Over the past few years, there has been an alarming rise in the number of terror attacks across the world. For instance, according to the Global Terrorism Index 2024, deaths caused by terrorism increased by around 22%. The Western Nations remained prime targets, with the United States alone accounting for around 76% of terrorism-related deaths in 2023.
The recent terror attack in New Orleans, killing over a dozen people, has sent shockwaves throughout the United States. Carrying weapons and other improvised explosive devices, the attacker, affiliated with ISIS, rammed his truck into the crowd before firing indiscriminately. These terror attacks underscore vulnerabilities in public safety and the need for improved security measures, thereby putting industries like explosive detection technologies into the limelight.
CMI Research: Key Global Explosive Detection Technologies Market Insights
According to Coherent Market Insights (CMI), the global explosive detection technologies market is slated to grow at a robust CAGR of 7.5% through 2030. The market, which was valued at around US$ 8.3 billion in 2023, is anticipated to touch a valuation of US$ 13.7 billion by 2030.
The surge in terrorist activities is prompting nations to increase safety measures in public spaces. As a result, spending on explosive detection technologies like X-ray imaging and explosive tracer detectors is anticipated to rise significantly, opening promising growth prospects for the market.
Analyst Opinion: Impact of Rising Terrorist Activities on Explosive Detection Technologies Market Growth
“The need for enhanced security measures, especially in public places has become crucial, prompting governments to deploy more advanced screening and detection technologies. This will play a key role in shaping the course of the global explosive detection technologies industry during the forthcoming period,” says a senior analyst at CMI.”
High-density public places, such as entertainment venues, transportation hubs, and cultural landmarks are becoming prime targets of terrorists. The recent New Orleans attack highlights the need for solutions that can proactively identify and neutralize threats before escalation. As a result, sales in the global explosive detection technologies market are expected to rise sharply in the coming years, making it a highly lucrative business.
Conclusion: Business Takeaways
As countries face increased security challenges, there is a growing emphasis on improving defense capabilities, particularly in terms of protective measures against suicide attacks. This heightened security concern is compelling governments and defense agencies to invest substantially in advanced explosive detection technologies. More and more countries are now deploying explosive detection technologies to mitigate the risk of terror attacks and enhance safety of their citizens.
Top players in the industry are looking to develop more advanced explosive detection technologies, including X-ray detection systems and laser-based explosive detectors to stay ahead of the curve. This will further aid in the expansion of the explosive detection technologies industry during the forthcoming years.
