The growing adoption of handheld explosive devices is expected to provide new growth opportunities during the forecast period.
PUNE, MAHARASHTRA, INDIA, November 30, 2020 /EINPresswire.com/ — Surge in terrorist activities across the globe and government regulations for effective and enhanced security drive the growth of the global explosive detector market. However, inability in detecting improvised explosives devices (IEDs) is anticipated to restrain the market growth. Furthermore, growing adoption of handheld explosive devices is expected to provide new growth opportunities during the forecast period.
According to the report published by Allied Market Research, the global explosive detector market generated $5.96 billion in 2019, and is estimated to reach $11.10 billion by 2027, registering a CAGR of 8.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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Amid lockdown, explosive detector manufactrurers across the globe have halted their production activites due to disrupted supply chain of raw components.
Due rise in military tension among the developing economies such as China and India, there is a surge in demand for explosive detectors to detect the land mines planted in specific areas.
In addition, surge in terrorist activites across the countries such as Iraq, Afghanistan, and Syria in the Middle East region has led to increased demand for explosive detectors, and the demand will continue to rise.
The report offers a detailed segmentation of the global explosive detector market based on product type, technology, end-user, and region.
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Based on product type, the handheld segment contributed to the largest share in 2019, accounting for more than two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the robotics segment is estimated to portray the highest CAGR of 9.3% during the forecast period.
Based on technology, the bulk segment accounted for the largest share in 2019, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the trace segment is expected to register the highest CAGR of 8.7% from 2020 to 2027.
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Based on region, Europe contributed the highest share, accounting for more than one-fourth of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 9.8% from 2020 to 2027.
Leading market players analyzed in the research include Analogic Corporation, Westminster International Ltd., FLIR Systems, Chemring group PLC, L-3 Technologies, Inc., NOVO DR Ltd., Nuctech Company Ltd., Cobham PLC, Smiths Detection, and OSI Systems, Inc.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Source: EIN Presswire