The global security screening market was valued at US$ 6.95 Bn in 2018 and is expected to reach US$ 13.64 Bn by 2027 with a CAGR growth rate of 7.3% in the forecast period from 2019 to 2027.
The worldwide air passenger traffic is rising at a significant pace owing to increasing middle-class population in emerging markets and growing per capita income. The global air passenger traffic is expanding at a considerable pace due to an increasing middle-class population in emerging markets and rising per capita income. Also, a rise in the number of infrastructural projects such as the construction of commercial buildings, renovation of existing airports, and others is also projected to benefit both manufacturers and provider of security screening systems. However, rising concern associated with X-ray radiations is expected to hinder the growth of full-body x-ray scanners and so security screening market in the coming years. Nevertheless, the emergence of technologies such as nanotechnology X-ray is forecasted to boost the significance of x-ray scanners among commercial and public places. The factors mentioned above are responsible for influencing the overall outlook of security as an area of the field.
In the context of the digitization and technological advancements, the scenario of the aviation industry is evolving. The security screening market consists of some gigantic and international players across the globe, which helps in stimulating FDIs. For instance, the Government of India designed a new FDI policy in 2017 under which many amendments were applied such as, the Reserve Bank of India has announced 100% FDI under automatic route for the construction development sector. FDIs to boost construction sector eventually contribute towards the growth of security screening market as well.
In the global security screening market, Asia Pacific holds the largest market share in the market and is anticipated to grow with the highest CAGR during the forecast period. Pertaining to high growth of industrialization and commercialization, the construction industry is experiencing a tremendous boom in its path. Growing demand for construction among Asian countries would result in more number of a commercial building. Henceforth, would help in help in booming the adoption of security-related products and systems.
The security screening market globally is segmented by product into the x-ray scanner, biometric systems, electromagnetic metal detector, and explosive trace detector. Geographically, the security screening market is divided into five regions, including North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America.
The overall security screening market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the security screening market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the security screening industry.