New York, United States, March 16, 2020 (GLOBE NEWSWIRE) -- The global explosive detection technologies market, growing at moderate rate, will generate the revenue of US$12Bn by end of 2029. Manufacturers are embracing technological advancements to develop automatic detection of explosives. Cost-effective and portable explosive detection systems are highly demanded in the market, creating opportunities of growth for the market players. Minimal explosives detection time is another factor providing new dimension of growth to the explosive detection technologies market.
Explosive Detection Technologies Market: Key Takeaways
- Owing to the strict security check ups, air transport will generate maximum revenue as end use segment in the market by end of 2029.
- Commercialization of graphene will create lucrative growth opportunities in the market
- North America to stay at forefront in the market owing to huge investments and technological advancements in explosive detection technologies in the region
- Mass spectrometry type explosive detection systems are gaining rapid traction in market, creating revenue pockets for the manufacturers.
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Explosive Detection Technologies Market: Key Growth Drivers
- Increased incidents of terrorist attacks drive demand for explosive detection technologies
- Low cost of portable and miniature explosive detection systems makes it a sought after product in the market, increasing its demand and sale.
- Significantly decreased explosive detection time in mass spectrometry detection systems is increasing its demand in the market
- Stringent government regulations in different countries enhance the adoption of explosive detection technologies, thereby boosting the market growth
- Defense and aviation sectors generate huge demand for explosive detection system, positively influencing the market growth
Explosive Detection Technologies Market: Key Restraints
- Lack of 100% accuracy in detection of explosives poses a challenge before security authorities.
- Explosive detection technologies fail to keep up with rapid developments in explosives, restraining smooth growth of the market.
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Explosive Detection Technologies Market: Competition Landscape
The competitive landscape of explosive detection technologies market is highly consolidated in nature where major players hold about half of the total market. Market players are collaborating and launching new products to stay at forefront in the competition. Major players in the market are Security Electronic Equipment Co., Ltd., Smiths Group plc, 3Harris Technologies, Inc., Implant Sciences Inc., and Shanghai WeiEn Security Equipment Co., Ltd.
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More about the Report
This Persistence Market Research study of 190 pages offers valuable insights on the explosive detection technologies market. The market analysis is based on the explosive detection technologies market, and provides market dynamics analysis, market revenue analysis, pricing analysis, and the major partners involved in the value chain of explosive detection technologies market. Readers can also understand current trends and changing market growth scenarios based on technological advancements, end user, function, and regions such as North America, Latin America, Asia Pacific, Europe and MEA.
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