Global Outlook on the $5Bn Airport Passenger Screening Systems Market, 2019 to 2024 - ResearchAndMarkets.com
The "Airport Passenger Screening Systems Market (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The airport passenger screening systems market is anticipated to register a CAGR of 10% during the forecast period, 2019 and 2024, to reach a market value of USD 5 billion, by 2024.
The rising number of terrorist and hostile activities around the world are making countries around the world increase their customs and border security. In this regard, airport security has become a matter of concern, thereby, acting as a driver for airport passenger screening systems.
The number of travelers opting for air travel is increasing at a rapid pace, making it difficult for airports to handle a vast inflow of passengers. Also, an increasing number of passengers means that the security measures that need to be taken should also increase, which demands more investments in passenger screening systems.
Narcotic and chemical trace detectors are easing the way airport security agencies are handling detection. Improvements in technology have made it possible to detect a wide range of substances with greater accuracy, speed, and reliability, than ever before.
Key Market Trends
Advanced Imaging Technology Scanner Segment Expected to have a High Growth Rate during the Forecast Period
Metal detectors dominate the airport passenger screening systems market, as of 2018. Metal detectors are currently the most widely used ones in all airports, across the world. Full body scanners are banned in certain countries, due to privacy issues, which led to the development of advanced imaging technology, which is an advanced body scanner.
Body scanners based on advanced imaging techniques are costly and are currently replacing the full body and metal detectors in several airports. Hence, the advanced imaging technology scanner segment is likely to experience maximum growth during the forecast period.
Asia-Pacific Region to Dominate the Market during the Forecast Period
The North America region held the major share, in terms of revenue, in 2018, due to a large number of airports and related infrastructure in the region.
But during the forecast period, Asia-Pacific is set to experience major growth, mainly due to the modernization of the existing airport facilities and construction of new airports, majorly in India, China, and some countries in Southeast Asia, like Vietnam and Thailand.
The passenger screening systems market is in the process of consolidation, with businesses aligning their products and services to either excel in a particular product type or to become a complete security and detection products manufacturer and service provider.
This market is expected to gain a lot more competitors from the local Asian players, as demand improves in the region and players fall short in production.
India and China have already formed alliances, partnerships, and JVs with MNCs, in order to develop their own screening technologies and standards for equipment, due to the rising threat of terrorism, militant groups, and the toughening movement of known criminals/perpetrators of law.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
5 Market Segmentation
5.1.1 Metal Detectors
5.1.2 Full Body Scanners
5.1.3 Advanced Imaging Technology
5.2.1 North America
5.2.4 South America
5.2.5 Middle East & Africa
6 Competitive Landscape
6.1 Market Share Analysis
6.2 Company Profiles
6.2.1 OSI Systems Inc.
6.2.2 Analogic Corporation
6.2.3 C.E.I.A. S.p.A.
6.2.4 Agilent Technologies
6.2.5 Garrett Electronics Inc.
6.2.6 Nuctech Systems Ltd.
6.2.8 L-3 Technologies Inc.
6.2.9 Vanderlande Industries B.V.
6.2.11 Smiths Group
6.2.12 Autoclear LLC
7 Market Opportunities and Future Trends
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SOURCE: BUSINESS WIRE. ©2015 Business Wire