Concealed Weapon Detection Systems Market Expected To Reach $1.17 Billion By 2031

PALM BEACH, Fla., Oct. 11, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary -- Over the past few years due to global conflicts and the COVID virus, a lucrative market for the sale of concealed weapon detection systems has been created thanks to remarkable advancements made possible by the integration of sensors, imaging technologies, and actuators. The urgent need for contemporary, cutting-edge concealed weapon detectors has been brought on by growing terrorist threats that target public places for mass attacks. Without any physical contact between security personnel and the person being screened, security screening in conjunction with solutions for concealed weapons detection are used to find covert threats and illegal items. A recent report from Future Market Insights projected that the market for devices that detect concealed weapons is expected to grow from US$ 637.8 million in 2022 to US$ 1.17 billion by 2031. The market for hidden weapon detection systems is anticipated to expand at a strong CAGR of 6.9 percent between 2022 and 2031.  The report said: "There is a critical need for concealed weapon detection systems in the aviation industry, the government sector, and commercial spaces including educational institutions, banks, and shopping centers because anti-social groups pose a threat to public safety. Terahertz body scanners can recognize and precisely locate dangers, such as concealed weapons and contraband, that are concealed in bags or beneath a person's clothing… The rise of cross-border terrorism and an increasing number of terrorist outfits have given every government a reason to invest in the best and the most advanced concealed weapon detection technologies."  Active companies in the markets this week include Liberty Defense Holdings Ltd. (OTCQB:LDDFF) (TSXV:SCAN.VN), Patriot One Technologies (OTCQX:PTOTF) (TSX:PAT.TO), Evolv Technology (NASDAQ:EVLV), Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS), Raytheon Technologies (NYSE:RTX).