The metal detector market is expected to grow by USD 160.56 million during 2020-2024, expanding at a CAGR of over 4%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Metal Detector Market 2020-2024 (Graphic: Business Wire)
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Metal Detector Market: Technological innovations and features to drive growth
The growing demand from end-users and increasing competition in the market is compelling market players to focus on the development of technologically advanced products. Some of the recent technological advancements in metal detectors include wireless audio, integrated GPS, and weatherproof platforms. For instance, Minelab offers GPZ 7000 metal detector, which is loaded with features such as wireless audio freedom, precision ground balance, GPS locating, PC mapping, and enhanced noise immunity. Besides, some vendors are developing and integrating new technological solutions to enhance security features in their products. For example, Sesotec offers THiNK, a software that uses machine learning for better metal detection. The introduction of such innovative products and features is expected to propel the growth of the global metal detectors market during the forecast period.
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As per Technavio, the rise in worldwide conflicts will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Metal Detector Market: Rise in Worldwide Conflicts
Globally, incidences such as violence, instability, and weak governance have led to a rise in the number of terrorist attacks and escalating confrontations. This has compelled organizations to improve their security infrastructure, leading to the heightened use of metal detectors at transit terminals, airports, government offices, schools, courts, correctional facilities, hotels, malls, and other residential and commercial establishments. These factors are providing significant growth opportunities for metal detector manufacturers as well as driving the growth of the global metal detector market.
"Increase in the adoption of treasure mining as a hobby and increasing investments in infrastructure development will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Metal Detector Market: Segmentation Analysis
This market research report segments the metal detector market by Product (Walk-through, Handheld, and Ground search), Geography (North America, Europe, APAC, MEA, and South America), and Application (Security and Hobby).
The walk-through metal detectors segment led the metal detector market in 2019. The segment is mainly driven by the rising demand for security in the transportation sector that has a high flow-rate of passengers. Also, the walk through metal detectors are convenient and save time for the operators.
The North America region led the metal detector market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increased investments in IT parks across the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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