New York, NY (PRWEB) November 27, 2014
The Metal Detector Manufacturing industry produces metal detection devices used for security, military, industrial and recreational purposes. Industry products are used in airports, government buildings, military operations, manufacturing facilities and other locations that require the detection of metal where it is not easily visible. In the five years to 2014, high travel numbers and ongoing fear of terrorist attacks stimulated demand for metal detectors, spurring industry growth. As a result, industry revenue is anticipated to grow in the five years to 2014.
According to IBISWorld Industry Analyst Lucas Isakowitz, Although the industry experienced growth in the five years to 2014, tight government budgets constrained demand for security screening and inspection metal detectors in 2013 and 2014.
In 2013, major player OSI Systems experienced a revenue decrease largely due to the 2013 budget sequestration, which decreased or canceled several government contracts for metal detector products. Along similar lines, as federal funding for homeland security and defense are both expected to decrease in 2014, industry revenue is anticipated to grow in 2014. The industry is anticipated to continue growing in the years to 2019.
In spite of decreased funding for homeland security and defense, demand is expected to remain high for security screening and inspection metal detectors, says Isakowitz. Indeed, as the number of air passengers continues growing and as the threat of terrorist attacks remains present, screening procedures will remain essential aspects of airports, ports and other travel hubs. Furthermore, increased demand from the pharmaceutical sector, the result of the healthcare expansion, will drive demand for industrial metal detectors. As a result of these factors, industry revenue is anticipated to grow annually in the five years to 2019.
For more information, visit IBISWorlds Metal Detector Manufacturing in the US industry report page.
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IBISWorld industry Report Key Topics
This industry manufactures devices that detect the presence of metal. Industry devices include hobbyist metal detectors, metal detectors for security purposes and industrial metal detectors. Full body scanners, which have increasingly replaced walk-through metal detectors at airports, are included in this industry as these products are almost exclusively manufactured by companies involved in the Metal Detector Manufacturing industry.
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