Market Size of Contraband Detector Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Contraband Detector Market Analysis
The contraband detector market is expected to register a CAGR of 5.5%, during the forecast period, 2021-2026. Contraband consists of items such as unauthorized weapons, explosives, nuclear material, and tools.
- One of the major factor that is driving the contraband detector is the construction of new transit locations (such as airports). Apart from the increasing passenger traffic, the shipment of air cargo is also increasing which is increased the demand for contraband detectors in order to ensure safety.
- According to the International Air Transport Association, the global volume of air freight is expected to increase rapidly in recent years with freight volumes reaching 62 million metric tons in 2019 from 57 million metric tons in 2016.
- Further, increasing incidents of drug trafficking and have compelled the governments of different countries to upgrade their security measures by investing a significant amount in developing and installing security systems. For instance, in November 2019, the Indian Coast Guard (ICG) apprehended one Myanmar boat with around 300 kg of contraband. The increasing number of such incidents in other countries indicates the need for contraband detectors.
- However, high operational and maintenance costs associated with the contraband detectors may hinder the growth of the market during the forecast period.
