Market Overview

Explosive Detector Market Competitive Research And Precise Outlook 2017 To 2023

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Explosive detector increases the resilience of a nation against threats such as terrorism, smuggling, and others. Growing demand for advanced explosive detectors and an efficient defense system, stringent government regulations aimed at reducing the arms transfer and aiming to maintain peace drive the global explosive detector market.

According to a new report published by Allied Market Research, Explosive Detector Market accounted for $4,531 million in 2016 and is expected to reach $8,208 million by 2023, growing at a CAGR of 8.7% from 2017 to 2023.

The aviation sector is projected to maintain its lead in the end-user segment. The emerging economies (of Asia-Pacific and European countries) also expand their military and defense budget to counter the rise in activities of terrorists and make their international boundaries more secure.

Key Findings of the Explosive Detector Market:

•  In 2016, the bulk detector segment dominated the global explosive detector market, in terms of revenue, and is projected to grow at a CAGR of 8.3% during the forecast period.

•  The robotics segment is projected to grow at a CAGR of 9.8%.

•  Military & defense is expected to exhibit a CAGR of 9.1% during the forecast period.

Europe is projected to grow at the highest CAGR during the forecast period, owing to increase in terrorist attacks, rise in safety concerns due to war condition with Middle-East countries. Furthermore, increase in military spending by the European Union is expected to support the market growth.

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Bulk detector is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. However, trace detector segment is expected to witness significant growth in the future, owing to advancement in explosive trace detector products by using advanced sample collection technology.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client's insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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