The alarming rise in global terrorism will fuel the X-Ray Security Screening market over the period of 2016 to 2023. The growing awareness about terrorist activities and security threats such as the smuggling of drugs and weapons will increase the adoptions of the x-ray security screening systems worldwide. The battery-powered X-ray tubes and digital detectors have the capability to capture the minutest things, by giving high image resolution, which will in turn boost the industry demand over the coming years. According to Global Market Insights, Inc., “Global X-ray security screening system market share is projected to exhibit an annual growth rate of 5.7% over the coming six years.”
X-ray security screening system end-users comprise transit industry, government, and commercial sector. The government sector contributed majorly towards the total market share accounting for 45% in 2015. As per the study, the government application is predicted to record an annual growth rate of 5.7% over the coming six years, owing to its escalating demand for incorporation of the advanced detection system in customs, prisons, and law enforcement.
China X-Ray Security Screening System Market size, by end-use, 2012-2023 (USD Million)
Commercial sector is estimated to drive x-ray security screening market with a CAGR of 5.2% over the coming six years
The transit sector worth USD 780 million in 2015 and is anticipated to register a CAGR of 5.9% over the period of 2016-2023, driven by its growing need to scan passengers and baggage thereby, avoiding smuggling of explosive, drugs, and weapons. The escalating commercial sectors, such as shopping malls, hotels, institutes, and corporate offices will also increase the demand for metal and gamma ray detector, which, in turn, will drive the X-ray security screening system industry size.
Product screening application will boost the growth of x-ray security screening industry
People and product screening are the two most lucrative applications of the x-ray security screening system market. Product screening is expected to dominate the application landscape by registering an annual growth rate of 5.8% over the coming six years. The growth can be attributed to its growing requirement across government and aviation sectors for the applications such as mail screening, baggage, cargo, and parcel. Product screening x-ray security screening system application worth USD 600 million in 2015, is predicted to grow significantly at an annual growth rate of 5.5% over the period of 2016 to 2023.
Taking into account the regional landscape, which includes U.S., Canada, Mexico, UK, Germany, France, India, China, Japan, and Brazil, U.S x-ray security screening system industry attained a revenue of USD 580 million in 2015 and is projected to register a CAGR of more than 5.7% over the coming six years. The stringent government norms and measures regarding security will be the attributing factor. In addition, increasing replacement of outdated security will contribute significantly towards the regional x-ray security screening system market growth.
Asia pacific x-ray security screening system market size will exhibit lucrative growth rate over the coming years, mainly driven by growing population resulted in a rise in exports and imports of goods, which have to be scrutinized across the ports and borders. This, in turn, will boost the demand for cargo inspection equipment notably.
Market participants are willing to update technologies regarding security systems to sustain their business position over the coming years. X-ray security screening system market players include Morpho Detection, Analogic Corporation, OSI Systems, Rapiscan Systems, Adani Systems, Smiths Detection, and Astrophysics Inc.
Written By : Sunil Hebbalkar