Report : Security Inspection Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Type (Personnel Screening Systems, Cargo and Baggage Inspection Systems, Vehicle Inspection Systems, and Others) and Application (Aviation, Border Security, Critical Infrastructure Protection, Commercial Security, and Others)
Integration of Artificial Intelligence with Security Inspection Systems to Provide Growth Opportunities for Security Inspection Market
According to our latest market study on “Security Inspection Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type and Application,” the market was valued at US$ 6768.3 million in 2019 and is projected to reach US$ 11041.0 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027.
With the rise in terrorism worldwide, security inspection equipment have become necessary across the crowded and government facilities; thus, increasing the demand for efficient and full body scanning systems for screening humans, baggage, and cargoes, among others. X-ray screening helps in scanning objects without human intervention and scans large number of individuals and baggage in less time. Therefore, X-ray screening is being adopted among facilities such as metro stations, railways stations, airports, and sea ports. ADANI offers x-ray screening systems for detecting non-metallic weapons, plastics, liquid explosives, and drugs under clothing. Thus, owing to the demand for efficient scanning, full-body x-ray systems are gaining a significant scope across the security inspection market.
Geographically, APAC held the largest share of the security inspection market in 2019, followed by North America and Europe. Further, APAC is projected to witness the highest growth rate during the forecast period. The security inspection market is segmented into product type, application, and geography. Based on product type, the security inspection market is further segmented into personnel screening systems, cargo and baggage inspection systems, vehicle inspection systems, and others. In 2019, the personnel screening systems segment held the largest share in security inspection market. Based on application, the security inspection market is further segmented into aviation, border security, critical infrastructure protection, commercial security, and others. The aviation segment contributed a substantial share in 2019.
Impact of COVID-19 Pandemic on Security Inspection Market
The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a rapid pace across the world. The COVID-19 crisis is affecting the industries worldwide, and the global economy has witnessed the worst hit in 2020, which is likely to continue in 2021. The outbreak has created significant disruptions in primary industries such as logistics, retail, and e-commerce, and others; the sharp decline in international trade is negatively impacting the growth of the global economy. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak are affecting the businesses. The continuous loss in the business due to the lockdown measures is expected to directly impact the growth of the investments in security solutions worldwide. The disrupted business activities and product sales are expected to hinder the growth rate of the security inspection market.
ADANI; Analogic Corporation; C.E.I.A. SpA; EAS Envimet Analytical Systems Ges.m.b.H.; Gilardoni S.p.A.; Leidos; Nuctech Company Limited; OSI Systems, Inc.; Smiths Group plc; and unival group GmbH are among the few major companies operating in the security inspection market.
The report segments the global security inspection market as follows:
By Product Type