Threat Detection Systems Market by Detection Type (Explosive, Radiological & Nuclear, Chemical & Biological) worth 119.17 Billion USD by 2022

[192 Pages Report] The threat detection systems market was valued at USD 48.38 billion in 2015 and is estimated to reach USD 119.17 billion by 2022, at a CAGR of 13.11% during the forecast period. The growth of this market is propelled by the increasing acts of terrorism across the globe in the past few years. Due to which governments in terror-affected nations to introduce new regulations making it mandatory to install advanced security systems across airports, commercial centers, and tourist destinations.

The objectives of the study are as follows:

• To define, describe, and forecast the threat detection systems market segmented on the basis of detection type, product/system, application, and geography
• To forecast the market size, in terms of value, for various segments with regard to four main regions—North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)
• To provide detailed information regarding the market dynamics influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically profile the key players and comprehensively analyze their market ranking and core competencies2 along with detailing the competitive landscape for the market leaders
• To study the complete value chain and allied industry segments and perform a value chain analysis of the global threat detection systems landscape
• To provide a detailed Porter’s analysis for the threat detection systems market
• To analyze strategic developments such as joint ventures, mergers & acquisitions, new product developments, and research & development (R&D) in the global threat detection systems market
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The base year considered for the study is 2015, and the market size forecast is provided for the period between 2016 and 2022.

The research methodology used to estimate and forecast the threat detection systems market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research include information from various journals and databases such as IEEE journals, Factiva, Hoover’s, and OneSource. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global threat detection systems market from the revenues of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and sub segments, which have then been verified through primary research by conducting extensive interviews of people holding key positions in the industry such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub segments.

The market for video surveillance systems are likely to grow at the highest rate during the forecast period

Video surveillance systems are expected to lead the overall threat detection systems market during the forecast period and is expected to grow at the highest rate between 2016 and 2022. Increasing need for reconnaissance at commercial places, industry premises, and public avenues is one of the prime factors which is leading the demand for video surveillance systems. Video surveillance recordings are also used for the investigation purpose in many crime scenarios which is also driving the market for video surveillance systems.

Public infrastructure sector accounted for the largest share of the threat detection systems market in 2015

The threat detection systems market is led by the public infrastructure which is further segmented into airports, railway stations, sports stadiums, shopping malls, pilgrimages, and others. The high demand for threat detection devices from airports and shopping malls, especially for explosive detectors, video surveillance systems, and biometric systems, is one of the major factors driving the growth of the threat detection systems market for the public infrastructure application. The commercial sector is the second-largest market and the threat detection systems market for the commercial sector is estimated to grow at the highest rate between 2016 and 2022.

North America held the largest market share in 2015

North America held the largest share of the threat detection systems market in 2015, followed by APAC and Europe. The U.S. accounted for the largest share of the threat detection systems market in North America, followed by Canada and Mexico. The region has several companies operating as manufacturers and suppliers of components that are used in internal threat detection and border security management. North America is witnessing a continuous increase in the research & development activities, particularly in high-energy laser system technologies.

The major players operating in this market includes 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. (U.S.), and Axis Communication AB (Sweden), among others