Concealed Weapon Detection Systems Market Expected To Reach $1.17 Billion By 2031

PALM BEACH, Fla., Oct. 11, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary -- Over the past few years due to global conflicts and the COVID virus, a lucrative market for the sale of concealed weapon detection systems has been created thanks to remarkable advancements made possible by the integration of sensors, imaging technologies, and actuators. The urgent need for contemporary, cutting-edge concealed weapon detectors has been brought on by growing terrorist threats that target public places for mass attacks. Without any physical contact between security personnel and the person being screened, security screening in conjunction with solutions for concealed weapons detection are used to find covert threats and illegal items. A recent report from Future Market Insights projected that the market for devices that detect concealed weapons is expected to grow from US$ 637.8 million in 2022 to US$ 1.17 billion by 2031. The market for hidden weapon detection systems is anticipated to expand at a strong CAGR of 6.9 percent between 2022 and 2031.  The report said: "There is a critical need for concealed weapon detection systems in the aviation industry, the government sector, and commercial spaces including educational institutions, banks, and shopping centers because anti-social groups pose a threat to public safety. Terahertz body scanners can recognize and precisely locate dangers, such as concealed weapons and contraband, that are concealed in bags or beneath a person's clothing… The rise of cross-border terrorism and an increasing number of terrorist outfits have given every government a reason to invest in the best and the most advanced concealed weapon detection technologies."  Active companies in the markets this week include Liberty Defense Holdings Ltd. (OTCQB: LDDFF) (TSX-V: SCAN), Patriot One Technologies (OTCQX: PTOTF) (TSX: PAT), Evolv Technology (NASDAQ: EVLV), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Raytheon Technologies (NYSE: RTX).

Future Market Insights continued: "High efficiency sensing technologies are required for effective security screening and weapon detection at high public throughput locations like courthouses, airports, museums, and prisons. Companies are being driven to develop and incorporate high speed sensors into security screening solutions by the demand for effective concealed weapon detection.  Configurable… body scanning systems have been widely used globally due to the urgent need for security screening with concealed weapon detection at ports and borders amid escalating political unrest.  It is possible to combat illegal activities and terrorism at airports, train stations, metro stations, national borders, and other locations by integrating autonomous and covert sensing resources. During the forecast period, high-quality, autonomous sensing equipment integration is anticipated to significantly contribute to the growth of the global market for concealed weapon detection systems."

Liberty Defense Holdings Ltd. (OTCQB: LDDFF) (TSXV: SCAN) BREAKING NEWS:  Liberty Defense Receives $1,750,000 Contract Award from TSA for Development of AIT Screening Upgrades - Liberty to develop a retrofit kit for improved airport security checkpoint passenger screening with next generation, advanced imaging technology (AIT) -  Liberty Defense Holdings Ltd. (FRANKFURT: LD2A) ("Liberty" or the "Company"), a leading technology provider of detection solutions for concealed weapons and threats, is pleased to announce that it has received an award from the Transportation Security Administration (TSA) for $1.75M for the development of a prototype High-Definition Advanced Imaging Technology (HD-AIT) upgrade kit for testing on an AIT passenger screening system.

The HD-AIT next-generation people screening technology platform for threat detection uses high-definition imaging and Artificial Intelligence, resulting in greater detection, with a lower false alarm rate for a better passenger experience.

The TSA, an agency of the U.S. Department of Homeland Security, is responsible for all security screening conducted at airports in the United States. TSA's On-Person Screening program aims to detect a growing range of threats, with fewer false alarms and less physical contact. In addition to enhanced detection, the HD-AIT body scanners are anticipated to help improve passenger experience and move people through the checkpoint more seamlessly.

"We are excited to partner with TSA on this critical initiative to help develop the next generation of passenger screening," says Liberty CEO Bill Frain. "Liberty shares the same mission as TSA for On-Person Screening and deploying future state capability, with the focus on detecting more threats and providing an overall better experience for the traveling public."

Liberty previously licensed a millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and a shoe screener technology in March of 2021. Both technologies were developed by researchers at the Pacific Northwest National Laboratory (PNNL), funded by U.S. Department of Homeland Security Science and Technology Directorate (DHS S&T) on behalf of the Transportation Security Administration mission. Liberty is now developing the technology in house with its experienced team of engineers.  CONTINUED… Read this and more news for Liberty Defense at: https://www.financialnewsmedia.com/news-scan/  

In other developments in the markets:

Oak View Group (OVG), the global venue development, advisory, and investment company for the sports and live entertainment industry, recently introduced new patron screening technology to multiple properties as the result of a new partnership with Patriot One Technologies (OTCQX: PTOTF) (TSX: PAT).

The partnership will enable OVG properties to utilize Patriot One's SmartGateway system to enhance the customer experience and increase safety and security. Patriot One's flagship patron screening solution, the SmartGateway system, is designed for large, ticketed events to enable high ingress and customizability based on the client's individual needs and security requirements.

Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, recently announced its partnership with Guilford County Schools in North Carolina. Evolv's state-of-the-art Evolv Express® screening solution began being used in nearly 20 of the district's high schools starting with the 2022-2023 academic year.

After seeing the successful use of Evolv Express in the neighboring Charlotte-Mecklenburg school system, the district spoke with Evolv Technology about how Evolv Express could be used to screen for potential threats while enabling a comfortable entry into school for students.

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) recently announced another recent successful flight from its family of Collaborative Combat Aircraft (CCA)—flying and demonstrating capabilities since 2015. Kratos' family of CCA's include more than four different aircraft types, with each having been flying for several years, proving, validating, and demonstrating key mission capabilities, as the DoD refines the ultimate range of requirements for the various CCA classes.

All of Kratos' CCA systems are high subsonic, high maneuverability (high-g) jet aircraft, each optimized for different mission capabilities, with each incorporating stealth and other capabilities to help ensure survivability in today's contested environment. Kratos' publicly announced family of CCA systems range from a 350-pound class system to a 6000-pound class system and unrefueled ranges in excess of 3,000 miles.

Raytheon Missiles & Defense, a Raytheon Technologies (NYSE: RTX) business, in partnership with Northrop Grumman (NOC), has recently been selected to develop the Hypersonic Attack Cruise Missile for the U.S. Air Force (USAF). HACM is a first-of-its-kind weapon developed in conjunction with the Southern Cross Integrated Flight Research Experiment (SCIFiRE), a U.S. and Australiaproject arrangement.

Under this contract, the Raytheon Missiles & Defense and Northrop Grumman team will deliver operationally ready missiles to the USAF.

"Raytheon Missiles & Defense continues to be at the forefront of hypersonic weapon and air-breathing technology development," said Wes Kremer, president of Raytheon Missiles & Defense. "With advanced threats emerging around the globe, the Hypersonic Attack Cruise Missile will provide our warfighters a much-needed capability."

DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated forty six hundred dollars for news coverage of the press release issued by Liberty Defense Holdings Ltd. by the Company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: [email protected] - +1(561)325-8757

SOURCE Financialnewsmedia.com

SOURCE Financialnewsmedia.com