"Increasing application of trace chemical detector in security driving the market"
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 analysis, chemical composition analysis, elemental trace analysis, impurities analysis, trace metal analysis, etc. To keep the surrounding, product, and people safe from any chemical ill-effect, these industries primarily use trace chemical detectors. 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 2023 to 2030.
Chemical trace analysis is vital for maintaining a product’s purity; especially during manufacturing processes. Even a minute amount of foreign chemical present during the manufacturing process can lead to quality deterioration or in worst case mishap like a blast of severe nature. In 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 is easy. Rapid detection of these chemicals using TCD enables faster, efficient and tailored response by 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 a 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 2021, the global trace chemical detector market was accounted for US$ 1.93 Bn and estimated to grow with a CAGR of 6.1% during the forecast period.
"Explosives and narcotics segment majorly driving demand"
A growing number of airports across the globe and strict security policy at the airports is driving the demand for explosives detector across the globe. The rising threat from the terrorist organizations and increasing incidences of drug-trafficking across the world has a high demand for the narcotic detectors. 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 that provides advanced explosives detection with low false alarms rates.
"North America the largest & Asia Pacific, the fastest market"
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 sector. Further, a large number of airports present in the region along with its tight security protocols has high demand from homeland security, airport security, and other important government premises. In 2018, the North American region has captured over 40% share 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 the North America and 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 the great potential of growth in 2018. The regional countries like China and India showing high growth in its 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.
Key Industry Development:
"Emerging partnership trend is keeping the market competitive"
The overall trace chemical detector market is fragmented and market players are focusing on partnership with other players to boost their market position. Following is the list of companies covered in this report.
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Trace Chemical Detector market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Product Type
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Detection Type
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End-use
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
