Persistence Market Research projects the global air cargo security and screening systems market to see moderate growth through 2024; the market is expected to reach a value of US$ 1,622.8 Mn by 2024-end.
New York, NY -- (SBWIRE) -- 04/18/2017 -- According to regional analysis, Persistence Market Research concludes that North America, Europe, and Asia Pacific will remain the key markets for air cargo security and screening systems globally. North America is likely to witness the fastest growth at a CAGR of 7.1%, followed by APAC that will possibly witness expansion at a CAGR of 6.2% over 2016-2024.
"Air Cargo Security & Screening Systems Market: Global Industry Analysis and Forecast, 2016–2024" is a recent market report outlook published by Persistence Market Research that examines the global air cargo security and screening systems market for an eight-year period, 2016-2024. Persistence Market Research provides key insights into market dynamics, segmentation, regional outlook, and key players, delivering key market value estimations.
"Expanding at a compound annual growth rate of over 6%, the US$ 1.0 Bn air cargo security and screening systems market is likely to reach US$ 1.62 Bn by the end of 2024."
-Electronics & Smart Devices, Persistence Market Research
Research Findings: Key Market Drivers
-Surging adoption of X-ray-based screening systems and explosive detection technologies by airport authorities is identified to be the primary factor driving the market growth.
-Growing usage of advanced screening technologies and rapidly increasing infrastructure development of air cargo terminals and security checks at airports, will continue to push the revenue sales of air cargo security and screening systems further.
-Rising security concerns, coupled with increasing implementation of new standards and regulations, are likely to favor the market growth over the forecast period.
L-3 Communications Security and Detection Systems, Inc. is one of the key players participating in the global air cargo security and screening systems market. The company is also one of the key defense contractors for the U.S. Government, and is currently focusing on strategic acquisitions and partnerships in order to enhance the global market presence.
Another notable company in the competitive landscape is Rapiscan Systems, Inc. This player strives to sustain a strong global presence through cost-effective product offerings and consistent innovation. Smiths Detection Inc. is emphasizing partnerships with private airlines.
While Safran Identity & Security specializes in extensive air cargo screening products portfolio, Gilardoni S.P.A. is recognized for a broad range of customized security and screening solutions.
Some of other key companies in the global air cargo security and screening systems marketplace, include Costruzioni Elettroniche, Industriali Automatismi S.p.A., Implant Sciences Corporation, American Science and Engineering, Inc., and Nuctech Company Limited.
-Several governments and airport authorities are collectively taking efforts to develop separate, dedicated air cargo terminals for enhanced security, which will create lucrative opportunities for companies in near future.
-In addition, strategic supply chain partnerships and IATA-collaborations will potentially help companies to grow sustainably.
-Moreover, elevated investments by aviation authorities to install advanced security and screening systems are likely to play a pivotal role in growth of the top companies operating in the market.
-Persistence Market Research identifies that partnerships between customs authorities and trading communities of different countries in a bid to manage aviation security risks, will significantly contribute to the growth of key global as well as domestic players.
Depending on the size of screening systems, the global market for air cargo security and screening systems is segmented into:
-Screening systems for small parcel
-Screening systems for break & pallet cargo
-Screening systems for oversized cargo
Break and pallet screening systems will remain the dominant segment, reaching a value of US$ 998 Mn by 2024 end, followed by small parcel segment. By 2024 end, the former will account for over 61% share of the market value.
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By technology, the market is classified as:
-Narcotics trace detectors
-Explosives detection systems
Explosives detection will continue to be the largest technology segment, closely followed by non-computed tomography segment. Both the segments will capture over 37% shares in 2024.
Based on the application, the market is segmented into:
-Metal & contra band detection
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Explosives detection will remain the top application segment, followed by metal and contra band detection segment. Explosives detection is expected to witness a gain of a whopping 480 BPS during the assessed period.
By 2024 end, North America will represent over 32% share of the total market revenues, whereas Europe is anticipated to account for over 23% share, closely followed by APAC. Latin America and MEA will exhibit modest growth throughout the forecast period.