The global market for security screening was valued at approximately US$ 6.95 billion in 2018 and is projected to grow to around US$ 13.64 billion by 2027, reflecting a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2019 to 2027.
The increase in air passenger traffic worldwide is significant, driven by a growing middle-class demographic in emerging economies and an increase in per capita income. This trend is further supported by a surge in infrastructure projects, including the development of new commercial buildings and the renovation of existing airports, which are expected to positively impact both manufacturers and providers of security screening technologies. However, concerns regarding X-ray radiation may pose challenges to the growth of full-body X-ray scanners and the overall security screening market in the near future. On the other hand, advancements in technologies such as nanotechnology X-ray are anticipated to enhance the appeal of X-ray scanners in both commercial and public settings. These factors collectively shape the future landscape of security within the industry.
As digitization and technological innovations continue to transform the aviation sector, the security screening market is witnessing significant changes. This market features several large, international players that contribute to the stimulation of foreign direct investments (FDIs). For example, in 2017, the Government of India introduced a new FDI policy that included various amendments, allowing for 100% FDI under the automatic route in the construction development sector. Such investments are expected to bolster the construction industry, which in turn will support the growth of the security screening market.
In the global security screening landscape, the Asia Pacific region commands the largest market share and is expected to experience the highest CAGR throughout the forecast period. The rapid industrialization and commercialization in this region have led to a significant boom in the construction sector. The increasing demand for construction in Asian countries is likely to result in a greater number of commercial buildings, thereby driving the adoption of security-related products and systems.
The global security screening market is categorized by product types, which include X-ray scanners, biometric systems, electromagnetic metal detectors, and explosive trace detectors. Geographically, the market is segmented into five regions: North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The overall size of the security screening market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the security screening market. Additionally, numerous primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the security screening sector.