The most recent study conducted by Report Ocean, titled “Global Concealed Weapon Detection Systems Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Concealed Weapon Detection Systems. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Concealed Weapon Detection Systems Market to reach USD 0.26 billion by 2027.Global Concealed Weapon Detection Systems Market is valued approximately USD 0.17 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.10 % over the forecast period 2021-2027. Concealed weapons detection systems are widely used in different public spaces to protect people. concealed weapons detection systems are largely employed in areas such as military and defence, transport infrastructure, stadium, and sports events. Growing defense infrastructure and rising artificial intelligence and technological advancements are key drivers for the growth of the global Concealed Weapon Detection Systems market.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
According to Stockholm International Peace Research Institute (SIPRI) Total global military expenditure increased to USD 1981 billion in year 2020, this was an increase of 2.6 per cent from 2019. The five biggest countries in 2020, which collectively accounted for 62 per cent of global military expenditure, were the United States, China, India, Russia, and the United Kingdom. Also, with rising concern over civic safety and growing threat of terrorist attacks, the adoption & demand for Concealed Weapon Detection Systems is likely to increase the market growth during the forecast period. However, negative impact of covid 19 pandemic on production of Concealed Weapon Detection Systems impedes the growth of the market over the forecast period of 2021-2027.
The key regions considered for the global Concealed Weapon Detection Systems market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to surging of investment for the development of advanced security system in the region. Whereas Europe is anticipated to exhibit highest growth rate / CAGR over the forecast period 2021-2027. Factors such as growing prevalence of terror attacks in the region along with rising demand of advanced security system growth prospects for the Concealed Weapon Detection Systems market across Asia-Pacific region.
Major market player included in this report are:
Smiths Detection Group Ltd. (Smiths Group plc)
MC2 Technologies
Leidos
TeraSense Group
Rapiscan Systems (OSI Systems, Inc.)
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INO
QinetiQ
NUCTECH COMPANY LIMITED
Passive Security Scan, Inc.
Braun & Co. Limited
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Millimeter Wave Body Scanners
X-ray Body Scanners
Terahertz Body Scanners
By Type:
Stationary
Mobile
By Application:
Transportation Infrastructure,
Correctional Facilities,
Stadiums and Sports Arenas,
Military and Defence
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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