MarketStudyReport.com adds “X-Ray Security Screening System Market Size By Application (Product Screening, People Screening), By End-Use (Government, Commercial, Transit Industry), Industry Analysis Report, Regional Outlook (U.S., Mexico, Canada, UK, France, Germany, India, Japan, China, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 ? 2023” new report to its research database. The report spread across 115 pages with table and figures in it.
XX-Ray Security Screening System Market size was $2.16 billion for 2015 and is predicted to be evaluated at $3.43 billion by 2023 registering a CAGR of 5.71% during forecast timeframe. Growing application demand and existing installation updates are predicted to propel overall industry revenue.
Growth across civil aviation segment along with rising safety measures is anticipated to increase APAC xX-Ray Security Screening System market share. Technological breakthroughs in detectors and related hardware coupled with periodic software updates are key drivers enhancing the overall product efficacy. Accurate identification is necessary to give controlled access to critical infrastructure leading to rising acceptance of the system. This trend is predicted to have positive effect on the industry growth.
Rising air travel due to increase in passenger traffic and government decision to include new system or modernize current infrastructure are the key driving factors promoting the industry trend.
However, growing use of millimeter-wave scanners depending upon low-powered radio waves can inhibit the industry growth.
The industry is segmented into various applications like people scanning applications and product scanning applications.
Product scanning application is predicted to remain biggest segment with revenue projected to surpass $2.5 billion by end of forecast timeframe. This can be credited to growing demand across government and aviation sector for mail, baggage, cargo and parcel screening.
People scanning applications contributed to more than 28.1% of the overall revenue for 2015. But the segment can lose revenue share in future owing to radiation dose used in the device and this has boosted the demand of substitutes.
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XX-Ray Security Screening System Market Size
End Use Trends
Demand of system in transit sector is predicted to grow at 5.89% during forecast period. The system is used to scan baggage and passengers to find illegal or hazardous goods like weapons, explosives and drugs.
Government segment is also predicted to experience moderate expansion. It contributed more than 45.1% of the industry share for 2015. Rising penetration across many core industries for developing new detection services & solutions in legal enforcement firms, customs and prisons have contributed to industry expansion.
Global industry is segmented into key geographical regions like APAC, North America, Europe, Latin America and MEA.
UK and Germany have contributed to the expansion of Europe x-ray security screening market. It is predicted to cross $900 million mark by end of forecast period. Factors like enhanced demand for technologically modernized items and large proportion of early adopters have contributed to the industry growth in the region.
China x-ray security screening market is predicted to register a CAGR of 6.4% during forecast timeframe. Rising population leading to large amount of travelers is predicted to propel industry growth.
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Owing to rising security hazards, passengers are subjected to security checks at railway stations and airports. The industry has experienced substantial rise in goods screening on ports & borders and this in turn has enhanced the demand for cargo inspection devices. It is predicted to display heavy growth in U.S. and Europe owing to introduction of new rules favoring use of the systems.
Key industry players profiled in the report include OSI Systems, 3DX-Ray, Vidisco, Leidos (SAIC), Auto Clear US, American Science and Engineering, Analogic Corporation, Adani, Scanna MSC, Astrophysics, Eurologix Security, Optosecurity, Kapri, Smiths Detection, VJ Technologies Incorporation, Gilardoni, L-3 Communications, Rapiscan Systems, MinXray Incorporation, Westminster International, Todd Research, Nuctech, Totalpost, YXLON International GmbH and Morpho Detection.
These industry participants adopt key business strategies like mergers & acquisitions and product differentiation to increase their industry share and grow their business.
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