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Cargo Scanning Equipment Market Size, Industry Trends, Overview, Regional Analysis, Top Players And Forecast To 2032
Cargo Scanning Equipment Market Regional Analysis
The Business Research Company's Cargo Scanning Equipment Global Market Report 2023 identifies growth of international trade as the major driver for the cargo scanning equipment market's growth in the forecast period. International trade is defined as the acquisition and sale of goods and services between businesses in various nations and the interchange of goods and services from one nation to another via imports and exports. Cargo scanning equipment is essential to global trade by maintaining supply chain security, uncovering illegal activity, and supporting the efficient flow of legal trade. It assists customs officials in maintaining border security and reducing trade-related dangers.
The global cargo scanning equipment market is expected to grow from 3.25 billion in 2022 to 3.52 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The cargo scanning equipment market is expected to reach 4.69 billion in 2027 at a CAGR of 7.4%.
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Major competitors in the cargo scanning equipment market are Leidos Holdings Inc., Elbit Systems Ltd., Teledyne Technologies, IDEMIA, Smiths Detection Group Ltd., OSI Systems Inc., Rapiscan System Inc.
A key trend in the cargo scanning equipment market includes product innovations. Major companies operating in the cargo scanning equipment market are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2022, Smiths Detection Group Ltd., a UK-based designer, and manufacturer of advanced threat detection and identification solutions, developed the HI-SCAN 10080 XCT advanced X-ray computed tomography system for holding baggage and air cargo, which was approved by the U.S. Transportation Security Administration's Air Cargo Screening Technology List (ACSTL). The HI-SCAN 10080 XCT has a dual-view dual-energy X-ray line scanner and complete 3D volumetric computed tomography (CT) imaging and reconstruction, which improves the speed, efficiency, and safety of hold luggage and air cargo screening. The technology features a belt speed of 0.5m/sec (98.5ft/min) as well as a wide 107 × 81 cm (42.1 x 31.9in) rectangular tunnel meant to be incorporated into fully automated and networked luggage and material handling systems, allowing operators to screen 2,500 packages every hour.
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The cargo scanning equipment market is segmented -
1) By Equipment Type: Narcotics Trace Detectors, Non-Computed Tomography, X-Ray Scanners, Explosive Trace Detectors (ETDs), Radiation Detectors, Other Equipment Type
2) By Cargo Size: Small Parcels, Break Pallet Cargo, Oversized Cargo
3) By End-User: Airports, Railway Station, Border Control, Logistics And Transportation, Industrial And Manufacturing Facilities, Others End-Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the cargo scanning equipment market.
The Business Research Company's "Global Cargo Scanning Equipment Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Cargo Scanning Equipment Market Include:
1. Executive Summary
2. Cargo Scanning Equipment Market Characteristics
3. Cargo Scanning Equipment Market Trends And Strategies
4. Cargo Scanning Equipment Market - Macro Economic Scenario
5. Global Cargo Scanning Equipment Market Size and Growth
………
32. Global Cargo Scanning Equipment Market Competitive Benchmarking
33. Global Cargo Scanning Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cargo Scanning Equipment Market
35. Cargo Scanning Equipment Market Future Outlook and Potential Analysis
36. Appendix
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