Dublin, July 30, 2019 (GLOBE NEWSWIRE) -- The "Contraband Detector Market by Technology (X-ray, Metal Detection, Spectrometry & Spectroscopy), Screening (People, Baggage & Cargo), Deployment (Fixed, Portable), Application (Transportation, Government, Retail), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Global Contraband Detector Market projected to grow from US$ 3.9 Billion in 2019 to US$ 5.4 Billion by 2024, with a CAGR of 6.7%.
The report defines, describes, and forecasts the contraband detector market based on technology, deployment, target-based screening, applications, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the contraband detector market. It also analyzes competitive developments such as product launches, acquisitions, expansions, major contracts, partnerships, collaborations, and developments carried out by the key players to grow in the market.
The contraband detector market comprises major players such as L3 Technologies (US), OSI Systems (US), Smiths Group (UK), NUCTECH (China), Magal Security Systems (Israel), Metrasens (UK), ADANI Systems (UK), Godrej Security Solutions (India), CEIA (Italy), and Berkeley Varitronics Systems (US).
The study includes an in-depth competitive analysis of these key players in the contraband detector market, with their company profiles, recent developments, and key market strategies.
Growing security concerns due to rapid urbanization drive overall growth of contraband detector market
The contraband detector market is driven by various factors, such as growing security concerns due to rapid urbanization and ongoing technological advancements in security screening systems. However, substantial initial investment and high operational and maintenance costs associated with security systems may hinder the growth of the market.
Metal detection technology to witness the highest CAGR during the forecast period
Metal detection technology is expected to grow at the highest CAGR as metal detectors are widely used at retail stores & malls, hospitality facilities, hospitals, banks, and educational institutions, as well as during events & sports. Metal detectors are used to detect metallic objects carried by an individual. Due to the increase in criminal activities, metal detectors with high operational and functional performance are required for inspecting people and baggage.
Based on applications, retail is likely to be the fastest-growing industry during 2019-2024
Due to the rising threats of attacks and security concerns at public places such as retail stores and malls, there has been increasing the use of contraband detector technologies in retail applications. Most retail stores have both walk-through metal detectors and handheld metal detectors. Also, as retail stores are turning out to be soft targets for terrorists, these stores are likely to use X-ray imaging scanners, along with metal detectors.
APAC to record the highest growth rate in contraband detector market during the forecast period
APAC is likely to be the leading market for contraband detectors in the coming years. APAC has become a global focal point for significant investments and business expansions, thereby providing opportunities for the contraband detector market. Major factors driving the growth of the contraband detector market in APAC is the rising incidents of terrorist activities resulting in governments thinking about their security measures. APAC has several busiest airports and seaports that can provide further opportunities for contraband detectors.
Key Topics Covered
1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing Market Size By Bottom-Up Analysis (Demand Side)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing Market Size By Top-Down Analysis (Supply Side)
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Contraband Detector Market
4.2 Contraband Detector Management Market, By Technology
4.3 Contraband Detector Market, By Application and Country
4.4 Country-Wise Contraband Detector Market Growth Rate
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Security Concerns Due to Rapid Urbanization
5.2.1.2 Rising Government Investments for Improvement of Existing Transit Facilities and Construction of New Transit Locations, Especially Airports
5.2.1.3 Ongoing Technological Advancements in Security Screening Systems
5.2.2 Restraints
5.2.2.1 Huge Initial Investment and Higher Operational and Maintenance Costs Associated With Security Systems
5.2.3 Opportunities
5.2.3.1 Digital Transformation Through Inclusion of AI Technology in Security Applications
5.2.3.2 High Importance of Security Measures in Aviation & Retail Industries
5.2.4 Challenges
5.2.4.1 Medical Threats Posed By Full-Body Scanners
6 Contraband Detector Market, By Technology
6.1 Introduction
6.2 X-ray Imaging
6.2.1 X-ray Imaging Expected to Lead Contraband Detector Market Due to Its Wide Utilization for Screening Luggage at Airports
6.3 Metal Detection
6.3.1 Market for Metal Detectors Expected to Grow at Fastest Rate Due to Increasing use of Metal Detectors for People Screening
6.4 Spectrometry and Spectroscopy
6.4.1 Spectrometry and Spectroscopy Technologies are Mainly Used in Transportation Applications
6.5 Others
6.5.1 Radio Frequency and Millimeter Wave Technologies Expected to be Used for People Screening
7 Contraband Detector Market, By Target-Based Screening
7.1 Introduction
7.2 People Screening
7.2.1 People Screening Would be Fastest-Growing Segment Due to Increasing Threats of Contraband Items
7.3 Baggage and Cargo Screening
7.3.1 Baggage & Cargo Screening to Hold the Largest Share Due to the Strict Government Regulations for Contraband Detector at Transit Locations
7.4 Vehicle Screening
7.4.1 Market for Vehicle Screening is Driven By Rising Incidents of Smuggling Contraband Items Through Vehicles at Border Crossings
8 Contraband Detector Market, By Deployment Type
8.1 Introduction
8.2 Fixed
8.2.1 Market for Fixed Contraband Detector Systems is Mainly Fueled By Increasing use of X-ray Systems
8.3 Portable
8.3.1 Portable Contraband Detectors are Expected to Witness Fastest Growth in Coming Years
9 Contraband Detector Market, By Application
9.1 Introduction
9.2 Transportation
9.2.1 Transportation Application to Hold Largest Market Share as Contraband Detectors are Widely Used at Airports and Seaports
9.3 Government
9.3.1 Government Applications to Contribute Significantly Due to Rising use of Contraband Detectors at Customs, Borders, and Correctional Facilities
9.4 Retail
9.4.1 Contraband Detector Market for Retail to Grow at Fastest Rate Owing to Rising Security Concerns
9.5 Hospitality
9.5.1 Hospitality Sector Possess Risk of Criminal Activities at Restaurants, Hotels, Clubs, and Casinos
9.6 Commercial
9.6.1 Increasing Criminal Activities in BFSI Require High-Security Measures
9.7 Industrial
9.7.1 Increasing Importance of Contraband Detector Systems in Industries Such as Oil & Gas and Mining Boosts Market Growth
9.8 Education
9.8.1 Initiatives of Governments Across Various Countries Making Educational Facilities More Secured Provide Opportunities for Market
9.9 Events and Sports
9.9.1 Events & Sports Provides Opportunity for Portable Contraband Detector Market to Avoid Any Security Threat
10 Geographic Analysis
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 High Expenditure for Security Purpose to Boost Growth of Contraband Detector Market in US
10.2.2 Canada
10.2.2.1 Increasing Government Initiative for Transportation Sector to Contribute to Market Growth in Canada
10.2.3 Mexico
10.2.3.1 Illegal Immigrants and Activities From Cross Borders Create Demand for Contraband Detectors in Mexico
10.3 Europe
10.3.1 UK
10.3.1.1 Growing Transportation Industry in UK to Surge Demand for Contraband Detectors
10.3.2 Germany
10.3.2.1 Germany Shares Huge Maritime and Land Borders, Thereby Driving Growth of Contraband Detector Market
10.3.3 France
10.3.3.1 Rising Concerns Regarding Security in Public Places Fuel Growth of Contraband Detector Market in France
10.3.4 Italy
10.3.4.1 Growing Tourism Industry to Fuel Italian Market Growth
10.3.5 Rest of Europe
10.4 APAC
10.4.1 China
10.4.1.1 Growing Investments in Large-Scale Transportation Projects to Propel Growth of Contraband Detector Market in China
10.4.2 Japan
10.4.2.1 Strong Counter-Terrorism Policies to Promote the use of Contraband Detector Systems
10.4.3 India
10.4.3.1 Rising Awareness for Security Support Growth of Contraband Detector Market
10.4.4 South Korea
10.4.4.1 Growing Cargo Transportation Through Seaports Would Foster South Korean Market Growth
10.4.5 Rest of APAC
10.5 RoW
10.5.1 South America
10.5.1.1 Rising Criminal Activities Fuel Growth of Contraband Detector Market in Region
10.5.2 Middle East and Africa
10.5.2.1 Middle East
10.5.2.1.1 Rising Terrorist Activities Creating Demand for Contraband Detector Systems in Middle East
10.5.2.2 Africa
10.5.2.2.1 Growing Investments in Transportation Sector Will Drive African Market Growth
11 Competitive Landscape
11.1 Overview
11.2 Ranking Analysis of Market Players
11.2.1 Product Launches
11.2.2 Agreements and Contracts
11.2.3 Mergers and Acquisitions
11.2.4 Expansions
11.3 Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.2 Dynamic Differentiators
11.3.3 Innovators
11.3.4 Emerging Players
12 Company Profiles
12.1 Introduction
(Business Overview, Products & Solutions Offered, Recent Developments, SWOT Analysis)
12.2 Key Players
12.2.1 L3 Technologies
12.2.2 Smiths Group PLC
12.2.3 OSI Systems
12.2.4 NUCTECH
12.2.5 Metrasens
12.2.6 ADANI Systems
12.2.7 Berkley Varitronics
12.2.8 CEIA
12.2.9 Cseco
12.2.10 Godrej Security Solutions
12.2.11 Magal Security Systems
12.3 Other Key Players
12.3.1 3DX-Ray Ltd.
12.3.2 Astrophysics Inc.
12.3.3 Autoclear LLC
12.3.4 Aventura Systems
12.3.5 Garrett Electronics Inc.
12.3.6 Gilardoni S.p.A.
12.3.7 Global Security Solutions
12.3.8 PKI Electronic Intelligence
12.3.9 Leidos
12.3.10 Vidisco
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