The Global Threat Detection Systems Market is expected to reach $119.17 billion by 2022. The market is estimated to grow at a CAGR of 13.11% between 2017 and 2022.
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Some of the players in the Threat Detection Systems market include Smiths Group PLC (U.K.), Safran S.A. (France), FLIR Systems Inc. (U.S.), Thales S.A.
(France), Rapiscan Systems Inc. (U.S.), RAE Systems Inc. (U.S.), Chemring Group plc (U.K.), ChemImage Sensor Systems (U.S.), Mirion Technologies Inc.
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(U.S.), and Axis Communication AB (Sweden), among others.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type:Tier 1 – 18 %, Tier 2 – 31%, and Tier 3 – 51%
- By Designation:C-Level Executives – 26%, Directors – 40%, and Others – 34%
- By Region:North America – 51%, Europe – 32%, APAC – 12%, and RoW – 5%
“Threat of terrorism is fueling the growth of the threat detection systems market.”
Threat of terrorism is the key factor which is increasing the demand for the threat detection devices including explosive detector, intrusion detector, radiological and nuclear detector, and others. Increasing demand for threat detection equipment, especially for commercial application, is one of the major factors fueling the growth of this market.
The key restraining factor for the growth of the threat detection systems market is the complexities and high acquisition cost of these equipment.
“Market for Video surveillance systems to grow at the highest rate during the forecast period.”
The market for video surveillance systems is expected to grow at the highest rate. Growing need for surveillance systems at public infrastructure would boost the demand for video surveillance systems.
Also, video surveillance systems are used on a large scale in commercial places such as offices, banks, retail shops, and healthcare clinics, among others for safety. Also, to minimize the threat of terrorist activities and crime scenes, video surveillance systems are deployed in the public places on a large scale.
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“Commercial application is estimated to grow at a high rate during the forecast period.”
Commercial sector is expected to grow at the highest rate among all the applications. Intrusion detection systems are used on a large scale in office spaces, banks, lodging, and warehouses.
Video surveillance systems and biometric systems are used on a large scale in the commercial sector to restrict the unauthorized access. Public infrastructure is the second-highest growing application for the threat detection systems market.
Public avenues are targeted by terrorists. To minimize such incidences, threat detection devices are deployed in these places on a large scale.
“North Americas and APAC are the major markets for threat detection systems.”
North America is expected to hold the largest share of the threat detection systems market during the forecast period, while the market in APAC is expected to grow at the highest rate during the same period. China, Japan, and India are some of the major countries driving the growth of the threat detection systems market in APAC.
A significant number of prominent companies offering threat detection equipment are based in North America. This is one of the major factors driving the growth of the threat detection systems market in North America.
Research Coverage: This research report categorizes the threat detection systems market on the basis of type, product/ system, application, and geography. The report also provides the Porter’s five forces analysis, along with a description of each of its forces and their respective impact on the threat detection systems market; description of major drivers, restraints, challenges, and opportunities pertaining to the market; value chain analysis; and market ranking analysis.
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This report will enable both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help these firms, garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.