The global explosive trace detection market size is expected to reach USD 2.36 billion by 2025
The global explosive trace detection market size is expected to reach USD 2.36 billion by 2025
LONDON, May 29, 2018 /PRNewswire/ -- Explosive Trace Detection (ETD) Market Size, Share & Trends Analysis Report By Product Type (Handheld, Vehicle-Mounted), By Application (Military & Defense, Public Safety, Transportation), And Segment Forecasts, 2018 - 2025
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The global explosive trace detection market size is expected to reach USD 2.36 billion by 2025, according to a study conducted by Grand View Research, Inc., registering a 10.5% CAGR during the forecast period. Rise in terrorist activities across the globe and increasing adoption of explosive trace detectors in public safety and law enforcement sectors have bolstered market growth. These devices enable users to experience enhanced security and detection capabilities.
Growing interest of explosive trace detector companies such as Chemring Group PLC in capturing a larger market share in regions such as Middle East is expected to drive adoption of explosive trace detectors. Additionally, increasing commercial activities are bolstering market growth in the region.
The Asia Pacific regional market is expected to witness considerable growth, owing to increasing need for public safety.Stringent government regulations pertaining to security screening is also bolstering market growth.
Additionally, increased defense budgets in developing countries in the region is boosting the market.
However, high costs pertaining to development and maintenance of explosive trace detectors are expected to hinder market growth. Therefore, device providers are focusing on developing affordable solutions that can be used in other application sectors, such as utilities and transportation.
Further key findings from the study suggest:
-- Handheld explosive trace detectors offer visual and audio alerts. Therefore, the segment is expected to exhibit the highest CAGR over the forecast period
-- Demand for explosive trace detectors is expected to increase in the public safety and law enforcement segment owing to benefits such as real-time 3D color images offered by these detectors
-- Asia Pacific is expected to emerge as the fastest-growing region over the forecast period due to increased adoption of explosive trace detectors by the transportation and logistics sector in the region
-- Prominent industry participants include Chemring Group; FLIR Systems, Inc.; L3 Technologies, Inc.; OSI Systems, Inc.; and Smiths Detection Inc.
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