Security Screening Market 2021 Strategic Assessment- Smiths Detection Inc, L-3 Security and Detection Systems Inc., OSI Systems Inc

The Security Screening Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

The Security Screening Market was valued at USD 6.93 billion in 2019 and is expected to register a CAGR of 5.1%, during the forecast period 2020-2025.

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Competitive Landscape:

Top Companies: Smiths Detection Inc, L-3 Security and Detection Systems Inc., OSI Systems Inc., 3DX-Ray Ltd, Teledyne ICM, Analogic Corporation, Nuctech Company Limited, Astrophysics Inc., CEIA S.p.A, Gilardoni S.p.A

Market Overview:

Security screening has become essential, in order to avoid unethical practices and maintain security within public spaces. Airports account for a significant share of demand for security screening solutions and are expected to continue its dominance over the forecast period, owing to the robust rise in the number of airports and consequent air passenger traffic.
- Computerized tomography or CT scanners have witnessed an increased popularity, due to the large size and noisiness of the traditional scanners. These are expected to replace the traditional X-ray scanners, particularly in the aviation sector.
- Digital transformation, while incorporating the benefits of machine learning and artificial intelligence, is expected to advance the capabilities of the present systems.

Market Scope:

Security screening is the process of allowing individuals to access classified information or to restricted areas, after completion of thorough frisking and background check. Strict security regulations, growth in the tourism industry, developing the aviation security market, rising terrorist activities, and increase in drug, weapon, and human trafficking are driving the security screening market. The wide use of security screening can be seen in airports, ports and borders, defense, critical infrastructure.

Industry News and Updates:

- November 2018 - Smiths Detection and its local distributor, Eastronics, were selected by the Israel Airport Authority (IAA) to supply 32 advanced checkpoint lanes for Ben Gurion Airport and the new Ramon International Airport, which is due to open in 2019.
- November 2018 - L3 Security & Detection Systems was selected to provide radiation monitoring portals at ports of entry operated by the US Customs and Border Protection agency. The contract is part of a federal program to enhance the detection of radiation in cargo containers and prevent unauthorized nuclear materials from entering the country.

Key Market Trends:

Asia-Pacific Accounts for Largest Market Share
- The largest share in the security screening market is occupied by Asia-Pacific, with China, India, and Japan being the key shareholders. China is one of the prominent markets in the Asia-Pacific region. Vendors in the country are continuously innovating their products. For instance, in January 2019, Safeway Inspection System Limited launched a new portable X-ray scanner, AT2310. This type of X-ray scanner for security inspection is used to inspect small baggage and parcels and find explosives and dangerous weapons.
- The Indian market is expected to be one of the largest aviation markets in the world by 2026, making security a mission-critical factor in enabling Indias airports to be future-ready. In February 2018, the Airports Authority of India (AAI) placed an order for multiple CTX 9800 DSiTM systems at a combined value of over USD 50 million, with Smiths Detection. The first group of machines were expected to be installed in the second half of 2018.
- Similar to airports, the railway sector in the region is planning to seal stations at least 20 minutes prior to departure, in order to complete the security check process.

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What are the market influences that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Security Screening Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

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