According to a new market report published by Lucintel, the future of the security detection system market looks attractive with opportunities in the airport, shipping port, border, military, and critical infrastructure industries. The global security detection system market is expected to reach an estimated $5.3 billion by 2022 and is forecast to grow at a CAGR of 7.3% from 2017 to 2022. The major growth drivers for this market are a continuing high threat level from terrorism, criminal activity, increasing air passenger traffic, new airport construction, and stringency in enforcing government security mandates.
In this market, x-ray screening systems, trace detection systems, metal detectors, and other systems are used to ensure the safety and security of people, properties, and critical infrastructure. Lucintel forecasts that x-ray screening systems will remain the largest product type due to the increasing use of these systems in airports, shipping ports, borders, critical infrastructure for luggage inspection and people screening. The trace detection system is expected to witness the highest growth in the forecast period supported by the growing demand at airport checkpoints for luggage and passenger security considering the increase of terrorism.
Within the security detection systems market, airports are expected to remain the largest end use industry with the highest growth due to increased air traffic, and new airport construction across the globe. This growth will also be supported by government spending on security systems due to concerns about the usage of improvised explosive device (IED) and other explosive types.
North America is expected to remain the largest region over the forecast period supported by increasing security code reinforcement and increasing government spending on infrastructure. Asia Pacific is expected to witness the highest growth over the forecast period due to the Initiatives taken by governments to expand their infrastructure due to economic growth, rising standard of living, and increasing tourism. All of these factors drive the demand for security screening systems.
Emerging trends, which have a direct impact on the dynamics of the industry, include advancement in metal detector technology for superior performance, and development of advanced full body scanners. Smiths Group Plc, Nuctech Company Limited, OSI Systems Inc. (Rapiscan), Safran S.A. (Morpho), and L3 Security & Detection Systems (L3 SDS) are among the major manufacturers and suppliers of security detection systems.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global security detection system by end use industry, product type, application, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global Security Detection System Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global security detection system market by product type, end use industry, application, and region as follows:
By Product Type [$M shipment analysis for 2011 – 2022]:
• X-ray Screening Systems
• Trace Detection Systems
• Metal Detectors
• Other Systems
By End Use Industry [$M shipment analysis for 2011 – 2022]:
• Shipping Ports and Borders
• Critical Infrastructure
• Military and Emergency Responder
• Other End Uses
By Application [$M shipment analysis for 2011 – 2022]:
• Product Screening
• People Screening
By Region [$M shipment analysis for 2011 – 2022]:
• North America
• Asia Pacific
• The Rest of the World
This 208-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include Telecommunication Report, Telecommunication Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Matrix.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the global security detection system market by product type (x-ray screening system, trace detection systems, metal detectors, and other systems), end use industry (airports, ports and borders, critical infrastructure, military and emergency responders, and other end uses), application (product screening and public screening), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?