The Explosive
Detectors Market size, in terms of value, is estimated to grow from USD
3.56 Billion in 2015 to USD 6.12 Billion by 2020, at a CAGR of 11.4% between
2015 and 2020. Although the market is currently dominated by the bulk detectors
technology, the trace detectors segment is expected to grow at the highest rate
during the forecast period. This report forecasts the market size and future
growth potential of the explosive detectors market across different segments
such as technology, product types, verticals, and region. The base year
considered for the study is 2014 and the market size forecast is provided for
the period between 2015 and 2020.
The research methodology used
to estimate and forecast the explosive detectors market begins with capturing
data on key vendor revenues through secondary research. The vendor offerings
are also taken into consideration to determine the market segmentation. The
bottom-up procedure was employed to arrive at the overall market size of the
global explosive detectors market from the revenue of the key players in the
market. After arriving at the overall market size, the total market was split
into several segments and subsegments which are then verified through primary
research by conducting extensive interviews with key industry people including
CEOs, VPs, directors and executives. The data triangulation and market
breakdown procedures were employed to complete the overall market engineering
process and arrive at the exact statistics for all segments and subsegments.
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Hardware & software manufacturers Government and financial institutions Distributors and retailers Managed security service providers Research organizations Consulting firms
The explosive detectors are
being increasingly used in various verticals, such as military and defense,
cargo & transport, aviation, public places, commercial, and others which
have led to the growth of the market across the globe. The commercial sector is
expected to grow at the highest rate between 2015 and 2020 in the explosive
detectors market. The market is also expected to witness growth in the public
places and aviation verticals during the forecast period.
With the emergence of new
cyber threats, the defense budgets of governments worldwide are getting
hampered, and thus the government spending on explosive detectors is
decreasing. This high spending toward cyber threats limits the funds for
research and development of better explosive detectors, as the same funds are
diverted toward the protection of information. The key players in the market
include Smiths Detection, Morpho Detection, L-3 Communication, OSI Systems, and
Nuctech among others. These players have adopted various strategies such as
partnerships, agreements, contracts, mergers and acquisitions, and new product
developments to achieve growth in the global explosive detectors market.
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