The market for Trace Chemical Detector is expected to reach US$ 1.93 Bn in 2028.
Trace chemical detector (TCD) is widely used in a number of industries such as defense & security, chemical & pharmaceutical, oil & gas, and healthcare & research. Predominantly, a trace chemical detector is essential for contamination, chemical composition, elemental trace, impurities, trace metal, etc. These industries primarily use trace chemical detectors to protect the surrounding, products, and people from any chemical ill-effect. The growing need of TCD from the above-mentioned industries is driving the global trace chemical detector market with a CAGR of 6.1% from 2019 to 2027.
Chemical trace analysis is vital for maintaining a product's purity, especially during manufacturing. Even a minute amount of foreign chemical present during the manufacturing process can lead to the quality deterioration or, worst case, a mishap like a blast of severe nature. In the pharmaceutical and healthcare industry, chemical agents such as chlorine, phosgene, and cyanide and nerve agents such as sarin, soman, and tabun are of major concern, as manufacturing, transportation, and dispersion of these agents are easy. Rapid detection of these chemicals using TCD enables faster, efficient, and tailored response by the military, first responders, and homeland security and helps to control the situation in minimum time.
Moreover, with the advancement in technology, TCD systems are miniaturized to handheld device that has great potential to use in public places such as airports, metro stations, government offices, malls, and other likely places where there is a usual gathering of people. In 2018, the global trace chemical detector market accounted for US$ 1.93 Bn and was estimated to grow with a CAGR of 6.1% during the forecast period.
A growing number of airports across the globe and strict security policy at the airports is driving the demand for explosives detectors across the globe. In addition, the rising threat from terrorist organizations and increasing incidences of drug trafficking across the world has a high demand for narcotic detectors. They are also increasing concern about air passenger safety and the threat of hi-jacking, further influencing the market. Further, major players in the market are actively partnering with other airport authorities to increase their sales. In November 2019, Smiths Detection Group Ltd. has been awarded the Gold Coast Airport of Sydney, Australia. The company is setting its HI-SCAN 6040 CTiX, which provides advanced explosives detection with low false alarm rates.
The North American region has a highly developed chemical and pharmaceutical industry. The U.S. is the major market for TCD, as high demand is coming from its security and defense sectors. Further, a large number of airports in the region, along with their tight security protocols, have high demand from homeland security, airport security, and other important government premises. In 2018, the North American region captured over 40% of the global trace chemical detector market.
Furthermore, the U.S. has the biggest oil refinery capacity with over 18.8 million barrels per calendar day of refining capacity as of January 2019, and the oil boom of North America and the presence of major chemical companies such as DuPont, Linde plc., Air Liquide, BASF SE, the region has a high demand for TCD. Additionally, Asia Pacific has shown great potential of growth in 2018. Regional countries like China and India are showing high growth in their chemical, pharmaceutical, healthcare, and defense industries owing to its growing economy. This, in turn, has a high demand for TCD, thereby growing its share in the global trace chemical detector market.
The trace chemical detector market is fragmented, and market players are focusing on partnerships with other players to boost their market position. Following is the list of companies covered in this report.
The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the global trace chemical detector market better. In addition, the global report also comprises a graphical representation of a competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
The market for Trace Chemical Detector is expected to reach US$ 1.93 Bn in 2028.
The Trace Chemical Detector market is expected to see significant CAGR growth over the coming years, at 6.1%.
The report is forcasted from 2019-2027.
The base year of this report is 2018.
ABB, Siemens, FLIRĀ® Systems Inc., Smiths Detection Group Ltd., RIGAKU CORPORATION, TeknoScan Systems, AMETEK Inc., Rapiscan Systems, Bruker are some of the major players in the global market.