Yahoo Finance Contraband Detectors Market to Garner USD 6.2 Billion at a CAGR of 5.83% by 2027 - Report by Market Research Future (MRFR)
New York, US, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Contraband Detectors Market information by Screening Type, by Technology, by Deployment, by Application and Region – forecast to 2027” market size to reach USD 6.2 billion, growing at a compound annual growth rate of 5.83% by 2027.
Market Scope:
Contraband detectors are equipment designed to detect illegal items or contraband such as drugs, weapons, currency, and explosives. Rise of threats and illegal imports of designer drugs have led to its implementation by various security forces. Market Research Future’s (MRFR) report on the contraband detectors market uncovers prime drivers and challenges to be faced by market leaders. It covers prospects on the industry for the forecast period (2021-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on Contraband Detectors Market Covered are:
Smiths Group (UK)
Berkeley Varitronics Systems (US)
CEIA (Italy)
OSI Systems (US)
Leidos (US)
Metrasens (UK)
Godrej Security Solutions (India)
Nuctech (China)
Adani Systems (India)
CSECO (US)
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Market USP Exclusively Encompassed:
Market Drivers
Advanced Security Measures to Protect Citizens to Drive Market Demand
HVAC contractors and real estate developers are collaborating to provide modern and luxurious homes with all amenities. Automation of cooling and heating systems to provide convenience and comfort to home owners can drive the market demand for contraband detectors systems. Bundled products that work in a common connected platform are the latest selling point pursued by developers to drive sales of automation systems. For instance, Samsung Corporation has developed the SmartThings application to control a bevy of products on the platform. It can be used in creating ambience for single family and multi-family environments.
Digital Transformation Initiatives to Drive Market Growth
Smart homes can utilize contraband detectors solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
Medical Threats to Pose a Challenge to Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the contraband detectors market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
Browse In-depth Market Research Report (145 Pages) on Contraband Detectors Market:
https://www.marketresearchfuture.com/reports/contraband-detectors-market-10620
Segmentation of Market Covered in the Research:
People Screening to Dominate Market Demand
By screening type, the global market has been segmented into baggage & cargo, people, and vehicle.
X-ray Technology to Lead in Global Market
By technology, the global market is divided into X-ray, metal detection, spectrometry and spectroscopy, and others. X-ray technology can capture a large market share due to technologies of computed tomography and backscatter. Applications in government, retail, and transportation can bode well for the contraband detectors market.
Portable Deployment to Gain Traction Till 2027
By deployment, the contraband detectors market is segmented into fixed and portable. Portable detectors are likely to gain traction till the end of the forecast period owing to advanced technology and demand from law enforcement agencies.
Government to be Biggest Market Application
Major applications are industrial, retail, government, hospitality, commercial, and education. The government sector is expected to lead in the global contraband detectors market due to external threats and geopolitical tensions. Terrorist threats faced by governments of the U.S. and Canada are likely to drive market demand and implementation of contraband detectors at airports, malls, and government buildings.
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Regional Analysis
APAC to Display Highest CAGR
APAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
COVID-19 Impact on the Global Contraband Detectors Market
The COVID-19 pandemic negatively impacted the contraband detectors market owing to shutdown of public venues. Closure of stadiums and events to the public as well as ban on international travel had led to a decline in demand. But establishment of new airports and government buildings can lead to a revival of fortune for the market over the forecast period.
Industry News
NanoSniffer, the microsensor-based explosive trace detector, has been approved by the government of India for detection of explosives in minute quantities.
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