According to the new research report published by The Insight Partners, titled “X-Ray Security Scanner Market– Global Analysis and Forecasts to 2025”, the global X-Ray Security Scanner market is expected to reach US$ 5,951.0 Mn in 2025, registering a CAGR of 5.4% during the forecast period 2018-2025.
Demand of X-ray security scanner in near future is mainly driven by growing air transport and constant geopolitical unrest across various geographical regions. Also, terrorism and criminal threats further boost the deployment of the device with variation by geography and end-user segment. Besides this, the mounting installed base further creates prospects for aftermarket and software upgrade returns. Companies operating in the market are focusing on expanding their footprints into emerging economies of the world. This is due to increasing infrastructural developments in these economies owing to increasing urban population. Also, stringent government regulations towards safety and security concern is propelling the growth of the market. High risk of terror attacks is another factor bolstering the market growth. The government of countries across the globe are concerned about their public safety and hence, mandating proper security checks at public places.
The X-Ray Security Scanner market has been segmented on the basis of product type into full body X-ray scanners and baggage scanners. Further, the baggage scanner segment is sub-segmented into handheld scanners, cabinet X-ray system, and cargo and vehicle inspection systems. Also, the market is categorized by end-user segment into air transport, land security, commercial malls and multiplexes, government and banks, postal items and others. Air transport is the largest segment by end-user, which accounts for more than half of the total market share of the X-ray security scanner market.
Key findings of the study:
In 2017, North America and Europe contributed to the largest share of market revenue which accounted for more than 50% of overall X-Ray Security Scanner market. The increasing security concerns in airport and large amount of baggage scanning is influencing the market growth in these regions.
APAC led the X-ray security scanner market in 2017 with more than one-third of the market share and it is expected to maintain its dominance during the forecast period by growing at a CAGR of more than 7.6%.
The APAC region comprises of several developing economies such as China and India as well as many South East Asian countries, strongly demanding for infrastructure projects. The rising population of these countries is the main driver for growth of commercial construction sector in the region. Furthermore, the governments of various economies are taking several measures in order to attract private investments in the construction and infrastructure development. The growth of e-commerce market in the region is anticipated to propel the demand for X-Ray security scanner market.
Air transport segment has witnessed highest deployment of X-ray security systems in 2017 with a market share of more than 50% and is expected to continue its dominance over the forecast period.
The key companies profiled in this report include Astrophysics, Inc., ADANI, Eurologix Security Group, L3 Security & Detection Systems, Nuctech Company Limited, OSI Systems, Inc., Gilardoni S.P.A., Kromek Group PLC, Smiths Detection Inc., and Teledyne ICM.
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