X-Ray Security Screening System Market size worth USD3.4 billion by 2023: Global Market Insights Inc
X-Ray Security Screening System Market size is forecast to reach USD 3.42 billion by 2023; as per a new research report by Global Market Insights, Inc.
Flexible security system installation and expansion for countering terror threats is also forecast to propel growth. The presence of an attractive civil aviation landscape across the Asia Pacific, Russia and Middle East industries offers avenues for x-ray security screening system market size.
Increasing attention to terrorist and other security threats such as drug trade, trafficking, etc., has significantly driven the x-ray security screening system market share. The industry will observe significant growth over the forecast period owing to rise in screening of goods entering ports and borders. Airport operators emphasize on deploying screening systems that provide easy and quick screening, and eliminating any lag or backlog. This has led to the development of automated processes offering smooth screening procedures and improved networking capabilities.
Commercial sector accounted for over 17.5% of the total x-ray security screening system market share in 2015; it is projected to grow at 5.2% CAGR from 2016 to 2023. These application areas mainly utilize metal detectors or gamma ray for security screening and is expected to witness low adoption rate.
Cargo sector is projected to exhibit high growth owing to new regulations in the Europe and the U.S. Further, upgrade of existing systems and installations also provide avenues for industry growth. The federal government has taken initiatives to increase security measures at some international airports with direct flights to the U.S. owing to terror threats. Health concerns and presence of substitutes may hamper x-ray security screening systems market size over the next seven years.
Browse key industry insights spread across 115 pages with 49 market data tables & 26 figures & charts from the report, “X-Ray Security Screening System Market Size By Application (Product Screening, People Screening), By End-Use (Government, Commercial, Transit Industry), Industry Analysis Report, Regional Outlook (U.S., Mexico, Canada, UK, France, Germany, India, Japan, China, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Transit industry accounted for over 35% of the x-ray security screening system market share in 2015; it is forecast to witness robust growth in the coming years. Passengers are subjected to comprehensive checks at railway stations and airports in light of increased security risk.
- Demand across people screening was valued at over USD 600 million in 2015, with 5.5% CAGR estimations during the forecast timeline. Risks associated with exposure to x-ray radiations have resulted in lower growth expectations as compared to the global average.
- Product screening growth can be credited to growing adoption across the aviation sector to screen baggage or cargo.
- Asia Pacific x-ray security screening system market size is set to witness high growth. This can be primarily attributed to increasing demand across the Chinese civil aviation and railway sectors.
- The U.S. accounted for more than 80% of the North American industry in 2015. Homeland Security has invested in the U.S. border and custom security, which is estimated to favorably impact the industry demand over the next few years.
- The global industry is moderately consolidated in nature with a few key players accounting for more than 55% of the overall industry share in 2015. Major industry players include OSI Systems (Rapiscan), Smiths Detection, American Science and Engineering, Analogic Corporation and Morpho Detection. Competitors focus on R&D investments and innovation as a part of their growth strategy.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
- Click to print (Opens in new window)
- Click to email this to a friend (Opens in new window)
- Click to share on Facebook (Opens in new window)
- Click to share on Twitter (Opens in new window)
- Click to share on Google+ (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Pinterest (Opens in new window)
- Click to share on Tumblr (Opens in new window)
- Share on Skype (Opens in new window)
- Click to share on Pocket (Opens in new window)