Technavio's latest market research report on the global metal detector market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global metal detector market from 2018-2022. (Graphic: Business Wire)
According to Technavio analysts, the global metal detector market will grow at a CAGR of over 6% during the forecast period. Technological innovations and features is a major factor driving the market's growth.
Some of the major drivers in the global metal detector market are technological innovations and features in metal detectors. Several players in the market are developing innovative products to meet the existing demand in the market. Wireless audio, integrated GPS, and weatherproof platform are some of the latest innovation in metal detectors. The price of the advanced metal detector is high compared to the low-end metal detectors due to such advanced features.
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In this report, Technavio highlights the focus on the development of innovative products as one of the key emerging trends driving the global metal detector market:
Focus on development of innovative products
Technological advances in metal detectors are trending in the market. To develop new and innovative metal detectors, several global players are investing in R&D. Manufacturers of walk-through detectors are constantly providing enhancements in improved detection algorithms, multiple-zone detection, and other sophisticated user interfaces.
"The walk-through metal detectors that are available in the market help in detecting a wide range of objects such as explosives and narcotics and provide a visual image of the target along with the location where it is concealed on or in the body. The scope of innovation in metal detectors is expected to expand during the forecast period," says a senior analyst at Technavio for research on retail systems
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Global metal detector market segmentation
This market research report segments the global metal detector market into the following products (walk-through, handheld, and ground search), applications (security and hobby), and key regions (the Americas, APAC, and EMEA).
The walk-through segment held the largest market share in 2017, accounting for nearly 37% of the market. The market share for this product is expected to decrease by 2022. The fastest growing product is handheld, which will account for nearly 35% of the overall share by 2022.
The Americas was the leading region for the global metal detector market in 2017, accounting for a market share of nearly 38%. By 2022, EMEA will be fastest growing region due to the growing adoption of metal detectors in the transit, government, and commercial sectors.
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