X-ray Security Screening Market Research Analysis
Global X-ray Security Screening Market size was estimated at US$ 4.2 Billion in 2021 and is projected to grow 6.6 per cent during the forecast period.
The increasing number of airports and the increase in passenger and tourist flow are increasing the demand for airport X-ray screening systems to provide the best security amid a high volume of passengers. But, insufficient information, privacy concerns, and health issues hinder the expansion of the Global X-ray Security Screening Market.
The number of passengers flying by air rapidly increased until COVID-19 destroyed the need for travel by 2020. Industry stakeholders in the aviation industry, like airlines, manufacturers of aircraft airports, airports, and more, have seen a massive demand for their services. As per the International Civil Aviation Organization (ICAO), 4.5 billion passengers traveled by air in 2019, which was 3.6 percent more than in 2018.
The growth in air traffic through 2019 was one of the most critical factors for airport management to introduce and implement advanced baggage screening systems and passenger screening since airports and air travel have been primary targets for terror attacks throughout the decades. Because of this, many airports have acquired modernized screening equipment.
X-ray Security Screening Market Report Scope and Segmentation
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
The X-ray Security Screening Market Research Report examines the market’s segmentation (Application, End-user and Regional). It also includes an in-depth analysis of the rapid developments occurring across all sectors. Figures and facts, illustrations and descriptions are utilized to provide the most critical data analysis for the period from 2017 until 2030. The X-ray Security Screening Market report analyzes the market’s key drivers, limits potential, barriers, and drivers. The MWR report offers recommendations for investors following a thorough analysis of the market’s current competitive environment.
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Key Market Dynamics of X-ray Security Screening Market Statistics :
Since it is a prime target for terrorist attacks, infrastructure needs to be secured from external and internal threats. The weak security systems for seaports, airports, hotels, and railway stations have increased the number of illegal actions and the risk of terrorist attacks. To stop terrorist attacks at public areas like airports, hotels, and trains, as well as other illicit activities, the body scan is essential, as are scanning devices. Inventory of cargo is kept at airports.
When flying, there is the possibility of smuggling prohibited substances, like weapons, radiological explosives and traditional explosive devices. The X-ray scanner is excellent for challenging tasks like securing inspection and tracking cargo containers. There are more terrorist attacks happening in Europe, more terrorist attacks by terrorist groups like ISIS and ISIS, and increasing instability within Iran, Syria, and Iraq.
In the last couple of years, attacks by terrorists in Europe have increased, and terrorist organizations like ISIS are expected to exert an increased effect on market demand for security X-ray systems. The growing demand for trading is fueling the growth of the X-ray Security Screening Market . Since more criminal activities such as smuggling are taking place in airports, seaports, the market is expected to expand rapidly. Radiation levels that are high generated by security scanners could cause cataracts and increase the chance of stroke or heart attack.
Systems emitting high-frequency X-rays could cause skin destruction, which can hinder the market’s growth. In the process of growing, International airports, as well as transportation centers around the globe, generate demand for products. The areas must be secured to prevent financial loss or human lives as well as baggage theft. This is why the above elements are expected to provide potential growth opportunities for newcomers in the market for security scanners using X-rays.
Key Market Trends of X-ray Security Screening Market Research:
* Security scanners with X-rays are widely utilized by airports to scan bags (small as well as large) as well as cargo, people and parcels, among other things, to detect and locate any suspicious objects or to detect the presence of smuggling items. The development and usage of 3D imaging capabilities on scanners for x-rays have further led to a greater need for improved capabilities, designs and capabilities.
These are expected to create an increased demand for x-ray security scanners. Impact of COVID-19 restricts the x-ray security screening market during COVID-19 due to the lockdown and shutdown that the administration of the government resists. Security solutions for transport have been affected due to the temporary closure of international frontiers. Because of the halting of retail and shopping complicated project construction, screening services were in short supply during the first half of 2020. However, the market rebounded in the second quarter of 2020, following the relaxation of lockdown rules.
Segment Analysis of X Radiation Security Screening Research:
The Application for X-ray Security Screening Market is classified into two segments: people screening and product screening. The screening for products dominated the market share with 68% of the market in 2021. The main reason for this is the rising rate of drug trafficking, human trafficking and weapon trafficking worldwide. Based on End-user, X-ray Security Screening Market is classified into, commercial, government and transportation industries.
Transit had the highest market share, accounting for 38% in 2021. This growth can be attributed to the strict safety measures adopted by government officials to protect itself from dangers and risks, the introduction of security systems using X-rays, the increasing number of passengers, and the government’s expanding strict safety standards.
Regional Insights of X-ray Security Screening Market Report:
North America held the largest market share of 44% in 2021. A robust security system coupled with the high level of investments in transportation and aviation within the U.S. is one of the significant reasons the North American market has dominated many of the world’s needs for an extended period. The government has announced the security updates for the installations and is now adopting security measures.
The Asia Pacific is expected to see significant growth over the coming years due to continuing investment to upgrade the urban infrastructure worldwide. A growing number of metro, rail and monorail projects are being initiated to ease the burden on the infrastructure. For India, China, and other countries, massive investments into Metrorail or airports have forced the need to protect these projects. This has increased the usage of security scanners thus increasing the size of X-ray Security Screening Market.
Due to the rapid development of cities and the growing population, it is predicted that the region will witness the highest demand for x-ray security scanners. This is expected to increase the growth of X-ray Security Screening Market.
The report aims to provide an extensive review of the global X-ray Security Screening Market for individuals involved in the industry. The present and historical state of the business, along with expected market size and trends, are outlined in the report along with a study of complex information in a simple manner.
X-ray Security Screening Market report covers aspects of the industry, with an in-depth study of the key players, including the market’s leaders, followers, and new players. PORTER, PESTEL analysis with the potential impact of microeconomic elements that affect the market have been described within the study. External and internal factors that can impact the company positively or negatively have been assessed and will provide an accurate, future-oriented view of the business to the people who make the decision.
This reports aid in understanding the X-ray Security Screening Market’s structure and dynamics by analyzing the market segments and forecasting the size of the X-ray Security Screening System. A clear representation of the competitive analysis of major players based on Design price, cost, financial position and product portfolio growth strategies, and the presence of regional players in the Security Screening market for X-rays make the report an investor’s guide.
X-ray Security Screening Market Size and Growth:
|Global X-ray Security Screening Market|
|The Base Year||2021||Time of Forecast:||2022-2027|
|History Data||2017 through 2021||Market Size in 2021:||US USD 4.2 Bn.|
|Forecast 2022-2027 CAGR:||6.6%||Market Size by 2027:||US USD 6.16 Bn.|
|Key Players covered||* OSI Systems Inc. * Minxray Inc. * Smiths Detection Group Ltd. * Autoclear LLC * Adani Systems Inc. * Analogic Corporation * Astrophysics Inc. * Soredex * Source-Ray * Hologic Novanta * FLIR Systems * Scanna MSC * YXLON International * Matrix Technologies * Others|
- Product screening
- People screening
- United States
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Rest of the world
Key Players of X-Ray Security Scanner Market
- Scanna MSC
- YXLON Interbational
- Matrix Technologies
- Autoclear LLC
- Adani Systems Inc.
- OSI Systems Inc.
- Minxray Inc.
- Smiths Detection Group Ltd.
- FLIR Systems
- Analogic Corporation
- Astrophysics Inc.
MWR’s research methodology is based on extensive use of secondary and primary data sources. The X-ray Security Screening Market research involves the analysis of various aspects impacting the industry, including the policies of the government, the competitive landscape, the market environment and historical data, as well as current developments in the market technological innovation, emerging technologies, and the advancement of technology in related industries, and potential market risks as well as market barriers and issues.
Market Size Estimation
Bottom-up and top-down approaches are employed to verify the size of the global product market and to estimate the size of the market for companies’ regions, regions segment as well as product segments and applications (end users). The market estimates are built on the product’s retail price (excluding discounts offered by the distributor, manufacturer, wholesaler, trader, or).
Partially splits, market shares and breakdown of product segments are calculated based on the weights allocated to each segment based on their usage rate and average sale price. The regional splits of the total product market and sub-segments are determined by the per cent of adoption or use of the particular product within the specific region or country.
Top key players of the X-ray Security Screening Market market is determined through secondary data, and the market revenue is determined by secondary and primary approach. Secondary research comprised the study of financial and annual reports of the largest companies. In contrast, primary research involved extensive interviews with opinion makers and experts in the industry like experienced front-line employees, directors, CEOs, and marketing managers.
The market share, percentage splits and Growth Rate, as well as the market structure of the product, are calculated from secondary sources and then verified by primary sources. All potential factors that affect the markets are verified by conducting primary analysis, and then analyzed to obtain the final qualitative and quantitative results.
Market Breakdown, Data and Triangulation
After completing market engineering, including calculations of market statistics, size estimations, forecasting of market breakdown, and data triangulation, a lot of analysis are then conducted to collect details and to confirm the numbers to be verified.
Throughout the entire method of market engineering, top-down and bottom-up methods are were widely used, together with a variety of triangulation techniques for market estimation and forecasting of market trends for the entire market segment and sub-segments . A thorough analysis of quantitative data is also carried out using all the data gathered during the entire market engineering process to present important information throughout the research.
Data Sources of X-ray Security Screening Market
Secondary sources include annual reports, press releases, non-profit organizations and industry associations, government agencies, customs information, and others. This study focuses on extensive use of secondary sources, directories, databases, and directories like Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones and Company) and trading ECONOMICS and News Network, Statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS and company house documents CAS (American Chemical Society) and investor presentations along with SEC filings of corporations.
Secondary research are utilized to discover and gather details that could be used for a thorough technological, market-oriented and commercial analysis of the product market. It also helps collecting necessary information on the most prominent companies, market classification and segmentation by market trends from the lowest level, and critical technological and market developments.
For the research process, different sources from both the demand and supply sides are being interviewed to collect quantitative and qualitative information for the X-ray Security Screening Market. The primary sources on the supply side comprise companies (and their rivals) and opinion leaders, experts from the industry and research institutes, distributors, traders and dealers, raw material suppliers and producers, etc.
The primary sources for demand-side information are industry experts, such as business leaders, sales and marketing directors, directors of innovation and technology supply chain executives, the market (product buyers) and top executives from a variety of key organizations and companies operating globally.
The primary studies are then conducted to find segments, types of segmentation, price ranges, application of the product important company, raw materials supply and demand downstream as well as the status of the industry and its forecast, and the fundamental market dynamics, such as risk factors, influence factors and opportunities obstacles to market entry, trends in the industry, and the strategies of key players.
COVID-19 impact Analysis of X-ray Security Screening Market
To understand the impact of COVID on X-ray Security Screening Market, we must understand the supply chain of the industry and the value chain. By analysing the supply chain, we understand the bottlenecks affecting the industry’s growth. And by analysing the value chain, we understand what value each component adds to the entire industry. We then try to understand the COVID impact has on the industry by trying to find answers to the following questions:
- How many jobs have been lost?
- How many people have died due to COVID?
- How did the Government respond, and what measures Government has taken to revive a particular industry?
- How companies have responded to COVID ?
- What growth rate companies are expecting in the X-ray Security Screening Market ?
We also analyze their annual reports and press releases to understand their strategies post COVID. Then we move towards the primary research part and contact government officials and industry experts such as CEOs, COOs, Directors, VPs, Directors and Managers to understand what impact COVID has had on their businesses and what they are doing to cope with it.
We also try to understand their views regarding other financial aspects, such as recovery and obstacles in achieving pre-COVID growth and when they expect to achieve it.
Finally, after gathering the info from secondary and primary research, we try to form a model through which we gauge the COVID impact on a particular industry. ( X-ray Security Screening Market )
Each market is unique and has distinct features and risks that affect it in different ways. We try to discover patterns and commonalities in order to discover the real trends. Therefore, we use customized forecasting models that employ an amalgamation of traditional methods for forecasting time series modified to take into account the impact of current events that could affect the future and current prospects on the financial market.
The techniques we employ to forecast include a combination with regression analysis as well as exponential smoothing to align our analysis of predictive power with current trends and quickly shift business cycles. In the case of seasonal markets We employ hybrid forecasting techniques that incorporate spectral analysis in conjunction with the decomposition method of forecasting.
Frequently Asked Questions About X-ray Security Screening Market Report?
What is the estimated size of the X-ray Security Screening Market?
Global X-ray Security Screening Market size was estimated at USD 4.2 Billion in 2021
What is the forecasted growth size of the X-ray Security Screening Market?
The growth rate of the Global X-ray Security Screening Market is 6.6 % with an estimated value of USD 6.4 Bn by 2028
Who are the key companies in the X-ray Security Screening Market?
Some of the key players in the X-ray Security Screening Market:OSI Systems Inc. * Minxray Inc. * Smiths Detection Group Ltd. * Autoclear LLC * Analogic Corporation * FLIR Systems * Others