New York, NY -- (SBWIRE) -- 08/22/2017 -- The US$ 1 Billion market is projected to witness a CAGR of more than 6% between 2016 and 2024.

Robust demand for explosive detection and X-ray based screening technologies from airport management authorities is an underlining factor propelling the overall market growth.

Widespread application of screening systems and exploding infrastructure development of airports and other transportations terminals will provide an impetus on sales revenues air cargo security and screening systems.

Growing security concerns and implementation of revised norms and regulations may also influence the market in the near future.

Airport authorities and governments in several countries are taking initiatives in building exclusive and dedicated air cargo terminal to improve security standards. This, in turn, is expected to create scope for the market to grow further.

IATA-collaborations and strategic partnerships will profit companies to a substantial extent.

Stronger investments by aviation organization to deploy cutting edge security and screening systems will play a major role in creating market opportunities for leading companies functioning in the market.

In a bid to enhance airport security, collaborations between various trading communities and customs authorities from different countries will heavily contribute to the growth of both domestic and global players.

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Based on the size of screening systems, demand for break and pallet screening systems will continue to gain maximum traction. The break and pallet screening segment is expected to reach a market valuation of US$ 998 Million over 2024. Whereas, parcels will emerge as the second largest segment of the market.

On the basis of technology, explosives detection will retain its top spot over 2024, followed by non-computed tomography technology. Both the segments are expected to account for healthy shares of the overall market during the assessment period.

Explosives detection is foreseen to hold the pole position by application, followed by contra band and metal detection segment. The explosives detection segment is projected to gain a staggering 480 BPS over 2024.

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Based on the regional analysis, PMR concludes that the markets in North America, Asia Pacific, and Europe will continue to account for major shares. In addition, North America is projected to grow relatively faster, reflecting a CAGR of 7.1%, while APAC is reportedly set to witness 6.2% CAGR over 2016 to 2024. In terms of revenue, North America will have a contribution of more than 32% market by 2024, whereas Europe is anticipated to register for over 23% market share during the same period, followed by APAC. However, growth will be passive in MEA and Latin America throughout the forecast period.

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Key players operating in the market on a global level include L-3 Communications Security, Rapiscan Systems, Inc., Detection Systems, Inc., Smiths Detection Inc., Safran Identity & Security, Gilardoni S.P.A., Industriali Automatismi S.p.A., American Science and Engineering, Inc., Costruzioni Elettroniche, Nuctech Company Limited, and Implant Sciences Corporation. Some of these companies offer specialized services and provide exclusive security solution in collaboration with airlines companies. Moreover, some particular players develop a wide range of cargo-specific screening products and solution. Further, these companies are implementing market strategies that involve strategic mergers and acquisitions. Most of the players are striving to gain a competitive edge through persistent innovation and low-cost product development.

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