Explosive detection equipment market to surge by $2.78 billion: reportNews
September 06, 2022
NEW YORK, New York. The global explosive detection equipment market is expected to grow by $2.78 billion between now and 2026 for a compound annual growth rate of 7.31%, according to a new report.
The report, from Technavio, predicts that 32% of the growth in this market will come from North America, and some of the biggest segments in the market will be hand-held detectors, ground-mounted screeners, and vehicle-mounted mobile detectors.
Some of the top players in this market include Agilent Technologies, Analogic Corp., Autoclear, BAE Systems, and Chemring Group.
"The emergence of laser spectroscopy detection technology is one of the key explosive detection equipment market trends that is expected to impact the industry positively in the forecast period," the report states. "The emergence of such technologies will augment the growth of the market in the forecast years."
Counterfeits represent a major obstacle for the market going forward, the report adds.
"One of the key challenges to the global explosive detection equipment market growth is the confidence breach due to the sale of counterfeit products," the report states. "The governments are restraining from procuring explosive detection equipment from foreign vendors, which is adversely affecting the global supply chain. The low trust levels have reduced the number of contracts placed for such devices, which may hamper the market growth during the forecast period."