Explosive Trace Detection Market Trends Growth Size Segmentation Future Demands, Revenue 2028
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.
The Handheld ETD Segment to Hold the Lion’s Share
Based on product, the market is classified into 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 colorimetrics, 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-use, 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.
The report on the market highlights:
- 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
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.
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.
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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