According to a new market report published by Credence Research, Inc. “X-ray Security Screening Market (By Application (Luggage/Product Screening, Human Screening, and Vehicle Screening), By End-use (Government, Transportation (Airway, Waterway, and Railroad Way), and Commercial)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global X-ray security screening market is expected to grow at a CAGR of 6.5% during the forecast period 2016 – 2023, reaching US$ 3.12 Bn by 2023.
Product Insights
An X-ray security screening system is a device that detects objects on the desired body or inside a luggage without making any physical contact. Integrating advanced threat detection technologies with flexible and intelligent system designs, X-ray security screening systems enable effective threat recognition. Thus, these devices increasingly find applications across airports, seaports, aircrafts, ships, public gatherings, state boundaries, and commercial infrastructure to counter threats like terrorism and illegal trafficking. The combination of terrorist attack threats, the shortcomings of current technologies, and governments’ willingness to invest on security infrastructure development bodes well for the market growth.
Competitive Insights:
The global X-ray security screening market is technology driven and highly consolidated across different end-use segments. The leading top 4 players account for over 50% of the global X-ray security screening market revenue. Some of the leading and promising players identified in the global X-ray security screening market include American Science and Engineering Inc., OSI Systems, Inc., Smith Detection, Safran Identity & Security (Morpho Detection), Analogic Corporation, Adani Group, 3DX-Ray Ltd., Aware Incorporation, MinXray Inc., Eurologix Security, L-3 Communications Holdings, and Leidos Holdings, Inc. (SAIC) among others. The market being technology driven has room for technological innovations. While developed economies like North America and Europe house most of the leading X-ray security screening system manufacturers, they are focusing on penetrating emerging markets like India, Brazil, and China. On the other hand, a new entrant is required to make substantial investment upfront and in research and development activities to better penetrate the market. Growing security concerns coupled with rigorous security measures bodes well for the market growth and competition.
Browse the full X-ray Security Screening (By Application (Luggage/Product Screening, Human Screening, and Vehicle Screening), By End-use (Government, Transportation (Airway, Waterway, and Railroad Way), and Commercial)) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/x-ray-security-screening-market
Key Trends:
- Rigorous security measures and government regulations to support market demand
- Heavy investments made in developing security infrastructure
- Growing security concerns over rising terrorist activities
- Increasing demand from civil aviation sector
- High upfront cost and privacy intrusion
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