The global handheld chemical and metal detector market is projected to reach USD 4.1 billion by 2027 from an estimated USD 2.3 billion in 2022, at a CAGR of 12.4% from 2022 to 2027. Major factors driving the growth of the market include increasing threat of chemical and explosives terrorism and rising focus of governments worldwide on imposing stringent regulations to ensure human and environmental safety.
OSI Systems, Inc. (US), Teledyne Technologies Incorporated (US), Smiths Group plc (UK), Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), Bruker Corporation (US), Leidos (US), Garrett Metal Detectors (US), 908 Devices Inc. (US), and Nuctech Company Limited (China); are some of the key players in the handheld chemical and metal detector market. These players have adopted various growth strategies, such as contracts, product launches, collaborations, partnerships, agreements, expansions, and acquisitions to retain their presence in the handheld chemical and metal detector market. Contracts has been the most dominating strategy adopted by the key players from January 2019 to December 2021 to help them broaden their customer base.
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OSI Systems, Inc. (US)
OSI Systems, Inc. is a well-established market leader with a diverse product portfolio that reduces risk and dependence on any one product. It also has a giant distribution network that gives it an edge over its competitors in terms of seamless product and service delivery. The presence of OSI Systems, Inc. in multiple sectors, such as homeland security, healthcare, defense, and aerospace, shows its broad application areas and capabilities of offerings and enhances its brand image as a diversified company. Furthermore, OSI Systems, Inc. has a diversified geographic presence and revenue base across the world.
Teledyne Technologies Incorporated is a well-renowned brand in the detection market. As a market leader, the company has expanded its reach globally and is expected to capture a large market share in the near future. It offers a range of handheld explosive detectors to its customers. The company also invests a significant portion of its revenue in R&D activities, thereby maintaining a leading position in the handheld chemical and metal detector market. Moreover, due to its focus on technological innovations, the company offers diverse and innovative products for major industries such as military & defense, safety & security, and marine industries to gain a competitive edge in the market. In addition, it has a sound financial condition and has been actively exploring and preparing for new business opportunities.
Smiths Group plc (UK)
Smiths Group plc is a global leader in the security market. It is an established brand and has a strong product portfolio. It has its presence in all major markets across regions. For instance, it accounts for a major share and significantly contributes to the growth of the Americas market. Moreover, the company’s broad product portfolios are impacting significant projects worldwide. It offers a wide range of chemical, explosive, and narcotics detectors based on IMS, Raman, and FTIR technologies designed for end users from the military departments, law enforcement agencies, airports, and customs and border protection departments.
Thermo Fisher Scientific Inc. is among the leading manufacturers and suppliers of scientific instrumentation, reagents and consumables, and software services. It holds a leading market position across all its core products is supported by a strong commitment of the company to invest in developing new advanced products that continually raise the bar of safety equipment performance, all while upholding an unwavering commitment to integrity. The company invests a significant amount of its total revenue in R&D activities. For instance, in FY 2021, the company invested nearly 3.6% of its revenues (USD 1.4 billion) in R&D activities. With a high focus on R&D activities, the company capitalizes on high-growth potentials in the global handheld chemical and metal detector market.
Agilent Technologies, Inc. offers a different handheld detector specifically for end users in the pharmaceuticals industry. The company focuses on conducting R&D, primarily on those products areas that have the potential for broad market applications and significant sales within less period. By developing application-specific products, the company is keen on shifting its focus from developing standard products to customized products since standard products are more likely to witness increased pricing pressure. It has also established production facilities, sales offices, and distribution networks worldwide.
Handheld Chemical and Metal Detector Market with COVID-19 Impact Analysis by Technology (Raman Spectroscopy, Ion Mobility Spectrometry), Application (Chemical Detection, Explosive Detection), End User, and Geography - Global Forecast to 2027
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