Pune, India, June 01, 2021 (GLOBE NEWSWIRE) -- The global explosive trace detection market size is expected to USD 2,058.7 million by 2028, exhibiting a CAGR of 8.87% during the forecast period. The increasing terrorist activities around the world will have a tremendous impact on the market growth during the forecast period, states Fortune Business Insights, in a report, titled “Explosive Trace Detection Market, 2021-2028.” The market size stood at USD 958.7 million in 2020.
COVID-19 Impact:
Thwarted Aviation Industry to Restrict Business amid COVID-19
The outbreak of coronavirus had a severe impact on the global market. The diminished aviation industry in the U.S., China, Germany, France, India, and others massively hampered the global market during the pandemic. According to the International Civil Aviation Organization (ICAO), there were 4.5 billion passengers who took flight in 2019. Whereas, in 2020, the number reduced to 1.8 billion with a financial loss of USD 370 billion for the aviation industry.
Moreover, the disruption in the aviation industry's supply chain will further dampen the explosive trace detection market growth during the pandemic. The delayed procurement of aircraft declined defense budgets, and delayed contracts will dwindle the market's growth amid coronavirus.
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Market Segments:
The Handheld ETD Segment to Hold the Lion’s Share
Based on product, the market is classified into a handheld, portable/ movable, and fixed-point/ standalone. The handheld ETD segment is expected to hold the largest share during the forecast period. The growth is attributed to the increasing demand for various applications such as force protection, border security, search & rescue, critical infrastructure, and others. The portable/ Movable segment is likely to hold a significant share during the forecast period due to the increasing demand for portable ETDs.
Based on the technology, the market is divided into colorimetric, ion mobility spectrometry, Thermo redox, chemiluminescence, and amplifying fluorescent polymers. Ion mobility spectrometry segment is expected to account for the lion’s share during the forecast period. The growing demand for explosive trace detection systems from the commercial sector will boost the segment’s growth.
Based on the end-user, the market is categorized into defense, commercial, public safety & law enforcement, and others. The defense segment is expected to hold the largest share during the forecast period due to the increasing terrorist activities and cross-border conflicts.
Geographically, the global market is segmented into North America, Europe, Asia-Pacific, The Middle East & Africa, and South America.
List of the Leading Companies Profiled in the Global Explosive Trace Detection Market are:
- Analogic Corporation (The U.S.)
- Autoclear, LLC. (The U.S.)
- Bruker (The U.S.)
- DetectaChem (The U.S.)
- FLIR Systems, Inc. (The U.S.)
- Leidos (The U.S.)
- Morphix Technologies (The U.S.)
- NUCTECH COMPANY LIMITED (China)
- OSI Systems, Inc. (The U.S.)
- RS DYNAMICS (Switzerland)
- Smiths Detection Group Ltd. (The U.K)
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https://www.fortunebusinessinsights.com/explosive-trace-detection-market-104050
Driving Factor:
Rising Government Regulations for Security Screening in Aviation to Boost Market
The implementation of security screening rules and regulations by governments will drive the market. Transportation Security Administration (TSA), a United States Department of Homeland Security agency, responsible for the security of travelers across the U.S. Implementing TSA’s security screening procedures at airports will incite the global explosive development trace detection market during the forecast period.
TSA’s security screening procedures help prevent threats and other prohibited items at the airport. In India, in January 2020, The Mangalore police found an improvised explosive device (IED) in a bag in Mangalore International Airport's premises. Furthermore, the surging demand for ETD devices from defense and commercial applications will drive the global market.
Regional Insights:
Procurement of Next Generation ETD Devices to Intensify Market in North America
North America's market stood at USD 299.7 million in 2020 and is expected to expand during the forecast period. The growth is attributed to high defense expenditure and procurement of next-generation ETD devices from law enforcement agencies. The presence of key companies such as FLIR Systems, Inc., Leidos holdings, Morphix Technologies, and OSI Systems will augment growth in the region.
Asia Pacific is expected to hold a significant share during the forecast period. The increasing investments for security screening in the aviation sector from countries such as China, India, Japan, Australia, and others will bolster growth. The surging defense budget and rising terrorism will uplift the explosive trace detection market share in Asia Pacific. The increasing number of airports in developing countries will boost the explosive trace detection industry in the region.
The report on the market highlights:
- A wide-ranging study of all the parts in the market
- Illuminating information with reliable insights
- Key market trends
- Grander insights into all emerging developments
- Regional facts and figures
- COVID-19 impact
- Key companies
Key Development:
September 2019: Smiths Detection Group Inc. signed a contract with China to provide 151 IONSCAN 600 ETD systems. These explosive trace detection systems will be deployed across Qingdao Liuting International Airport, Chongqing Jiangbei International Airport, Kunming Changshui, Lijiang, Dehong Mangshi, Pu'er, Shanghai Pudong International Airport, and others.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Explosive Trace Detection Market
- Global Explosive Trace Detection Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Handheld
- Portable/ Movable
- Fixed Point/ Standalone
- Market Analysis, Insights and Forecast – By Technology
- Colorimetrics
- Ion Mobility Spectrometry
- Thermo Redox
- Chemiluminescence
- Amplifying Fluorescent Polymer
- Market Analysis, Insights and Forecast – By End Use
- Commercial
- Defense
- Public Safety and Law Enforcement
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- The Middle East & Africa
- South America
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- Impact of COVID-19 on Global Explosive Trace Detection Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response To COVID-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued…!
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