Press release
Unraveling Opportunities in the Cargo Scanning Equipment Market: Analyzing Growth Drivers, Market Segments, and Competitive Strategies
Cargo Scanning Equipment Market
The Business Research Company offers in-depth market insights through Cargo Scanning Equipment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cargo scanning equipment market size has grown strongly in recent years. It will grow from $3.52 billion in 2023 to $3.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increased global trade volumes, heightened security concerns, stringent customs and border protection regulations, growth in illicit trafficking activities, rising need for non-intrusive inspection.
The cargo scanning equipment market size is expected to see strong growth in the next few years. It will grow to $5.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to expansion of e-commerce and logistics, demand for efficient supply chain management, adoption of radiation detection technologies, continuous growth in international shipping, adoption of portable and handheld scanning devices. Major trends in the forecast period include advances in imaging technologies, technological advancements in scanning equipment, integration of artificial intelligence in scanning systems, integration of blockchain for supply, use of machine learning for anomaly detectionchain security.
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Market Segmentation:
The cargo scanning equipment market covered in this report is segmented -
1) By Equipment Type: Narcotics Trace Detectors, Non-Computed Tomography, X-Ray Scanners, Explosive Trace Detectors (ETDs), Radiation Detectors, Other Equipment Type
2) By Cargo Size: Small Parcels, Break Pallet Cargo, Oversized Cargo
3) By End-User: Airports, Railway Station, Border Control, Logistics And Transportation, Industrial And Manufacturing Facilities, Others End-Users
Major Driver - The Role Of International Trade In Driving The Cargo Scanning Equipment Market Growth
The growth of international trade is expected to propel the growth of the cargo scanning equipment market going forward. International trade is defined as the acquisition and sale of goods and services between businesses in various nations and the interchange of goods and services from one nation to another via imports and exports. Cargo scanning equipment is essential to global trade by maintaining supply chain security, uncovering illegal activity, and supporting the efficient flow of legal trade. It assists customs officials in maintaining border security and reducing trade-related dangers. For instance, in June 2023, according to statistical data published by Eurostat, a Luxembourg-based statistical office for the European Union, in the second quarter of 2021, 854.3 million metric tons of goods were handled in EU ports, which grew to 873.05 million metric tons in the same timeframe for 2022. Furthermore, in June 2023, according to a study issued by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental body promoting global commerce, international trade in goods increased by 1.9% in the first three months of 2023 compared to the previous quarter, adding almost $100 billion. Therefore, the growth of international trade will drive the cargo scanning equipment market.
Competitive Landscape:
Major companies operating in the cargo scanning equipment market report are Leidos Holdings Inc., Elbit Systems Ltd., Teledyne Technologies, IDEMIA, Smiths Detection Group Ltd., OSI Systems Inc., Rapiscan System Inc., Nuctech Company Limited, Analogic Corporation, Astrophysics Inc., L3 Security & Detection Systems Inc., ADANI Systems Inc., ICTS International N.V., Autoclear LLC, Metrasens Ltd., CEIA USA Ltd., MB Telecom Ltd. SRL, Kromek Group, VOTI Detection Inc., Westminster International Ltd. (Westminster Group), Vidisco Ltd., Scanna MSC Ltd., Gilardoni S.p.A., Todd Research Ltd., LIXI Inc.
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Top Trend - Innovative Products Transforming The Cargo Scanning Equipment Market
Product innovations are a key trend gaining popularity in the cargo scanning equipment market. Major companies operating in the cargo scanning equipment market are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2022, Smiths Detection Group Ltd., a UK-based designer, and manufacturer of advanced threat detection and identification solutions, developed the HI-SCAN 10080 XCT advanced X-ray computed tomography system for holding baggage and air cargo, which was approved by the U.S. Transportation Security Administration's Air Cargo Screening Technology List (ACSTL). The HI-SCAN 10080 XCT has a dual-view dual-energy X-ray line scanner and complete 3D volumetric computed tomography (CT) imaging and reconstruction, which improves the speed, efficiency, and safety of hold luggage and air cargo screening. The technology features a belt speed of 0.5m/sec (98.5ft/min) as well as a wide 107 × 81 cm (42.1 x 31.9in) rectangular tunnel meant to be incorporated into fully automated and networked luggage and material handling systems, allowing operators to screen 2,500 packages every hour.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cargo Scanning Equipment Market Characteristics
3. Cargo Scanning Equipment Market Trends And Strategies
4. Cargo Scanning Equipment Market - Macro Economic Scenario
5. Cargo Scanning Equipment Market Size And Growth
…..
27. Cargo Scanning Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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