‘Security Screening Market’ value to cross $10 billion mark by the end of 2021 with a CAGR of 7.3% during 2017-2023

January 18 17:33 2018

Security Screening Market Analysis By Application & Geography – Forecast (2017-2023)
Rapid rise in security threats coupled with stringent regulations with regards to enhanced security is set to fuel the security screening systems market growth; the market is estimated to surpass $10 billion by 2021

According to the market research report “Security Screening Market Analysis: By Type (X-Ray Systems, Biometric Systems, Metal Detectors, Explosive Trace Detectors, Shoe Scanners, Liquid Scanners and Others); By Geography (Americas, Europe, Asia-Pacific and ROW); By Application (Government Buildings, Airports, Hotels, Borders, Educational Institutions, Railway stations, Tourist attractions and others) – With Forecast (2017-2023)” is published by IndustryARC and the market is estimated to reach $10.82 Billion in forecast period.

Browse 67 Market Tables, 134 Figures spread through 214 Pages and an in-depth TOC on “Security Screening Market (2017 – 2023)”

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Security screening devices are used to identify potential threats at location where high security is required like airports, governmental buildings, railway stations, border or any other crowded places. This market is well established in developed economies especially in Europe and the Americas and is gaining importance in emerging nations from APAC region. There are various security screening tools that are commercially available including X-Ray systems, metal detectors, shoe scanners, liquid scanners and biometric systems.

Airports are the one among the prominent end users of these systems and is projected to occupy the market share of approximately 32% in the forecast period. Demand for securing screening has increased considerably in airports due to the increase in terror attacks and trade of lethal weapons and so on; is set to fuel the market growth of this application. The demand has also increased at governmental facilities as well as public buildings due to the increasing security operations and need of advanced security. The departments which provide effective security to the government buildings in U.S. are Department of Homeland Security (DHS), Federal Protective Service (FPS) and the Department of Justice (DOJ).

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By 2023, the Americas is expected to hold the highest share of 35% of the Security screening market, closely followed by APAC with 33% share. In the American region, North America is the frontrunner for the market. For the next few years, growth in emerging markets continues to outweigh the growth in the economies from Americas & Europe regions. Economic prospects in Asia will be molded by the domestic macroeconomic reforms.

The Americas region is expected to account for the major revenue contribution of the market and is likely to reach $3.78 billion with a CAGR of 4.5% by the end of 2023. North American countries are always under the threat of terrorist organizations and this prompted the governments to install advanced technologies for screening in airports and is estimated to increase in the near future.

Manufacturers are required to abide by the standards set by the governments and this in turn is making it essential for the manufacturers to repeatedly capitalize into research and development activities for more innovative products. Rapid industrialization in emerging countries is also resulting in increased security arrangement from the governments thereby further driving the market.

The major players in this market include:

  • Honeywell International Inc (U.S.)

  • Smith group Plc (U.K.)

  • Analogic Corporation (U.S.)

  • OSI Security (Australia)

The global Security Screening Market Report provides detailed analysis of the different types of devices. Various types of device included in the market study are:

  • X-Ray Systems

  • Metal Detectors

  • Shoe Scanners

  • Liquid Scanners

  • Biometric Systems

  • Explosive Trace Detectors

The overall market is also presented from the perspective of various end-user applications, geographic regions and the key countries for the industry.

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