New York, US, May 10, 2022 (GLOBE NEWSWIRE) -- Explosive Trace Detection (ETD) Market Overview :
According to a Comprehensive Research Report by Market Research Future (MRFR), "Explosive Trace Detection (ETD) Market Information by Based on end-user, Based on Platform, Based on Component,- Forecast till 2027”, the market is predicted to thrive at a healthy CAGR 9.8% between 2021 and 2027.
Market Scope : Explosives trace detectors refer to advanced explosive discovery hardware used to identify the explosives of trace amount.
Competitive Analysis
The global explosive trace detection (ETD) market has prominent leaders such as:
- Biosensor Applications Sweden AB (Sweden)
- American Innovations, Inc. (US)
- Smiths Detection Group Ltd. (UK)
- Analogic Corporation (US)
- Leidos Holdings, Inc. (US)
- L3Harris Technologies, Inc. (US)
- Nuctech Company Limited (China)
- Chemring Group PLC (UK)
- Teledyne FLIR LLC (US)
- OSI Systems, Inc. (US)
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Market USP Covered
Market Drivers
The global market for explosive trace detection (ETD) systems has registered substantial growth in the last few years. The major aspect causing an upsurge in the market's growth is the upsurge in terrorist activities worldwide. Furthermore, other ongoing cross-border disputes are another crucial parameter boosting the market's growth. In addition, the increasing focus on reliability and cost-effectiveness is also anticipated to propel the market's growth over the coming years.
Market Restraints
On the other hand, the weaknesses associated with each of these systems are projected to impede the explosive trace detection (ETD) market's growth.
COVID-19 Impact
As per the MRFR analysis, the current estimates of global explosive trace detection (ETD) market growth until the end of 2027 are considerably low compared to the pre-COVID-19 projections. The COVID-19 pandemic has had a major adverse impact on the world's maritime, defense, and aviation industries. The operations across the maritime transport and aviation industries were majorly affected, which restricted the market's growth across the globe. The lowered demand for explosive trace detection (ETD) systems led to causing a loss in the commercial segment sales for the manufacturers involved.
Several governments across the globe are cantered on stopping the spread of the disease by imposing complete or partial shutdowns. On the other hand, the market is projected to witness positive growth in demand over the forecasted timeframe.
Browse In-depth Market Research Report (99 Pages) on Explosive Trace Detection (ETD): https://www.marketresearchfuture.com/reports/explosive-trace-detection-etd-market-10704
Segment Analysis
The global market for explosive trace detection (ETD) has been fragmented into several segments based on system type, technology, application, and region.
Based on technology, the global explosive trace detection (ETD) market is divided into ultraviolet fluorescence, chemical reagents, chemiluminescence (CL), surface acoustic wave (SAW), and ion mobility spectrometry (IMS), thermo-redox, and mass spectrometry (MS). Among all, the ion mobility spectrometry (IMS)segment is projected to lead the global explosive trace detection (ETD) market over the assessment timeframe. The growth of the market segment is attributed to the moderate price.
The global explosive trace detection (ETD) market is split into the fixed site, semi-Portable, and portable based on the system type. The portable segment is projected to record impressive growth over the assessment timeframe owing to its light, compact, and small design. Furthermore, personnel can generally run these systems with only a few hours of training.
By application, the explosive trace detection (ETD) market is divided into military & defines, and commercial. The commercial segment is projected to grow substantially over the coming years. the growth of the segment is credited to the increasing focus on increasing safety and security levels at places, such as hospitals, airports, retail markets, ports, railway stations, and others.
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Regional Analysis
Global explosive trace detection (ETD) market is analysed across five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
As per the MRFR analysis report, the North American region led the global explosive trace detection (ETD) market in the last few years. The regional market is likely to maintain its dominance over the forecasted timeframe. The US is the major growth contributor across the region. The regional market's growth is mainly credited to the country's heavy military spending. The US has managed to have the largest military expenditures and revenues across the globe. In addition to that, the nation also has some of the leading manufacturers & contractors, leading it to be the full explosive trace detection (ETD) systems market across the globe.
Some of the leading players present across the region include Analogic Corporation, L3Harris Technologies, Inc., Leidos Holdings, Inc., OSI Systems, Inc., and Teledyne FLIR LLC. To deal with the increasing threat of terrorism, the governments across the region are focused on enhancing security levels at retail markets, airports, hospitals, and ports, among others. Furthermore, the US government has increased its spending on the design and development of explosive trace detection (ETD) systems to improve its personnel's capabilities and security levels. Thus, the growing R&D expenditure by the US government is anticipated to boost the growth of the regional market over the coming years.
The explosive trace detection (ETD) market for the Asia-Pacific region is projected to register the highest growth rate over the forecasted timeframe. The growth of the market is mainly credited to the proliferation of airports. Furthermore, the growing spending on enhancing safety & security levels is also projected to boost the demand for explosive trace detection (ETD) systems across the region. Moreover, the improving military spending by major economies across the region is another crucial aspect considered to catalyze the regional market's growth over the coming years. the major growth contributors across the region include South Asia, Southeast Asia, China, Northeast Asia, and Oceania. China is the major market across the Asia-Pacific region, given its increasing spending on enhancing safety & security levels at airports &other places of concern.
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