Press Release / Technology / Threat Detection Systems Market worth 119.17 Billion USD by 2022

Threat Detection Systems Market worth 119.17 Billion USD by 2022

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.

Based on product/systems the threat detection systems market has been segmented into, Explosive and Narcotics Detectors, Personal Radiation Detectors, Dosimeters, Survey Meters, Identifiers, Photo Ionization Detectors, Air Samplers, Chemical Agent Detectors, Biological Agent Detectors, Laser Systems, Radar Systems, Video Surveillance Systems, Perimeter Intrusion Detection Systems, Wideband Wireless Communication Systems and Biometric Systems. The Video surveillance systems accounted for the largest share of the overall market and is expected to grow at a high rate between 2016 and 2022. Increasing need for reconnaissance at commercial places, industry premises, and public avenues is one of the prime factors which are leading the demand for video surveillance systems. Video surveillance recordings are also used for investigation purpose in many crime scenarios which is also driving the market for video surveillance systems; this factor is also driving the growth of the threat detection systems market for video surveillance systems.

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Based on application the threat detection systems market has been segmented into, Defense, Public Infrastructure, Commercial, Industrial, Institutional, and Residential. Public infrastructure is expected to hold the largest market share of threat detection systems. The commercial sector is expected to be the fastest-growing market by 2022. 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. Increasing threat of terrorism in public places is the key reason in increasing the demand for threat detection systems such video surveillance systems and explosive detectors, among other detection technologies in public infrastructure application during the forecast period.

Some of the major players in the threat detection systems market are Smiths Group PLC (U.K.), Safran S.A. (France), FLIR Systems Inc. (U.S.), and Thales S.A. (France). The initial capital investment on product development and setting up an efficient manufacturing process to build reliable products is quite high. Moreover, the companies also need to earn the trust of the market to gain new contracts; hence, the impact of new entrants is considerably low.

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