Title: X-Ray Security Screening System Market to grow at 5.7% CAGR from 2016–2023
1Global X-Ray Security Screening System Market to
exceed 3bn by 2023 Fractovia.org
Fuel Cell Market size worth 25.5bn by 2024
2 Key Insights of X-Ray Security Screening System
Market
- X-ray security screening system market size was
over USD 2 billion in 2015, and it is reach to
USD 3 Billion by 2023, driven by grow demand in
commercial applications at over 5.2 CAGR, 2016
2023. - The alarming rise in global terrorism will fuel
the X-Ray Security Screening market over the
period of 2016 to 2023. The growing awareness
about terrorist activities and security threats
such as the smuggling of drugs and weapons will
increase the adoptions of the x-ray security
screening systems worldwide. The battery-powered
X-ray tubes and digital detectors have the
capability to capture the minutest things, by
giving high image resolution, which will in turn
boost the industry demand over the coming years. - X-ray security screening system end-users
comprise transit industry, government, and
commercial sector. The government sector
contributed majorly towards the total market
share accounting for 45 in 2015. As per the
study, the government application is predicted to
record an annual growth rate of 5.7 over the
coming six years, owing to its escalating demand
for incorporation of the advanced detection
system in customs, prisons, and law enforcement.
3 Continued
- Commercial sector is estimated to drive x-ray
security screening market with a CAGR of 5.2
over the coming six years. - The transit sector worth USD 780 million in 2015
and is anticipated to register a CAGR of 5.9
over the period of 2016-2023, driven by its
growing need to scan passengers and baggage
thereby, avoiding smuggling of explosive, drugs,
and weapons. The escalating commercial sectors,
such as shopping malls, hotels, institutes, and
corporate offices will also increase the demand
for metal and gamma ray detector, which, in turn,
will drive the X-ray security screening system
industry size. Product screening application will
boost the growth of x-ray security screening
industry. - People and product screening are the two most
lucrative applications of the x-ray security
screening system market. Product screening is
expected to dominate the application landscape by
registering an annual growth rate of 5.8 over
the coming six years. The growth can be
attributed to its growing requirement across
government and aviation sectors for the
applications such as mail screening, baggage,
cargo, and parcel. Product screening x-ray
security screening system application worth USD
600 million in 2015, is predicted to grow
significantly at an annual growth rate of 5.5
over the period of 2016 to 2023.
4China X-Ray Security Screening System Market
size, by end-use, 2012-2023 (USD Million)
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6 Continued.
- Taking into account the regional landscape, which
includes U.S., Canada, Mexico, UK, Germany,
France, India, China, Japan, and Brazil, U.S
x-ray security screening system industry attained
a revenue of USD 580 million in 2015 and is
projected to register a CAGR of more than 5.7
over the coming six years. The stringent
government norms and measures regarding security
will be the attributing factor. In addition,
increasing replacement of outdated security will
contribute significantly towards the regional
x-ray security screening system market growth. - Asia pacific x-ray security screening system
market size will exhibit lucrative growth rate
over the coming years, mainly driven by growing
population resulted in a rise in exports and
imports of goods, which have to be scrutinized
across the ports and borders. This, in turn,
will boost the demand for cargo inspection
equipment notably. - Market participants are willing to update
technologies regarding security systems to
sustain their business position over the coming
years. X-ray security screening system market
players include Morpho Detection, Analogic
Corporation, OSI Systems, Rapiscan Systems, Adani
Systems, Smiths Detection, and Astrophysics Inc.
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