Security Inspection Market is expected to reach US$ 11041.0 Mn by 2027

According to our latest market study on "Security Inspection Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Product Type and Application," the market was valued at US$ 7,305.6 million in 2021 and is projected to reach US$ 11041.0 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027. Integration of Artificial Intelligence with Security Inspection Systems to Provide Growth Opportunities for Security Inspection Market.

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Security Inspection Market - Company Profiles
• Adani Group
• Analogic Corporation
• C.E.I.A. SpA
• EAS Envimet Analytical Systems Ges.m.b.H.
• Gilardoni S.p.A.
• Leidos
• Nuctech Company
• OSI Systems
• Smiths Group
• Unival Group GmBH

The key factors driving the security inspection market are an increase in the adoption of vehicle inspection systems across border checkpoints, the surge in demand for full-body X-ray screening systems across airports, railways, shopping malls, banks, country borders, and others. The vendors have a huge opportunity by offering automated security scanning and integration of artificial intelligence with security inspection systems. The various technologies used for security inspection are biometric technologies, X-rays, explosive trace detectors, electromagnetic detectors, and others. The advancements in technology are creating a lucrative opportunity for companies offering security inspection system. Companies are developing new applications such as Nuclear Quadrapole Resonance (NQR). Owing to rising trade through roadways and surge in intercity travel among the global population the governments of various countries are implementing security measures across borders to avoid illegal entry of people or materials. The adoption of vehicle inspection system enables the border security team to check all vehicles crossing borders without involving manpower.

Due to the shutdown of businesses and delay in procurement activities in the last six months of 2020, the market is significantly impacted. Moreover, the falling GDP is another factor negatively impacting the growth of the security inspection market. The COVID-19 crisis has drastically impacted the operations across the value chain, from supplier networks to the customer delivery experience. Moreover, this has influenced the adoption of contactless security inspection systems across the country to comply with both safety regulation and social distancing norms laid down by the respective government body.

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With the rise in terrorism worldwide, security inspection equipment have become necessary across the crowded and government facilities; thus, increasing the demand for efficient and full body scanning systems for screening humans, baggage, and cargoes, among others. X-ray screening helps in scanning objects without human intervention and scans large number of individuals and baggage in less time. Therefore, X-ray screening is being adopted among facilities such as metro stations, railways stations, airports, and sea ports. ADANI offers x-ray screening systems for detecting non-metallic weapons, plastics, liquid explosives, and drugs under clothing. Thus, owing to the demand for efficient scanning, full-body x-ray systems are gaining a significant scope across the security inspection market.

Players operating in the Security inspection market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the security inspection market. A few developments by key players of the security inspection market are:

In October 2020, OSI Systems, Inc. was awarded with multiple contracts for approx. $93 million from an international government customer to provide various Rapiscan X-ray cargo & vehicle inspection systems, trace detection systems, baggage & parcel inspection systems, and follow on maintenance & support from its security division.

In May 2020, Nuctech Company Limited helped Turkish customs to seize two major drug smuggling cases. According to Turkish local official reports, the Turkish customs had used the Nuctech container/vehicle inspection system to seize two drug smuggling cases at border land ports.

Security Inspection Market Segmentation:
Security Inspection Market - by Product Type
Personnel Screening Systems
Cargo and Baggage Inspection Systems
Vehicle Inspection Systems
Others

Security Inspection Market - by Application
Aviation
Border Security
Critical Infrastructure Protection
Commercial Security
Others

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