The global radar market size is forecast to total US$ 34.2 Bn in 2021, as per a Future Market Insights (FMI) study. Expanding at a 10% CAGR, the market valuation is expected to reach US$ 60.5 Bn by 2028.
Rapid economic expansion will drive demand for more dependable and technologically advanced security screening systems as spending on infrastructure and national security rises as a result. Although FMI’s analysis shows that emerging economies are adopting new technologies at an outstanding rate, China, India, and Russia are more likely to lead this rise in the security screening industry.
| Attribute | Details |
| Estimated Radar Market Size 2022 | US$ 34.2 Bn |
| Radar Market Value-based CAGR (2022-2028) | ~10% |
| Projected Radar Market Size in 2028 | US$ 60.5 Bn |
The global market for security screening is expected to surpass US$ 10.4 billion in 2022 and grow at a remarkable CAGR of 7.4 percent to reach US$ 15.9 billion by 2028.
The approximately US$ 7.8 billion market for security screening is highly likely to approach the revenues worth US$ 10 billion in the next two years. As indicated by a newly launched research report by Future Market Insights (FMI), more than half of the total demand for security screening is being accounted by the developed regional markets. East Asia however is cited as the most lucrative market for investors in security screening systems and solutions.
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Airports Generate Maximum Demand for Security Screening, Explosive Trace Detectors Bestselling
Over 2/5th of the global security screening demand is accounted by airports, which will remain the dominant application area for security screening systems manufacturers and suppliers. As government buildings are highly vulnerable owing to the voluminous sensitive information that they procure, public recreation areas such as malls are also cited as the next sensitive area for implementation of effective security screening. Border check points are also expected to emerge lucrative through coming years, in the security screening market.
Explosive trace detectors, currently accounting for nearly 1/4th share of the total sales of security screening systems, will reportedly witness strong growth in demand through the coming years. According to the report, X-Ray screening systems and biometric systems are also highly popular among the end-use application areas in security screening market.
The collective market value share of the aforementioned security screening systems is just-under 50% and the report expects attractiveness of the latter to surge – with growing adoption of fingerprint and face recognition technologies.
Smart Security Screening Trending in the Global Market
Looking at the loopholes in current security screening models in terms of efficiency and sustainability, airports have been accelerating the industry’s shift to smart security screening solutions, over the recent past. A combined initiative of Airports Council International (ACI) and the International Air Transport Association (IATA), smart security is emerging as a streamlined solution for airlines, passengers, and their belongings. Recently, Australia’s first-ever smart security screening checkpoint was unveiled at the Melbourne Airport.
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Key Vendor Insights: Global Security Screening Market
Westminster Group PLC, one of the key players competing in security screening market, recently completed the acquisition of Keyguard UK Ltd. The latter is a leading company in the security screening space, providing the blend of manned security and the latest technology enabled security screening systems.
The former will now offer packages combining technology and guarding – particularly to the infrastructure security domain. This deal is expected to benefit both the business bases, in form of multiple cross-selling opportunities.
Besides Westminster, FMI’s report covers detailed strategic profiles of some of the most prominent companies operating in security screening market landscape, including American Science and Engineering, Inc., Analogic Corporation, Argus TrueID, Aware Incorporation, Digital Barriers, Mangal Security Systems Ltd., OSI Systems, Inc., Smiths Group plc, LAXTON GROUP, NEXT Biometric, Aratek, NEC Corporation, and Cognitec Systems GmbH.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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