Market Analysis
The contraband detectors market will touch USD 6.2 billion at a 5.83% CAGR in the forecast period (2020 2027), states the latest Market Research Future (MRFR) report.
Drivers
Increasing Extremist Activities to Boost Market Growth
Growing concerns regarding security devices owing to rise in extremist activities coupled with fast-growing urbanization will boost the contraband detectors market demand in the forecast period. Due to increasing extremist incidents includes significant loss of life and property, governments across the globe are making huge investments in advanced contraband detector systems.
Opportunities
Growing Adoption in Retail and Transportation to offer Lucrative Opportunities
The growing adoption of contraband detection technology in retail and transportation applications may offer robust opportunities for the market in the forecast period.
Restraints
High Initial Investment to act as Market Restraint
The high initial investment coupled with higher operational and maintenance costs related to large security systems may act as a market restraint.
Challenges
Medical Threats posed by Full-Body Scanners to act as Market Challenge
Medical threats that are posed by full-body scanners may act as a market challenge over the forecast period. Exposure to high-level x-rays can boost the risk of cardiovascular diseases and cancer.
COVID-19 Analysis
Global lockdowns have adversely affected the contraband detectors market demand. The drop in travelling and shut down of public places for a long time resulted in the redundancy of purchases and the adoption of contraband detectors over the years. The operational costs and maintenance also went up significantly during the lockdown with frequent re-introduction and lifting of shutdowns, globally and locally.
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Market Segmentation
The global contraband detectors market has been segmented based on screening type, technology, deployment, and application.
By screening type, the baggage and cargo segment will lead the market over the forecast period for its use in theatres and malls and early adoption of the technology in the baggage and cargo segment.
By technology, the x-ray segment will dominate the market over the forecast period.
By deployment, the fixed deployment segment will spearhead the market over the forecast period.
By application, the retail segment will command the market over the forecast period.
Regional Analysis
North America to Command Contraband Detectors Market
North America will command the contraband detectors market over the forecast period. Concentration of large public arenas, ports and airports in the region, growing number of manufacturers, the region being at the forefront of emerging and innovative technologies, well-developed familiarity and adoption of contraband detectors, proliferation of the technology industry, growing adoption in the US and Canada, high concentration of market players, abundant availability of competent technical expertise, and the increasing need for operative contraband detectors and effective surveillance management of large events are adding to the global contraband detectors market growth in the region. Besides, the rising consumer interest in technologies, the presence of various developed nations that possess high technological adoption rates, the growing concerns of security and safety of many critical areas present in the US and Canada, and increasing adoption of contraband detectors in the aviation industry to improve their security services and eliminate any foul activities are also adding market growth.
Key Players
Leading players profiled in the global contraband detectors market report include Smiths Group (UK), OSI Systems (US), Leidos (US), Nuctech (China), Metrasens (UK), Adani Systems (India), Berkeley Varitronics Systems (US), CEIA (Italy), CSECO (US), and Godrej Security Solutions (India).
The global contraband detectors market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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