X-Ray Security Screening System Market size worth USD.4 billion by 2023: Global Market Insights, Inc Fuel Cell Market size worth $25.5bn by 2024
Key Insights from X-Ray Security Screening System Market: • Transit industry accounted for over 35% of the x-ray security screening system market share in 2015; it is forecast to witness robust growth in the coming years. Passengers are subjected to comprehensive checks at railway stations and airports in light of increased security risk. • Demand across people screening was valued at over USD 600 million in 2015, with 5.5% CAGR estimations during the forecast timeline. Risks associated with exposure to x-ray radiations have resulted in lower growth expectations as compared to the global average. Product screening growth can be credited to growing adoption across the aviation sector to screen baggage or cargo. • Asia Pacific x-ray security screening system market size is set to witness high growth. This can be primarily attributed to increasing demand across the Chinese civil aviation and railway sectors.
Continued... • The U.S. accounted for more than 80% of the North American industry in 2015. Homeland Security has invested in the U.S. border and custom security, which is estimated to favorably impact the industry demand over the next few years. • The global industry is moderately consolidated in nature with a few key players accounting for more than 55% of the overall industry share in 2015. Major industry players include OSI Systems (Rapiscan), Smiths Detection, American Science and Engineering, Analogic Corporation and Morpho Detection. Competitors focus on R&D investments and innovation as a part of their growth strategy.
U.S. x-ray security screening market size, by application, 2012-2023 (USD Million)
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360° Analysis • Application Analysis • X-ray security screening system market share for product scanning is forecast to remain the largest and most attractive segment, with revenue set to cross USD 2.4 billion by 2023. This may be attributed to increasing demand across the aviation as well as government sector for baggage, cargo, mail or parcel screening applications. • Regional Analysis • Germany and the UK are responsible for Europe x-ray security screening market growth. The region in forecast to surpass USD 900 million by 2023, with CAGR projected to outpace the global average over the forecast timeframe. Regional growth opportunities include increased demand for technologically advanced products as well as considerable number of early adopters. • Competitive Market Share • Major companies accounting for x-ray security screening market share are Smiths Detection, OSI Systems, Morpho Detection, Analogic Corporation, etc. Mergers and acquisitions along with vertical integration are the major strategic initiatives undertaken by industry leaders.
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