Explosive detection is widely used at airports, critical infrastructure, borders & ports, and in military & defence to detect explosive materials. Increasing incidents of terrorist attacks and geopolitical unrest are expected to drive the demand for explosive detection technologies across the world. Additionally, government regulations for greater and effective security checking are expected to provide lucrative opportunities to the market. According to PMR’s recent market study, the explosive detection technologies market growth is projected to progress at a CAGR of 6%, and reach US$ 12 Bn by the end of the forecast period of 2019-2029.
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Artificial Intelligence would be the torchbearer of industrial automation in the next decade. The AI-related techniques are bound to lead not just the wave of technological advancements, but also prove to be economically relevant. This could be credited to powerful and flexible machine software. Also, in future, functional tests concerned with manufacturing equipment are likely to be performed by making use of comprehensive modes regarding virtual and simulation commissioning.
Production machines would thus be digitally fed, that too, with the “live” data all through the equipment’s lifecycle. Wireless protocols such as 5G would be the buzzword going forward. Persistence Market Research is there with the automation-oriented mindsets of its analysts and consultants followed by insights regarding the same.
Key Takeaways of Explosive Detection Technologies Market Study
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Explosive Detection Technologies Market: Competitive Landscape
The global explosive detection technologies market is highly consolidated, with tier-1 players accounting for around half of the market share. Some of the key market players included in the report are Smiths Group plc, L3Harris Technologies, Inc., OSI Systems Inc., and Kromek Group plc. Over the past few years, the explosive detection technologies market has witnessed continuous product innovation to overcome shortcomings of the existing equipment. Furthermore, companies are investing in the development of innovative technologies and techniques in order to reduce the costs of trace detection and also improve efficiency.
Explosive Detection Technologies Market: Conclusion
Growing concerns regarding security across airports, malls, and commercial complexes is expected to be the major factor increasing the demand for efficient, reliable, and low-cost explosive detection equipment. Terrorist attack threats and new airport construction activities, worldwide, are the major reasons that will contribute to the growth of the explosive detection technologies market during the forecast period of 2019-2029.
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