The global X-ray security scanner market is expected to grow from US$ US$ 3,881.2 Mn in 2017 to US$ 5,951.0 Mn by 2025 at a CAGR of 5.4% between 2018 and 2025.
The sales of X-ray security scanner is largely influenced by numerous factors. On the basis of product type, baggage X-ray security scanner is dominating the global X-ray security scanner market owing to enhanced security requirements at places with large mass population such as airports, shopping malls, stadiums etc. Further, government buildings, customs, and borders need improved safety equipment to evade the risk of terrorism, illegal immigrations, and transfer of contrabands. The report focuses on an in-depth segmentation of X-Ray Security Scanner market based by product type, end-user and geography.
Exhibit: X-Ray Security Scanner Market- Regional Analysis
Increasing FDI in infrastructure of APAC countries is driving the X-ray security scanner market
The countries in the APAC region are attracting FDI by relaxing their regulations as well as exit norms for the foreign investors. For example, The Government of India designed a new FDI policy in the year 2017 under which many amendments were applied such as, the Reserve Bank of India has announced 100% FDI under automatic route for the construction development sector. This limit was announced in 2014. Further, the government relaxed FDI rules in the construction sector by decreasing minimum requirement of capital as well as the built-up area. The government has also relaxed the exit norms. Moreover, the Government of Malaysia is seeking to collect approximately US$ 10 Bn for investments in infrastructure. In 2016, the Indonesian government released 10th economic policy package to attract FDI by eliminating the foreign ownership limit on country’s 35 industrial sectors. This would further result in increasing commercial construction in the region. Thus, such developments are anticipated to bolster the growth X-ray security scanner market during the forecast period.
Expansion of airports across the world fuelling the demand of X-ray security scanner market
Due to increasing air passenger as well as air cargo traffic across the globe, the government of various countries are significantly investing in their airport infrastructure. Major growth has been witnessed in emerging economies of APAC, Middle East, South America, as well as African region. This growth is highly attributed to constant increase in the middle class population of these regions thus, rising affordability of people for air travel. Further, even mature markets are witnessing expansion in their airport infrastructure due to rising number of international travelers. Thus, with the rising investments in airport infrastructure worldwide, the growing demand for X-ray security scanners is anticipated to boost the X-ray security scanner market.
Exhibit: X-Ray Security Scanner Market by Geography
Market initiative was observed as the most adopted strategy in global X-Ray Security Scanner market. Few of the recent strategies by some of the players in X-Ray Security Scanner market landscape are listed below:
2018: Kromek won the extension contract from Defense Advanced Research Projects Agency (DARPA).
2018: Teledyne ICM unveiled new x-ray system for NDT applications with Teledyne DALSA.
2018: Kromek announced the deployment of its D3S-ID- a standalone radiation detector at Brussels.
2017: Nuctech opened a new branch at Netherlands to work for build global innovative center.
By Product Type
Global X-Ray Security Scanner Market Segmentation
The List of Companies
1. Astrophysics, Inc.
3. Eurologix Security Group
4. L3 Security & Detection Systems
5. NUCTECH COMPANY LIMITED
6. OSI Systems, Inc.
7. Gilardoni S.p.A.
8. Kromek Group plc
9. Smiths Detection Inc.
10. TELEDYNE ICM