New York, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Security Screening Market Size, Share and Trends to 2027 - Global Analysis and Forecasts By Product (X-Ray Scanner, Biometric Systems, Explosive Trace Detector, Electromagnetic Metal Detector); Application (Border Check point, Airport, Government Applications, Public Places, Others)”, the global security screening market share was valued USD 6.95 Billion in 2018 and is expected to grow at a CAGR of 7.3% during the forecast period 2019 – 2027, to account to USD 13.64 Billion by 2027.
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Global Security Screening Market Report Scope:
| Market Size Value in | USD 6.95 Billion in 2018 |
| Market Size Value by | USD 13.64 Billion by 2027 |
| Growth rate | CAGR of 7.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 173 |
| No. of Tables | 56 |
| No. of Charts & Figures | 63 |
| Historical data available | Yes |
| Segments covered | Product; Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Security Screening Market: Competitive Landscape and Key Developments
Aware, Inc., Anviz Global, Analogic Corporation, Iris ID, Inc., L3 Security & Detection Systems, Magal Security Systems Ltd, Nuctech Company Limited, OSI Systems, Inc., Smiths Detection Inc., and Teledyne ICM (Teledyne Technologies Incorporated) are among the leading players profiled in the Security Screening Market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under Security Screening Market are mentioned below
In 2018, Magal acquired 55% control of ECS BAZ Ltd, which is an Israeli company, manufacturer, and developer of military grade smart security video surveillance and observation system. The product line of BAZ’s includes a vast range of modular and customizable medium and long-range surveillance systems.
In 2019, Iris ID announced its partnership with Telaeris for embedding XPressEntry software from Telaeris with multimode iCAM M300 handheld biometric platform used for time and attendance, gateless access control, as well as employee gathering for both government and commercial markets.
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Rising Development of Urban Infrastructure Provide Lucrative Opportunities for Global Security Screening Market Growth During (2019-2027):
Construction & infrastructural development is considered to be one of the prime contribution to a country’s socio-economic development. The developing economies worldwide including India, China, and Brazil among others are experiencing a notable growth rate in the commercial construction. This has resulted in development of new commercial construction including shopping malls, railway stations, commercial complexes, hotels, and hospitals among others. Moreover, these economies are attracting FDIs for their infrastructural growth, which is further propelling the infrastructural development.
Also, governments of China and Japan are investing heavily on the development of infrastructural sector of other developing economies of Asia Pacific. For instance, China and Japan are investing in infrastructure sector of Philippines, Indonesia, Korea, Bangladesh and Malaysia among others. The growth in infrastructure sector of these economies will further create a demand for enhanced security and deployment of X-ray scanners.
The Security Screening Market in Asia Pacific is projected to witness impressive growth, international passenger demand grew by 8.7% in 2018. This growth is majorly attributed to the increase in routes options as well as the economic expansion of the countries in the region. In few merging Asian countries such as India, body scanners are forecasted to replace metal detectors as per aviation security regulator. The authority has provided directions to replace metal detectors with advanced technologies. In the present scenario, the body scanners are used in the US, Russia, UK, and some other European countries.
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In the Europe region, international passenger traffic climbed by 8.2% in 2018. Further, in the APAC region, the significant growth is noticed in China and India. In North America, The Transportation Security Administration (TSA) is a US government representative which screens air travelers, to ensure safety of both individuals and mode of transportation in the country, majorly airplanes. Some of the key manufacturers in the region include OSI Systems, Inc., L3 Security and Detection Systems, and Smiths Detection Inc. among others. Within this market, various regions are observed to exhibit different growth trends. APAC hold the largest market share in terms of revenue. While Asia Pacific is expected to exhibit the highest growth during the forecast period. The year on year growth of market is expected to increase in near future with an emergence of other substitute technology such as Millimeter wave (mm-wave) scanner, thus influencing the Security Screening Market growth
Global Security Screening Market: Industry Overview
The Security Screening Market has been segmented on the basis of Product, Application and Geography. In terms of Product, the Security Screening Market is segmented into X-Ray Scanner, Biometric Systems, Explosive Trace Detector, Electromagnetic Metal Detector. Based on Application , the Security Screening Market is segmented into Border Check point, Airport, Government, Public Places, Others. Based on geography, the Security Screening Market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The North America region comprises of well-developed economies including the US, Canada, and Mexico. Availability of efficient infrastructure in the region has enabled the manufacturing companies to explore the limits of science, technology, and commerce. The US is a developed country in terms of modern technology, a standard of living, infrastructure, and many others. Throughout North America, technological advancements have led to a highly competitive market. North America is a hub of technological developments that comprises with economically robust countries. The companies are continuously enhancing the overall business processes to meet the customers' demand for high-quality products and services in the best possible way.
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X-ray Security Scanner Market - The X-Ray Security Scanner market was valued at US$ 4,114.2 Mn in 2018 and is projected to reach US$ 7,282.8 Mn by 2027; it is expected to grow at a CAGR of 6.5% from 2019 to 2027.
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