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Global Cargo Scanning Equipment Market: Exploring a CAGR of 7.6%, Growth Drivers, and Trends (2024-2029)
Global Cargo Scanning Equipment Market
Surging e-commerce, demand for supply chain efficiency, and revolutionary technology adoption bolster the Cargo Scanning Equipment market.
What Is The Projected Market Size Of The Global Cargo Scanning Equipment Market And Its Growth Rate?
• The cargo scanning equipment market is anticipated to grow from $3.79 billion in 2024 to $4.08 billion in 2025, showcasing a CAGR of 7.8%.
• This growth can be attributed to heightened security concerns, global trade volumes, and stringent customs regulations.
• The cargo scanning equipment market is projected to reach $5.48 billion by 2029 at a steady CAGR of 7.6%.
• This forecasted expansion can be linked to increased e-commerce, demand for efficient supply chain management, continuous growth in international shipping, and adoption of advanced scanning devices.
What Is Driving The Growth In The Cargo Scanning Equipment Market?
The growth of the cargo scanning equipment market is primarily fueled by the continued expansion of international trade. Cargo scanning is integral to global trade, helping enforce border security and uncloak illicit activities. For instance, Eurostat data reveals an increase in goods handled in EU ports from 854.3 million metric tons (Q2 2021) to 873.05 million metric tons (Q2 2022). Moreover, according to UNCTAD, the first three months of 2023 saw a 1.9% increase in international goods trade, approximating $100 billion. Therefore, the thriving international trade landscape significantly propels the cargo scanning equipment market growth.
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Who Are the Key Players Driving Cargo Scanning Equipment Market Growth?
Major companies dominating the cargo scanning equipment market include:
• Leidos Holdings Inc.
• Elbit Systems Ltd.
• Teledyne Technologies
• IDEMIA
• Smiths Detection Group Ltd.
• OSI Systems Inc.
• Rapiscan System Inc.
• Nuctech Company Limited
• Analogic Corporation
• Astrophysics Inc.
What Are The Key Trends In The Cargo Scanning Equipment Market?
Key market trends consist of:
• Advances in imaging technologies
• Use of Artificial Intelligence in scanning systems
• Technological innovations in scanning equipment
• Integration of blockchain for supply chain security
• Employment of machine learning for anomaly detection
What Are The Segments Of The Global Cargo Scanning Equipment Market?
• By Equipment Type: Narcotics Trace Detectors, Non-Computed Tomography, X-Ray Scanners, Explosive Trace Detectors (ETDs), Radiation Detectors
• By Cargo Size: Small Parcels, Break Pallet Cargo, Oversized Cargo
• By End-User: Airports, Railway Station, Border Control, Logistics And Transportation, Industrial And Manufacturing Facilities
Which Region Leads The Cargo Scanning Equipment Market?
North America took the lead in the cargo scanning equipment market in 2024. The regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Cargo Scanning Equipment Market Global Market Report?
- Market Size Analysis: Analyze the Cargo Scanning Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cargo Scanning Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cargo Scanning Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cargo Scanning Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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