In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The global airport scanner machines market is projected to grow at a significant CAGR during the forecast period, i.e., 2021-2029 owing to the increasing public security concerns and for the increasing need to combat terror attacks, such as, plane hijacking and bomb blast, across the globe. Globally, more than 35 acts of unlawful interference at airports were recorded in 2018, including seizure of aircrafts and attack on aviation facilities.
Unlike metal detectors, airport scanner machines are equipped to detect non-metal objects, such as non-metallic bombing equipment, surgically implanted bombs or weapons carried on the body. Moreover, airport scanners also detect drugs, paper (currency), jewelry or any other unauthorized object. Further, the need to curb rising cases of smuggling narcotics, wildlife products and other illegal commodities, is estimated to positively influence the market growth.
The market is segmented by type into millimeter wave scanner and backscatter X-ray scanner. Out of the two, the millimeter wave scanner segment is estimated to generate the highest revenue in the market during the forecast period owing to its high speed, accuracy, higher sensitivity, and 3D high-resolution proficiency. On the other hand, the end-user segment is divided into cargo service, civil, military airport, and others, out of which the civil airport segment is estimated to garner a substantial share during the forecast period owing to the large number of people travelling through airways. The increasing passenger traffic on airports is estimated to raise the need for strict security check, which, in turn, is estimated to encourage the market growth. In the year 2018, more than 4 billion passengers travelled by air transport, both domestic and internationally. Moreover, the passenger footfall increased by over 3 % in the year 2019.
However, the reluctance among people to get scanned on the back of privacy issues is a challenge to the market growth. Many countries give right to the citizen to refuse scanning and opt for a pat down check instead. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of regional analysis, the global airport scanner machines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in the North America is anticipated to hold the largest share during the forecast period on the back of presence of a large number of airports in the region. The U.S. has over 19,000 public and private airports, thereby making it a major consumer of airport scanner machines. Frequent incidences of terrorist attacks and increasing cases of smuggling in the U.S. is another factor anticipated to boost the market growth in the region. For instance, following the 9/11 attack in 2001, airport scanners were made mandatory for all international and domestic airports in the U.S.
The market in the Asia Pacific is projected to attain a significant CAGR during the forecast period. On account of the increasing globalization in the region, numerous airports are built in nations such as India, China, and Japan. Moreover, with numerous multinational conglomerates setting up their business hubs in the region, there is a surge in need for business travel among the business enthusiasts. This has resulted in an increase in passenger footfall in airports, which is raising the need for deploying security systems, such as airport scanner machines. Such a factor is also anticipated to drive the growth of the market in the region.
Latin America market is estimated to witness modest growth by the end of 2029, on the back of rising concerns of international smuggling of contrabands, such as, drugs and illegal wildlife products.
The global airport scanner machines market is further classified on the basis of region as follows:
Our in-depth analysis of the global airport scanner machines market includes the following segments:
Ans: Concerns for airport security, backed by the rising incidences of terrorism and smuggling activities are the major factors driving the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
Ans: Health and privacy issues and high production costs of airport scanner machines are some of the major factors estimated to hamper the market growth.
Ans: The market in the Asia Pacific will provide the highest growth opportunities for the market during the forecast period on account of increasing construction of airports backed by the constant economic development in the region.
Ans: The major players in the market are ADANI, Brijot Imaging (Microchip Technology Inc.), CST Digital Communications (Pty) LTD, ODSecurity, Smiths Group plc, Tek84 Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, end-user, and by region.
Ans: The millimeter wave scanner segment is anticipated to hold the largest market size on the back of its high efficiency and accuracy, and is estimated grow at a significant CAGR over the forecast period.