The [FURL=https://www.industryarc.com/Research/Explosive-Detectors-Market-Research-505410?utm_source=Briefingwire&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Market for Explosive Detector[/FURL] is forecast to reach $11.2 billion by 2026, growing at a CAGR of 8.3% from 2021 to 2026. The Explosive Detector Market is estimated to witness a sustainable growth over the forecast period majorly because of the different detecting features it offers in different industries. Explosive detectors are primarily used in military & defense sector typically through ground penetration radar and vehicle mounted devices. Explosive detectors are non-destructive inspection devices that are used to detect explosives and other flammable materials. Explosive detectors help users in detection of various explosive materials in solid, liquid as well as gaseous state. Explosive detectors are widely used in Aviation and Docks industry as well for security inspections. According to World Bank Reports, global expenditure on military was around $1.86 trillion in 2019 and has been increasing exponentially. This rise in investments done in military equipment has brought a major uplift in the manufacturing of Explosive detectors which tend to enhance its market growth in the forecast period.Key Takeaways
The Explosive Detector Market is estimated to witness a sustainable growth over the forecast period because of the growing need of security and safety of public from war, terrorist activates and anti-social activities.
The other factor responsible for the growth of Explosive Detector Market is because of the different detecting features it offers in different industries. It helps in inspection of explosives in solid, liquid as well as gaseous state.
Moreover, quick response and user-friendly applications with recent technology upgrades are some other benefits which are enhancing market growth.
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Explosive Detector Market Segment Analysis - By Geography
Asia-Pacific accounts for being the highest market share at 32.6%. The market growth in this region is predominantly high due to ongoing territorial disputes between neighboring countries such as India and China. According to World Bank Reports, Indian government invested $71.25 billion and China with a huge investment of $261.08 billion in 2019. Due to presence of maximum countries Asia-Pacific region, the security at territorial areas plays an important role.
Explosive Detector Market Drivers
Rise in investments done in Military & Defense sector drives market growth
Rise in demand of Explosive Detectors in Aviation industry
Explosive Detector Market is dominated by major companies such as Westminster International Ltd., Analogic Corporation, Chemring group PLC, FLIR Systems, Inc., NOVO DR Ltd., L-3 Technologies Inc., Cobham PLC, Nuctech Company Ltd., OSI Systems Inc. and Smiths Detection.
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