Rockville, April 24, 2024 (GLOBE NEWSWIRE) -- Need for explosive detection technologies is always high due to critical infrastructure security demand and rising investments in public space safety. Increasing military and defense applications are also contributing to market growth. According to a new study by Fact.MR, the global explosive detection technology market is estimated at a value of of US$ 8.56 billion in 2024 and has been forecasted to advance steadily at a CAGR of 6.5% during the forecast period of 2024 to 2034.
Explosive detection technologies are systems or apparatuses that are specifically engineered to detect explosive materials. They are in great demand for use in national security, aviation security, cargo screening, and more general counterterrorism operations.
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Segmentation of Explosive Detection Technologies Market Research
| By Technology | By Function | By End Use | By Region |
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Airports and railway stations are critical infrastructures that face dangerous security threats. Explosive detection technology plays a crucial role in ensuring the safety of these installations. Constant improvements in these technologies to combat new and evolving threats in a key trend in this market.
- The IONSCAN 600 and HI-SCAN 6040 CTiX are two advanced products that are employed at airports for security effectiveness. IONSCAN 600 falls under a trace detector category, which identifies the trace amounts of explosive substances. HI-SCAN 6040 CTiX is utilized in passenger checkpoint scanners. It is empowered with the latest Computed Tomography (CT) technology, which increases its productivity.
Key Takeaways from Market Study
- The global explosive detection technology market is projected to grow at 6.5 % CAGR and reach US$ 16.07 billion by 2034.
- The market created an opportunity of US$ 8 billion between 2019 and 2023, expanding at a CAGR of 4.8%.
- North America account for a market share of 31% with a market value of US$ 2.65 billion in 2024.
- Leading market players include Elbit Systems Ltd., Smiths Group plc, Implant Sciences Inc., Chemring Group PLC, and L-3 Communications.
- Revenue from trace detection has been projected to increase at a CAGR of 6.1%, creating an absolute opportunity of US$ 7.79 billion between 2024 and 2034.
- North America and East Asia are collectively expected to create an opportunity of US$ 10.11 billion by 2034.
“Aviation security industry to remain main end user of explosive detection technologies over the next ten years,” says a Fact.MR analyst.
Market Growth Stratagems
Key market players are focusing on expansion activities and experimenting with advanced technologies such as AI, nanotechnology, and robots for the upgradation of their products. Companies are widening their presence in emerging markets such as Asia-Pacific.
- The European Defence Agency (EDA) has successfully demonstrated Improvised Explosive Devices (IEDs), a combination of artificial intelligence (AI) and unmanned systems, to detect explosives in different scenarios.
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| Report Attribute | Details |
| Value Projection (2034) | US$ 16.07 Billion |
| Growth Rate (2024-2034) | 6.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 56 Tables |
| No. of Figures | 93 Figures |
High Focus on Critical Infrastructure Security and Rising Investments in Public Safety
Governments and private entities in several countries are investing more in critical infrastructure sectors such as telecommunication, banking, energy, finance, and transportation, which include highways, railways, airports, electronic power networks, and dams. These facilities are highly important for their economic operations and need to be protected at the highest level.
For example, airports are critical for entry and transit. Stringent security regulations include baggage screening, body scanners, and cargo screening. To bolster critical infrastructure security, explosive detection technologies are widely used solutions across the world.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the explosive detection technology market, presenting historical market data (2019 to 2023) and forecast statistics for the period of (2024 to 2034).
The study reveals essential insights based on technology (bulk detection [X-ray, infrared, electromagnetic, others], trace detection [optical, non-optical, biosensors, others]), function (automated, manual), and end user (air transport, critical infrastructure, ports & borders, military & defense), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, and the Middle East & Africa).
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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