security, consumer, and countermine), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?