Air Cargo Security Equipment Market Projected to Reach US$28,786.5 mn by 2025: Transparency Market Research
Global Air Cargo Security Equipment Market: Growing Security Concerns Propel Growth
ALBANY, New York, December 21, 2017
ALBANY, New York, December 21, 2017 /PRNewswire/ --
Transparency Market Research observes that the global air cargo security equipment market is tremendously competitive. Several companies in the market are focused on developing new products to cater to the complex needs of the security issues of air cargo. Some of the leading companies operating in the global air cargo security equipment market are C.E.I.A. S.P.A., ADANI, EAS Envimet Group, American Science and Engineering, Inc., ENSCO, Inc., L3 Security & Detection Systems, Gilardoni S.P.A., Nuctech Company Limited, Smiths Detection Inc., and Rapiscan Systems. Development of technologically superior equipment that reduces the chances of human error is expected to be the key challenge for the players operating in the global air cargo security equipment market.
According to the research report, the global air cargo security equipment market is likely to be worth US$28,786.5 mn by the end of 2025. During the forecast period of 2017 and 2025, the global market is expected to rise at a CAGR of 6.2%. Out of the various products, the x-ray systems are expected to lead the way for the global market as the segment surges as a CAGR of 7.3% during the forecast period. In terms of regions, Asia Pacific air cargo security equipment market is estimated to remain the key regional market. The infrastructural changes in this region are expected to play an integral role in its overall progress.
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Development of Better Screening Techniques to Augment Market Growth
The global market for air cargo security equipment is expected to flourish in the coming years as the security concerns continue to rise. Security check for air cargo are in dire need for an upgrade as various airports have been threatened by terrorist attacks in recent past. In adequacies of physical check have encouraged governments and airport authorities to find better means to resolve the potential security lapses. This has led to adoption of better screening techniques through x-ray systems and human-heartbeat detection systems. The report also states that the construction of new cargo hubs and new airports has led to increased sales of air cargo security equipment.
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Development and commercialization of technologically advanced air cargo equipment is also projected to fuel the growth of the global market. Growing investments by various state governments in upgradation of existing security technology is also projected to have a positive impact on the overall market. The report points out that the x-ray systems will be extensively used as a screening technology as it has the ability to decipher the contents of cargo through several layers. Meanwhile, the human-heartbeat detection systems are expected to emphasize on reduction of human trafficking between troubled borders. This security equipment helps in identifying human heartbeat that may be cleverly hidden in case of smuggling in containers. Infrastructural development and building of newer airports in developing countries of Asia Pacific is expected to support the growth of global air cargo security equipment market in the near future.
Poor Budget for Upgrading Cargo Hubs to Hamper Market Growth
On the other hand, the global air cargo security equipment market is challenged by the poor budget for upgrading airports. The market is likely to be hampered by the reluctance to technology, especially in the developing parts of the world. Additionally, the lack of awareness about the benefits of using sophisticated air cargo security equipment is also likely to restrain the market from achieving its potential growth.
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This review is based on Transparency Market Research's report, titled "Air Cargo Security Equipment Market (Product Type - X-ray Systems and Human-heartbeat Detection Systems; By Application - Advanced Personnel Screening, Air Cargo Security Screening, and Aviation Checkpoint Solutions) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025".
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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