Northbrook, IL -- (SBWire) -- 11/19/2021 --The global contraband detector market is expected to grow from USD 3.9 billion in 2021 to USD 5.6 billion by 2026, at a CAGR of 7.5%. Increasing security concerns due rise in a terrorist attack is the primary factor driving the market growth. Moreover, growing adoption of contraband detection technology in transportation and retail applications will drive the demand for this technology in the near future.
X-ray imaging technology is expected to witness the highest market share during the forecast period
The contraband detector market for x-ray imaging technology is expected to witness the highest market share during the forecast period. X-ray screening technologies such as backscatter and computed tomography (CT) are largely used at various critical places worldwide. With technological advancements various technologies of x-ray imaging including backscatter technology, energy transmission and computed tomography (CT) its adoption in transportation, retail and government applications is increased. This has led the x-ray imaging technology market to have significantly the highest market share during the forecast period.
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Transportation application is expected to have the largest market share during the forecast period
The market for transportation application is expected to have significantly the largest market share during the forecast period. This can be attributed to the consistent demand for contraband detector systems in transit locations such as airports, seaports, railway stations and others. These locations have a major threat of illicit material transit. This has led to increased demand for contraband detectors in transportation application. Also, there has been an increasing adoption of temperature sensing and touchless contraband detectors in such transit locations due Covid pandemic. Touchless technological innovations are seen to be adopted more due to hygiene essentials. Such developments are expected to drive the market for transportation application during the forecast period.
Asia Pacific is the leading contraband detector market in terms of CAGR, globally, by value, in 2020
APAC is projected to lead the contraband detector market from 2021 to 2026 with the highest CAGR. Rising needs for security due to various infrastructural developments is one of the major driving factors for market growth. The rising trend of adoption of advanced technologies with inclusion of AI and touchless-enabled technologies is expected to create growth opportunities for the contraband detector market in APAC. Rising government initiatives in different countries including China, India, and South Korea to deal with terrorism and provide more secure environment are expected to boost market growth in APAC.
Key Market Players
The contraband detector market is dominated by players such as Smiths Group(UK), OSI Systems (US), Leidos(US), Nuctech(China) and Metrasens(UK).
Contraband Detector Market Is Expected to Grow at a CAGR of 7.5% During 2021-2026