PUBLISHER: Orion Market Research | PRODUCT CODE: 1215635
PUBLISHER: Orion Market Research | PRODUCT CODE: 1215635
Title:Global Security Screening Market Size, Share & Trends Analysis Report by Technology (X-Ray, Metal Detection, Biometric, Spectrometry, and Spectroscopy), by Application (People, and product), and by End-User (Airport, Ports and Borders, Defense, and Others) Forecast Period (2022-2028).
The global security screening market is anticipated to grow at a considerable CAGR of 9.1% during the forecast period. One of the key factors that are driving the market is the increasing illegal trafficking. Security screening is a machine that scans people or products to find something suspicious while moving from one place to another. This system has restricted a lot of illegal smuggling while transferring things. In the past few years, it has assisted in capturing drug smugglers which has been growing excessively. For instance, in March 2020, a domestic air passenger were caught with 20 grams of cocaine at Terminal 1B of the Chhatrapati Shivaji International Airport in Mumbai, India. Central Industrial Security Force (CISF) personnel spotted the narcotic substance in a bag while screening through an Explosive Trace Detector machine at a random check point near the departure gate.
The global security screening market is segmented based on technology, application, and end-user. Based on the technology, the market is segmented into X-ray, metal detection, biometrics, spectrometry, and spectroscopy. Based on the application, the market is sub-segmented into people and products. Based on the end-user, the market is sub-segmented into the airport, ports and borders, defense, and others. The other end-users are government buildings and hotels. Among the technology, the biometrics sub-segment is anticipated to hold the major share in the market during the forecast year owing to the features such as the identification of criminals via comparing the scans with the existing database of biometric records. The system requires less time and offers high accuracy which has helped government officials to find the criminals and informs about the presence of criminals at the place.
Geographically, the global security screening market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to hold the prominent share in the market owing to the presence of notable infrastructure in the region which has contributed to raising the security standards. The region has high technology companies such as OSI Systems, Inc., Teledyne Technologies Inc., Analogic Corp., and, others which have also contributed to the growth by actively participating in the market. For instance, in October 2021, OSI Systems, Inc., announced about its deal of Security division for an indefinite delivery, indefinite quantity ("IDIQ") contract by the US Customs and Border Protection ("CBP") for low-energy portal ("LEP") x-ray systems. The multiple vendor IDIQ contract has a potential value of up to $390 million and contains a five-year ordering period for systems and associated services. This is in addition to the previously announced $480 million, multi-energy portal ("MEP") IDIQ contract. Under the LEP and MEP IDIQ contract awards, the Company received two delivery orders totaling approximately $200 million. The Company could potentially receive up to an additional $65 million under these orders if the CBP exercises its options.
The major companies serving the global security screening market include 3DX-RAY, Analogic Corp., L3Harris Technologies, Inc., OSI Systems, Inc., Smiths Detection Group Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2021, NUCTECH Co. Ltd offered more than 100 sets of security screening equipment, including equipment for screening vehicles, parcels, and cargo for the Dubai Expo. In 2020. The equipment included parcel inspection CT-type systems and a quick cargo inspection system which is easy to relocate and deploy.
Research Methodology
The market study of the global security screening market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, and the intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: