Security Screening Market - Forecast(2024 - 2030)

The Security Screening Market is expected to witness a compound annual growth rate (CAGR) of 9.4% from 2024 to 2030, and is projected to reach a market value of $36.8 billion by 2030, This growth is primarily driven by the increasing terrorist activities, the rising demand for advanced security screening equipment, and the increasing adoption of automated security screening solutions. The security screening market is witnessing rapid growth, propelled by two prominent trends: increasing threats to public safety and advancements in technology. With the rise in global terrorism, the need for stringent security measures has become paramount across various sectors including transportation, critical infrastructure, and public venues. Heightened security concerns have led governments and organizations to bolster their security screening protocols, driving the demand for advanced screening solutions. Simultaneously, technological advancements are revolutionizing the security screening landscape, offering more efficient and effective screening capabilities. Innovations such as artificial intelligence (AI), machine learning, and biometric authentication are enhancing the accuracy and speed of threat detection while reducing false alarms. Additionally, the integration of advanced imaging technologies like millimeter-wave scanners and full-body scanners is providing enhanced detection capabilities without compromising passenger experience. These dual trends of escalating security threats and technological innovation are driving the growth of the security screening market, creating opportunities for companies to provide comprehensive and cutting-edge security solutions.

The report: – Security Screening Market Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Lithium Polymer Battery.

By Application: Government buildings, airports, hotels, borders, educational institutions, railway stations, tourist attractions, others.

By Device Type: X-Ray Systems (Body Scanners, Baggage Scanners, Handheld Scanners, Others), Metal Detectors (Walk Through, Handheld, Ground Search, Others), Shoe Scanners, Liquid Scanners, Biometric Scanners (Fingerprint Recognition, Facial Recognition, Iris Recognition, Vein Recognition, Voice Recognition, Retina Recognition, Others), Trace Detectors (Explosives, Narcotics, Others).

By Geography: North America (the U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India, Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East, Africa).

Metal detectors represent the largest segment, witnessing a robust growth rate of 8.5% during the forecast period. Predominantly utilized in airport security, metal detectors excel in uncovering concealed illegal or hazardous weapons, whether on an individual or within their luggage. Furthermore, these devices find applications in the construction sector for detecting steel reinforcing bars within concrete, as well as concealed pipes and wires within walls and floors. Metal detectors are available in various formats, including handheld and walk-through models.

Following closely is the X-ray system segment, which holds substantial market share. Widely adopted by governmental entities, the aviation industry, and commercial establishments such as banks, offices, shopping malls, and hotels, X-ray security systems offer efficient screening capabilities. Particularly in the aviation sector, X-ray screening devices are highly favored for their ability to accurately detect concealed objects underneath or within an individual's attire.

The North American security screening market will account for the largest revenue share. The booming e-commerce sector, the rise in airports, terrorism, and the expansion of unethical activities are the main drivers of this region's expanding need for security screening. The US, and Canada's strict security laws and procedures are the main forces behind expanding the security screening industry in the Americas. For instance, the Transport Security Administration declared in May 2019 that it would screen 8.76 million passengers over Labor Day weekend in 2022, from September 2 to September 5. Additionally, the TSA introduced new passenger identification technology at LAX security checkpoints in March 2022. This technology uses new facial recognition technology to confirm the identity of passengers at the airport security checkpoint.

The Asia Pacific security screening market is anticipated to experience stable revenue growth throughout the forecast period because of other illicit activities, the potential for terrorist attacks, and the smuggling of mushrooms. Additionally, growing economies like China, and India have seen an increase in the number of foreign travelers over time. In addition, India has seen a sharp rise in domestic airline passengers over the years due to the intensifying competition that has driven down rates. Similarly, the government of India's efforts to strengthen the railway industry promote market expansion. Furthermore, it is anticipated that the number of smart city initiatives will rise in emerging nations, further supporting market expansion.

 

The implementation of advanced security screening technologies often raises concerns regarding privacy invasion and compliance with regulations such as GDPR (General Data Protection Regulation) and other data privacy laws. Balancing the need for effective security measures with individual privacy rights poses a significant challenge for security screening providers. Striking the right balance while ensuring compliance with relevant regulations is crucial to maintaining public trust and market acceptance.

The escalating global threats and terrorism incidents have underscored the critical importance of robust security screening measures across diverse sectors. From transportation hubs to critical infrastructure, government installations, and public gatherings, the imperative for heightened security has never been more pronounced. Governments and organizations worldwide are channeling substantial investments towards fortifying their security infrastructure, driven by a paramount objective of mitigating risks and safeguarding public safety. This surge in security consciousness has catalyzed a significant expansion in the security screening market, with technology providers innovating and deploying advanced solutions to meet the escalating demand for effective threat detection and prevention. As the landscape of security threats continues to evolve, the adoption of comprehensive screening measures remains indispensable in ensuring the resilience of societies and the protection of citizens against emerging risks.

The deployment and upkeep of sophisticated screening systems entail significant expenses, presenting a particular hurdle for organizations operating within constrained budgets, such as small and medium-sized enterprises (SMEs) and public institutions. Acquiring and maintaining advanced screening technologies often require substantial upfront investments, further exacerbated by ongoing operational costs like personnel training and system upgrades. These financial burdens can strain resources and limit accessibility to cutting-edge security solutions, especially in sectors where security is paramount. Balancing the imperative to enhance security effectiveness with the need to manage costs is paramount. Thus, finding innovative, cost-effective solutions that deliver robust security measures without compromising efficacy is a pressing priority for industry stakeholders. In this dynamic landscape, strategic partnerships, innovative financing models, and advancements in technology affordability are critical in addressing these challenges and ensuring that security screening remains accessible and effective across diverse sectors.

Product launches, collaborations, and R&D activities are key strategies adopted by players in the Security Screening Market. The Security Screening Market's top 10 companies include:

1. Smiths Group Plc. 

2. OSI Systems Inc.

3. Honeywell International Inc. 

4  Lockheed Martin Corporation

5. L-3 Communications Holdings 

6. Safran S.A 

7. United Technologies Corporation 

8. Security Electronic Equipment Co. Limited. 

9. Argus Global Pty.

10. Raytheon Company

June 2022- Us Navy Awarded L3harris a $205 Million Contract For a New Passive Eo/Ir Capability To Protect Fleet. The U.S. Navy has selected a team led by L3Harris Technologies (NYSE: LHX) to provide the Shipboard Panoramic Electro-Optic/Infrared (SPEIR) system, improving fleet protection. If all options are exercised by March 2031, the initial contract's potential value could reach $593 million.

May 2022- OSI systems received a $12 million contract for mobile cargo and vehicle inspection. OSI Systems, Inc. (the "Company" or "OSI Systems") announced its Security division was awarded a contract valued at approximately $12 million by an international customer to provide multiple units of the Eagle M60 mobile high-energy cargo and vehicle inspection system, as well as subsequent service and support.

May 2022- C5ISR Systems Integration – Staying Ahead of Adversarial Threats. L3Harris developed and delivered scalable, modular C5ISR solutions to meet nations' unique mission needs.