In a hyper-competitive global air cargo security equipment market, keen companies are seen developing new products keeping in mind the complicated security issues of air cargo. One of the key areas of focus of players is the development of technologically advanced equipment that brings down chances of human errors. C.E.I.A. S.P.A., EAS Envimet Group, ADANI, ENSCO, Inc., American Science and Engineering, Inc., L3 Security & Detection Systems, Rapiscan Systems, Gilardoni S.P.A., Smiths Detection Inc., and Nuctech Company Limited are some of the key players operating in the global air cargo security equipment market.
The global market for air cargo security equipment will likely attain a value of US$28,786.5 mn by 2025-end by rising at a healthy 6.2% CAGR between 2017 and 2025, finds a recent report by Transparency Market Research.
Depending upon the type of products, the global market for air cargo security can be segmented into human-heartbeat detection systems, x-ray systems, and others. Among them, the x-ray system grosses maximum revenue primarily on account of the growing demand for deploying modern screening technology and growth in air cargo security layers. In 2016, the region raked in US$7,352.5 mn in revenue.
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Geographically, some of the key segments in the global market for air cargo security studied in the report are North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Of them, Asia Pacific is a key region which is rising at an impressive pace due to the swift pace of economic development in the region.
X-Ray Systems Emerge as Key Elements of Air Cargo Security Equipment Market
The air cargo security equipment market is segmented on the basis of product type, application, and region. On the basis of product type, the market is classified as x-ray systems, human-heartbeat detection systems, and others. Application of air cargo security equipment market includes advanced personnel screening, air cargo security screening, aviation checkpoint solutions, and others. In 2016, x-ray systems segment accounted for more than half of the share contributing to US$ 7,352.5 mn of revenue. It is also expected to hold maximum market share in 2025 growing at 7.3% CAGR during the forecast period. This is mainly due to the rising demand for implementing modern screening technology, and increase in the air cargo security layers.
Asia Pacific to Hold the Largest Share in Global Air Cargo Security Equipment Market
In terms of application, in 2016, air cargo security screening segment accounted for more than 30% share of the total market share. This segment is anticipated to grow at a CAGR of 6.6% during the forecast period. This is mainly due to the rising use of x-ray radiations that have the ability to scan items underneath several layers of materials, which makes them more reliable in scanning both people and products. This are expected to be a foremost factor that will provide for the constant demand for x-ray security systems during the forecast period.
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Aviation checkpoint solutions segment is the second largest shareholding segment which is predicted to grow at the CAGR of 6.4% during the forecast period. By region, Asia Pacific region held the largest share as it accounts for more than 25% share in the global market followed by Europe and North America. This is mainly due to introduction of new screening technologies and human presence detector system for more robust security in airports.