The global security screening market is expected to reach US$ 13.64 Bn in 2027, registering a CAGR of 7.3% during the forecast period 2019-2027
PUNE, MAHARASHTRA, INDIA, December 12, 2019 /EINPresswire.com/ — The global security screening market accounted to US$ 6.95 Bn in 2018 and is expected to grow at a CAGR of 7.3% during the forecast period 2019 – 2027, to account to US$ 13.64 Bn by 2027.
The global air travel industry is growing at a rapid pace. The factors such as high living standards coupled with rising middle-class population particularly, in emerging markets has resulted in increased growth. The global economic conditions, as well as lower airfares, are the major reason contributing to the growth. Also, progress in consumer spending related to tourism and travel in key economies has strengthened the demand for air travel. Owing to increasing air passenger traffic, there is a need to expand existing airport capacity and construction of new airport infrastructure worldwide.
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The major players operating in the market for security screening market are Aware, Inc., Anviz Global, Analogic Corporation, Iris ID, Inc., L3 Security & Detection Systems, Magal Security Systems Ltd, Nuctech Company Limited, OSI Systems, Inc., Smiths Detection Inc., and Teledyne ICM (Teledyne Technologies Incorporated) among others.
Pertaining to these developments, the demand for security screening equipment such as cargo handling, baggage and security processes is forecasted to increase. This planning will require robust partnerships between the aviation industry, government, and communities to expand and upgrade infrastructure. Also, the emergence of advanced security screening technologies is expected to impact market growth positively. The recent U.S. ban on laptops as a carry-on baggage has created an alarming situation regarding the use of the device as an explosive or bomb. Therefore, the companies are researching to come up with advanced technologies that enable effective screening. One of such technology is Ultrabright microfocus X-ray, which is an efficient substitute to conventional X-ray tubes.
Moreover, the global aerospace industry pertaining to the digitization and technological advancements, the scenario of the aviation industry is evolving. It has directed the countries to modernize their existing airports. Countries such as the US, Brazil, Russia, Canada, among others, has a significant number of airports that directly contribute towards the growth of the security screening market. Furthermore, new body scanning equipment integrated with next-generation technology is deployed at Melbourne’s Airport. Therefore, with major adoption of security screening equipment at airports due to an upsurge in air passengers which majorly comes from the international market is playing a vital role in accelerating the growth of security screening. The trend is predicted to pitch over the period leading to a huge opportunity for the security screening players.
The security screening market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East & Africa, and South America. The APAC region holds the highest market share and is projected to be the fastest-growing region as well in the coming years. The APAC region consists of many developing countries that are witnessing high growth in infrastructural projects such as renovation of old airports with new structure equipped with superior technologies and systems. This which would ultimately boost the business of the security screening market.
The security screening market by application is segmented into border checkpoint, airports, government applications, public places, and others. The airport holds a significant share in the market and is expected to continue its dominance in the forecast period as well. Security is getting more stringent on airports as they are one of the busiest hubs for transportation. With an upsurge in the air passenger traffic worldwide and the efforts to lower waiting time on security lanes, more and more x-ray scanners, metal and explosive detectors, baggage screening, cargo screening, and other equipment are being deployed. By product, the market is segmented into an X-ray scanner, biometric systems, electromagnetic metal detector, and explosive trace detector. The x-ray security scanner holds the largest market share in the market.
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The report segments the global security screening market as follows:
Global Security Screening Market – By Product
Explosive Trace Detector
Electromagnetic Metal Detector
Global Security Screening Market – By Application
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Source: EIN Presswire