Pune, India, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global Cargo Container X-ray Inspection Systems Market size was valued at USD 1.56 billion in 2021 and is projected to reach a valuation of USD 1.69 billion in 2022. The market is expected to reach USD 2.40 billion by 2029 with a CAGR of 5.8% during the forecast period. Increasing threat of illegal smuggling of weapons of mass destructions, armaments, and illegal drug trades anticipated to drive market growth. Smart farming and agriculture industry 4.0 to create lucrative business prospects are expected to propel the market course. Increasing demand of X-ray inspection of containers for port security is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Cargo Container X-ray Inspection Systems Market, 2022-2029.”
Key Industry Development:
September 2022- Smith’s Detection India signed a memorandum of understanding (MoU) to manufacture advanced X-ray screening technologies with Navratna Defence PSU Bharat Electronics Limited.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.8% |
| 2029 Value Projection | USD 2.40 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 1.56 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 140 |
| Segments covered | By Type, By Application and By Region |
| Growth Drivers | Increasing Demand for Cargo Container X-ray Inspection Systems Due to Stringent Security Protocols to Fuel Market Growth |
| High Operational and Initial Costs to Obstruct Market Growth |
Key Takeaways:
- Increasing Standards of Safety in Inspection Zones for Stationary Type to Ensure Growth
- Increment in Security Concerns at the Dockyards is projected to Aid Seaports Segment
- U.S. to Progress with a Promising Pace Due to Extensive Security Standards by Federal Government
- Key Players Inculcating Product Diversity to Develop an Effective Supply Chain
COVID-19 Impact:
Decline in Air Travel During Pandemic to Have Negative Market Growth
Pandemic of COVID-19 led to resulted in the decline in the demand for air travel which badly impacted the demand for products and services related to our airport security detection and automation business. Trading activities in U.S. dipped by 12.6% in the year 2020 compared to 2019. U.S. is considered as one of the major exporters for cargo shipping. But with pandemic, halt in the trading activities owing to high freight rates and lack of empty shipping containers.
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Drivers and Restraints
Increase in The Number of Smuggling Cases of Drug and Illegal Arms to Drive Market Expansion
Increasing demand for x-ray inspection of containers for port security is anticipated to drive Cargo Container X-ray Inspection Systems Market growth. Increase in the number of smuggling cases of drug and illegal arms and ammunition in various ports globally is expected to drive market growth. Terrorist attacks conducted by using illegally transported weapons created major threats for ports and national security. Smart farming and agriculture industry 4.0 to create major business prospects.
However, high operational and initial costs are estimated to hamper the market growth.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
List of Key Players Profiled in the Market Report
- OSI Systems, Inc. (U.S.)
- Leidos (U.S.)
- Smiths Group plc (U.K.)
- LINEV GROUP(ADANI) (U.K.)
- NUCTECH COMPANY LIMITED (China)
- CGN Begood Technology Co., Ltd. (China)
- Astrophysics Inc. (U.S.)
- VMI Security (Brazil)
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Segmentation
Stationary Type To Dictate Segment Due to Its Ability to Scan Big Size Containers
On the basis of the type, the market is divided into stationary type and mobile type. Stationary type is anticipated to hold a major part during the forecast period due to its abilities to scan big size container and reduction of a radiation leak. The dominance is due to surge in the demand for the product inspection zone infrastructure to ensure a safer and secured inspection zone.
Seaports To Lead the Segment Owing to Increasing Investments
Based on the application, the market is divided into airports, seaports, and border crossings/ roadways. Seaports are expected to have a major part due to the increasing investment of government authorities to secure and reduce the illegal smuggling of banned substances and arms as cross border trade. The segment is set to have an increasing growth due to increasing inspection of the cargo containers. Major manufacturers are focused on installing cargo container x-ray inspection systems for border crossing, and airport applications.
Regional Insights
North America to Head Market Share Due to Increasing Government Regulations
North America is expected to dominate Cargo Container X-ray Inspection Systems Market share due to government regulations regarding the safety of property. The region reached a valuation of USD 0.69 billion in 2021 due to increasing awareness about safety among airports, seaborne, and border crossing, which increases the demand for x-ray inspection systems for security. Increasing demand for inspection and security services across airports, and seaborne to boost the demand for x-ray inspection systems.
Asia Pacific is also expected to have a moderate growth due to increase in the shipping from the ports of Japan and China is expected to increase the market share. India is also trying to manufacturing clusters across end-use industries such as electronics and automotive.
Competitive Landscape
New Product Development Strategies by Key Players to Advance Market Course
Primary industry players of the market OSI Systems Inc., Smiths Detection Group, Leidos Inc, Nuctech, and others cover about 50% of the market. In April 2022, Australian Border Force has announced the that they will be developing x-ray inspection technology for scanning at port as external inspection causing delays. This acquisition is projected to increase market growth with countries supporting each other.
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Major Table of Contents:
- Global Cargo Container X-ray Inspection Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Stationary Type
- Mobile Type
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Cargo Container X-ray Inspection Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Stationary Type
- Mobile Type
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Country (USD)
- United States
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Application (USD)
- Canada
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Application (USD)
- United States
- Latin America Cargo Container X-ray Inspection Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Stationary Type
- Mobile Type
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Country (USD)
- Mexico
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Application (USD)
- Brazil
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Application (USD)
- Argentina
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Application (USD)
- Rest of Latin America
- Mexico
- Europe Cargo Container X-ray Inspection Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Stationary Type
- Mobile Type
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Country (USD)
- Germany
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Application (USD)
- France
- By Application (USD)
- Airports
- Seaports
- Border Crossings/ Roadways
- By Application (USD)
- Germany
Continued...
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FAQ’s
What is the market size of Cargo Container X-ray Inspection Systems?
The global Cargo Container X-ray Inspection Systems Market size was estimated at USD 1.56 Billion in 2021 and is expected to reach USD 1.69 Billion in 2022
What is the Cargo Container X-ray Inspection Systems Market growth?
The global Cargo Container X-ray Inspection Systems Market is expected to grow at a compound annual growth rate of 5.8% from 2022 to 2029 to reach USD 2.40 Billion by 2029
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