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Air Cargo Security and Screening Systems Market Size to Record a CAGR of 6% by 2024
According the latest Persistence Market Research (PMR), the global market for air cargo security and screening systems is expected to reach a valuation of US$ 1,622.8 Mn by the end of 2024, reflecting a CAGR of 6% between 2016 and 2024.Key Market Drivers
Increase use of cutting-edge screening technologies and robust infrastructural advancement in air cargo terminals and airport security systems is expected to drive the sales revenue of the global market in the near future.
Rapid adoption of screening systems based on X-ray and latest explosive detection technologies is likely to influence the overall growth of the market.
Enforcement of new regulation coupled with growing security concerns are additional factors supporting further development of the market.
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L-3 Communications Security and Detection Systems, Inc. is a leading company functioning in the global market. Also, the company is a major vendor for the U.S. defense department, and is presently concentrating on strategic merger and acquisition to strengthen its position in the global market. Another prominent player profiled in the PMR report is Rapiscan Systems, Inc. The company is focusing to gain more market share globally by introducing cost-efficient and innovative product offerings. Smiths Detection Inc., American Science and Engineering, Inc., Industriali Automatismi S.p.A., Costruzioni Elettroniche, Implant Sciences Corporation, Gilardoni S.P.A., Nuctech Company Limited, and Safran Identity & Security are amongst other leading companies in the global market for air cargo security and screening systems.
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On the basis of size, break and pallet segment is expected to remain dominant throughout the forecast period and reach a market valuation of US$ 998 Million over 2024. By the end of forecast period, the segment is expected to command for more than 61% value share of the market. Meanwhile, small parcel is estimated to emerge as the second largest segment of the market by 2024-end. Based of technology, explosives detection is projected to remain as the largest segment of the market, followed by non-computed tomography technology. By application, detection of explosives will remain on of the major applications. The market will gain a staggering 480 BPS from explosives detection application during the assessment period. Correspondingly, contra band and metal detection application will also witness a steady growth.
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Amongst regions, the market in North America is set to ride on strong 7.1% CAGR, which is also relatively higher than any other region. By the end of 2024, the region is anticipated to represent more 32% revenue share of the market while the market Europe is expected to account for around 23% share. Whereas, Asia Pacific is expected to register a CAGR of 6.2% of its market. On the other hand, the MEA region will continue to witness a shy growth over the forecast period.
About Us
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.
To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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