Increasing threats of terrorist attacks (such as mid-air bombings and plane hijacks) over the last few years has increased the focus of security agencies and other high profile establishments, particularly airports, on implementing various security measures. Attacks such as the terror attack at Brussels airport in March 2016, and the suicide bombing at Istanbul Atatürk Airport in June 2016, have changed the threat perception of the airline industry. Various governments across the globe are now focusing on improving existing security set-ups for airports in their respective countries. For instance, the Indian government mandated security audits at all airports in the country in August 2016. In May 2012, the Transportation Security Administration (TSA) mandated 100% cargo screening at all airports in the U.S. The European Commission (EC) regulation for risk-based screening for cargo was implemented in August 2013. These factors are anticipated to have a favorable impact on the explosive detection technologies market over the forecast period of 2019-2029.
Increasing Terror Threat Perception Worldwide to Boost Demand for Explosive Detection Equipment
Increasing terrorist attacks across the globe, especially in Iran and Syria, has increased terror threat perception, worldwide. Since 2011, there have been seven terrorist attacks across various countries in Europe. More recently, in 2016, terrorist attacks in France on Bastille Day and a separate incident of an attack on a restaurant in Bangladesh are increasing government focus on strengthening counter terrorism infrastructure in their respective countries. This leads to an increasing demand for advanced explosive detection equipment, with an aim to help negate the threat of attacks. Players in the explosive detection technologies market, are hence, focusing on improving their offerings to cater to the rising demand for effective explosive detection equipment.
Manufacturers to Focus on Commercialization of Low-cost Devices
Increasing use of improvised explosive devices has led to the use of chemical explosives rather than metal ones. Trained dogs or physical methods, such as gas chromatography coupled with mass spectrometers, electronic detection systems, and electrochemical approaches, among others, are highly sensitive, selective, and expensive. Development of portable and miniaturized units is expected to reduce the cost of equipment. Thus, developing low-cost devices for detection of chemical explosives in minimum time can offer great opportunities to players in the explosive detection technologies market.
Mass Spectroscopy for Automatic Detection of Explosive Substances to be Profitable
Strengthening of security has resulted into growing demand for explosive detection systems that can quickly detect samples of explosive ingredients adhered to surfaces of luggage and postal matter. In order to decrease inspection time, companies are introducing mass spectrometry type explosive detection systems in the market. By combining this explosive detection equipment with conventionally installed X-ray-based detection equipment, inspection of dangerous and explosive substances can be carried out without slowing down the flow of visitors. This method of inspection is also anticipated to provide high accuracy in detection of dangerous items, and has been identified as a lucrative investment opportunity for manufacturers operating in the explosive detection technologies market.
Explosive Detection Technologies Market: Structure Analysis
The global explosive detection technologies market is estimated to be highly consolidated. Tier-1 players account for around half of the share of the global explosive detection technologies market. In order to gain a competitive advantage, explosive detection technology providers have channelized their efforts toward new product launches and adoption of acquisition strategies in order to better position themselves in the market. For instance, in September 2019, Smiths Detection launched a new security scanner specifically developed for air cargo screening.
The explosive detection technologies market is growing at a substantial rate, with North America and Asia Pacific accounting for a prominent value share in the global market. The trace detection segment is projected to dominate the global explosive detection technologies market during the forecast period. Growing concerns toward security is expected to be the major factor driving the demand for efficient, reliable, and low-cost equipment over the forecast period.
Explosive Detection Technologies Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global explosive detection technologies market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the explosive detection technologies market structure. This market report presents exclusive facts and figures about how the explosive detection technologies market is expected to grow over the forecast period of 2019-2029.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s report in a comprehensive manner. This information helps readers understand the quantitative development projections of the explosive detection technologies market over the forecast period.
The study is relevant for stakeholders in the explosive detection technologies market, as well as manufacturers, distributors, suppliers, and investors, as it can help develop effective strategies for growth in the explosive detection technologies market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers, in the explosive detection technologies market can leverage the information and statistics presented in PMR’s market report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the explosive detection technologies market. The study also offers actionable insights based on the trends in the explosive detection technologies market. Furthermore, regional players and new entrants in the explosive detection technologies market can also use the information presented in this report to make winning business decisions and gain momentum in the market.
Key Segments of Explosive Detection Technologies Market
PMR’s report divides the explosive detection technologies market into four significant segments - technology, function, end use, and region. This report offers comprehensive data and information about important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Explosive Detection Technologies Market Report
Explosive Detection Technologies Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the explosive detection technologies market to reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by our analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the explosive detection technologies market study, which comprise the facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the explosive detection technologies market to make PMR’s projection on growth prospects of the market more accurate and reliable.