The global air cargo security equipment market is expected to reach a value of US$ 28,786.5 Mn by 2024. The market is estimated to expand at a CAGR of 6.2% during the forecast period from 2018 to 2024.
In 2016, Asia Pacific region held the largest market share of global air cargo security equipment market due to increasing focus on innovation of technology and demand for improved security product and application. Furthermore, growing demand for investment in screening technologies for security purposes and evolving security measures in aviation sector in an air cargo security equipment contributed to the growth of the Asia Pacific air cargo security equipment market.
Europe was the second-largest market in terms of revenue generation in 2016. Changing company policies and developed infrastructure has resulted in the higher adoption of air cargo security equipment in Asia Pacific and Europe. Also, companies are focusing on construction of new cargo hubs, process efficiency which contributes to the growth of the air cargo security equipment market. Growing usage of advanced screening and hidden human detecting technologies are expected to benefit the air cargo security equipment market in Asia Pacific and Europe.
X-ray systems and air cargo security screening segment of the air cargo security equipment market are expected to grow at a faster rate throughout the forecast period owing to increased adoption of x-ray technology for Usage of security systems for explosive and narcotic trace detection. Furthermore, due to rapid demand of air cargo security equipment, Asia Pacific region is anticipated to be the fastest growing market with a projected CAGR of 6.9% during the forecast period.
Availability of technology, developing investment opportunities needed for air cargo security equipment are the main factors behind the growth of air cargo security equipment in Asia Pacific region. X-ray systems and air cargo security screening segment in Asia Pacific region is anticipated to grow at a faster rate 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. South America region is anticipated to grow at a study pace between 2017 and 2024 however, with a limited market share.
An increasing trend towards the adoption of air cargo security equipment is observed across Middle East & Africa region. Growing demand for presence of domestic airports and facilities across MEA offers opportunities for potential region is anticipated to provide growth opportunities for air cargo security equipment market during the forecast period.
Rising growth of regulatory initiatives in air cargo security is one of the primary growth drivers for the air cargo security equipment market driving the growth of the market in the Asia Pacific and Europe region. However, the market also faces certain drawbacks.
A major factor restraining the growth of this market is the high cost of screening systems and bulk screening while operating air cargo security equipment Asia Pacific region is dominated by x-ray system and has total market volume of US$ 2,332.1 Mn in 2016.
In Asia Pacific region, countries like Japan and India are anticipated to drive the air cargo security equipment market. Owing to increase in infrastructural expansion of critical transportation services, government is spending huge amount on security related projects. This is expected to result in higher demand for air cargo security equipment within the aviation and screening segment. The air cargo security equipment market is highly competitive in terms of product offered due to the higher concentration of air cargo security equipment providers.
Key players are focused on differentiating their offerings from those of their competitors and adding innovative functions and facilities to their product portfolio. With the presence of many large players in the market, mergers and acquisitions have become crucial for success.
The key players dominating the Air cargo security equipment market globally include ADANI, American Science and Engineering, Inc., C.E.I.A. S.P.A., EAS Envimet Group, ENSCO, Inc., Gilardoni S.P.A., L3 Security & Detection Systems, Nuctech Company Limited, Rapiscan Systems, and Smiths Detection Inc.
Market Segmentation:
By Product
By Application
By Geography
The global air cargo security equipment market size is estimated to reach USD 28,786.5 Mn by 2024.
The global air cargo security equipment market is estimated to expand at a CAGR of 6.2% through 2024.
Construction of new cargo hubs, process efficiency which contributes to the growth of the air cargo security equipment market.
The major active players are ADANI, American Science and Engineering, Inc., C.E.I.A. S.P.A., EAS Envimet Group, ENSCO, Inc., Gilardoni S.P.A., L3 Security & Detection Systems, Nuctech Company Limited, Rapiscan Systems, and Smiths Detection Inc.
The air cargo security equipment analysis market has been assessed for the years 2019 to 2032.
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