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Explosive Detection Technologies Market to Surpass US$ 13.77 Bn by 2030

Explosive Detection Technologies Market to Surpass US$ 13.77 Bn by 2030 - Coherent Market Insights

Publish In: Jul 28, 2023

Global Explosive Detection Technologies market was valued at US$ 8.3 Bn in 2023. Global Explosive Detection Technologies market is expected to witness growth, the occurrence of terrorist attacks is on the rise, leading to a higher need for enhanced security measures at crucial locations such as airports and railway stations. To address this, an explosive detector with exceptional sensitivity has been developed, capable of detecting even minute quantities of explosives. In the past, detection systems relied on traditional X-Ray machines. However, with technological advancements, explosive detectors now employ 3-D imaging methods. These scanners utilize a process of scanning and capturing 24 helical slices spanning 360 degrees, simultaneously moving both across and around the object being scanned.

Global Explosive Detection Technologies Market: Drivers

Growing Security Concern

The increasing danger posed by terrorist activities and the imperative to guarantee public safety have generated an escalating requirement for efficient explosive detection technologies in diverse sectors, including transportation, defense, and public safety.

Global Explosive Detection Technologies Market: Opportunities

Stringent Regulatory Standards

Governments and regulatory bodies across the globe are enforcing strict rules and standards to detect and prevent explosives. Adhering to these regulations presents a substantial market potential for explosive detection technologies.

Global Explosive Detection Technologies Market: Restraints

Increasing Cyber Threats and Decreasing Government Spending on Explosive Detectors

The proliferation of cyber threats is on the rise, posing significant risks to various sectors. However, there has been a concerning trend of decreasing government spending on explosive detectors. This reduction in financial support for such crucial security measures undermines efforts to combat potential terrorist attacks. As the focus shifts towards cyber defense, allocating fewer resources to explosive detection technologies could leave critical places vulnerable to security breaches. It is imperative to strike a balance between addressing cyber threats and maintaining robust measures to prevent and detect explosives in order to ensure comprehensive security across multiple fronts.

Key Takeaways:

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Global Explosive Detection Technologies market was valued at US$ 8.3 Bn in 2023 and is estimated to reach a value of US$ 13.77 Bn by 2030 at a CAGR of 7.5% between 2023 and 2030.

Global Explosive Detection Technologies Market, by technology segment, the bulk detection segment dominated the global market in 2023, accounting for 62.0% share in terms of value, followed by trace detection.

Global Explosive Detection Technologies Market: Trends

Growing Demand for Transportation Security

The escalating requirement for safe transportation, particularly within the aviation industry, is fueling the need for explosive detection technologies. Advanced explosive detection systems are being implemented at airports, ports, and border control checkpoints to guarantee the security of passengers, cargo, and vital infrastructure.

Global Explosive Detection Technologies Market: Competitive Landscape   

Key market player includes Elbit Systems Ltd., Safran SA, Smiths Group plc, Implant Sciences Inc., Chemring Group PLC, L-3 Communications Holdings Inc., Kromek Group plc, and OSI Systems Inc.

Global Explosive Detection Technologies Market: Recent Developments

For instance, In January 2021, Westminster Group has fulfilled a contract to supply a Cambodian company with EVD3500 Handheld Explosive Trace Detectors. These detectors would be deployed throughout the country to prevent crimes involving explosives in Cambodia.

In November 2021, Smiths Detection Group Ltd., a company specializing in threat detection and security screening technologies, has entered into a contract valued at USD 20 million with the Transportation Security Administration (TSA). This contract entails the provision of CTX 9800 Explosive Detection Systems (EDS) for screening baggage at multiple airports across the United States.

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