Explosive Detectors Market Worth 6.12 Billion USD by 2020
PUNE, India, February 11, 2016 /PRNewswire/ --
The report "Explosive Detectors Market by Technology (Trace, Bulk), Product Type (Vehicle Mounted, Handheld, Robotics, Biosensors), Application (Military & Defense, Cargo & Transport, Aviation, Public Places, Commercial), Geography - Forecast to 2020", published by MarketsandMarkets, the market size, in terms of value, is expected to grow from USD 3.56 Billion in 2015 to USD 6.12 Billion by 2020, at a CAGR of 11.4% between 2015 and 2020.
Browse 73 market data Tables and 97 Figures spread through 183 Pages and in-depth TOC on "Explosive Detectors Market"
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With the intensified risk of terrorism in today's world, security professionals at nuclear power plants, embassies, high-risk facilities, transportation, and government agencies are exploring explosives detectors as part of a comprehensive security approach to help protect the citizens and important infrastructure from these threats. As the frequency of terrorist attacks is increasing globally, the explosive detectors market is expected to gain traction in the next five years.
Various government legislations for enhanced security screening to drive the explosive detectors market
The rise in terrorism along with political unrest in different regions in the world is propelling the need for security screening all over the world. Various government legislations are formed to enhance the security screening at airports, to strengthen the surface transportation security and global supply chain security, to protect critical infrastructure, and to detect and prevent biological, radiological, and nuclear threats across the globe. Government regulations play a major role in the development of security screening products. In the U.S, a large numbers of the customers are government agencies and the demand for explosive detectors is dependent on national priorities and governmental initiatives.
Robotics-based explosive detectors to play a key role in the explosive detectors market
The market for robotics-based detectors is expected to hold the largest share of the explosive detectors market between 2015 and 2020 owing to their higher efficiency and greater levels of control. Robotics is expected to play a key role in changing the explosive detectors landscape. The recent advancements in unmanned systems have significantly increased the addressable market base of robotics explosive detectors.
Aviation vertical expected to hold largest market share
The aviation vertical is expected to hold the largest share of the Explosive Detectors Market by 2020. The market for explosive detectors in the commercial sector is expected to grow at the highest rate between 2015 and 2020. The market is also expected to witness growth in the public places application during the forecast period.
North America expected to hold the largest market share, while Europe is expected to have the highest CAGR
North America is expected to hold the largest share of the explosive detectors market between 2015 and 2020, owing to the presence of a large number of security vendors. Europe also offers potential growth opportunities in the explosive detectors market. The recent terrorist attacks have highlighted the evolving nature of the terrorist threat.
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The major players in the explosive detectors market include Smiths Detection, Morpho Detection, L-3 Communication, OSI Systems, and Nuctech among others.
The scope of the report covers detailed information regarding the major factors influencing the growth of the explosive detectors market such as drivers, restraints, challenges, and opportunities. Detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the explosive detectors market.
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