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.
Security Concerns Helps Market
With mounting security concerns, the global air cargo security equipment market is predicted to see good growth in the next couple of years. Elaborates the main analyst of the TMR report, “In the wake of rising terrorist attacks, security checks for air cargo needs to be upgraded. Physical checks are clearly not the solution and airport authorities are hard-pressed to tackle the potential security lapses. As a result they are increasingly opting for the more effective x-rays and human-heartbeat detection systems.”
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