The automated under vehicle 3D scanning system (UVSS) market is estimated to grow at a significant CAGR over the forecast period, i.e., 2021 – 2030. The growth of the market can be attributed to factors such as increasing government investment on infrastructural development, growing military expenditure worldwide, and rise in the number of terrorist activities. In 2018, more than 8000 terrorist attacks took place around the world. This statistic grew up to more than 8,300 by the end of 2019. In addition to these, escalating security concerns in nations to avoid illegal activities is also expected to drive market growth in the coming years. Furthermore, intensifying R&D activities for development of high-end solutions for vehicle surveillance and growth in awareness towards vehicle safety are evaluated to offer lucrative opportunities to the market in the future.
The market is segmented by application into commercial, military & defense, government and others, out of which, the government segment is anticipated to hold the largest share in the automated under vehicle 3D scanning system market on account of increasing demand for vehicle scanning systems from government institutions for securing sensitive areas such as oil and nuclear plants. Along with this, the military & defense segment is also projected to hold a noteworthy market share owing to the rise in installation of vehicle scanner systems to protect cross-border checkpoints and military bases. Additionally, on the basis of type, the segment for fixed 3D UVSS is predicted to occupy the largest share in the market, which can be credited to the ability of this device to scan the vehicle even at speeds ranging from 30-60 km/h.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the automated under vehicle 3D scanning system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North American region is estimated to acquire the largest market share over the forecast period on the back of high implementation of vehicle scanning systems in airports and seaports, and adoption of strict measures to combat illegal activities and terrorism. Apart from these, wide installation of 3D UVSS in government and commercial properties in the United States and Canada is also assessed to boost market growth in the region. Alternatively, the market in the Asia Pacific is projected to witness the highest growth rate over the forecast period, which can be ascribed to the rising number of construction activities and growing government consciousness regarding the safety of people in the region. For instance, China has emerged as the largest construction market in the world. The total value of the construction industry in the country crossed more than $1 billion in 2020.
The automated under vehicle 3D scanning system market is further classified on the basis of region as follows:
Our in-depth analysis of the automated under vehicle 3D scanning system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for market are increase in investments on infrastructural development and rising military expenditure worldwide.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2030.
High installation cost of 3D UVSS is estimated to hamper the market growth.
Asia Pacific will display more market growth opportunities owing to the increasing infrastructure activities and rising government consciousness for people’s safety.
The major players in the market are Gatekeeper Security, Inc., Tescon Sicherheitssysteme AG, SecureOne International BV, KTG GmbH, Chemring Group PLC, Omnitec Group, and others.
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.
The market is segmented by technology, type, application, and by region.
The government segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization