The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 20, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Cargo Scanning Equipment Global Market Report 2023, the global cargo scanning equipment market is set to experience substantial growth, with the market projected to increase from $3.25 billion in 2022 to $3.52 billion in 2023, showcasing a robust Compound Annual Growth Rate (CAGR) of 8.5%. Looking ahead, the cargo scanning equipment market is expected to reach $4.69 billion in 2027, maintaining a commendable CAGR of 7.4%. The driving force behind the cargo scanning equipment market growth is the surge in international trade, fostering the need for reliable cargo scanning equipment to ensure supply chain security, uncover illegal activities, and facilitate the smooth flow of legal trade.
International Trade as a Catalyst
International trade, characterized by the exchange of goods and services between nations, has emerged as a pivotal factor propelling the cargo scanning equipment market forward. In maintaining border security, reducing trade-related risks, and facilitating efficient trade flow, cargo scanning equipment plays a crucial role. Statistical data from Eurostat and a study by the United Nations Conference on Trade and Development (UNCTAD) indicate a significant increase in the handling of goods at EU ports and a rise in international trade in the first quarter of 2023. As global trade continues to expand, the demand for advanced cargo scanning solutions is expected to surge, driving market growth.
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Key Players and Product Innovations
Major players in the cargo scanning equipment market, including Leidos Holdings Inc., Elbit Systems Ltd., and Smiths Detection Group Ltd., are at the forefront of product innovation. Notably, Smiths Detection Group Ltd. introduced the HI-SCAN 10080 XCT advanced X-ray computed tomography system in March 2022. This cutting-edge system, approved by the U.S. Transportation Security Administration, enhances the speed, efficiency, and safety of screening hold luggage and air cargo. The technology features dual-view dual-energy X-ray line scanning and complete 3D volumetric computed tomography imaging, enabling the screening of 2,500 packages per hour.
Market Segmentation
The global cargo scanning equipment market is segmented based on equipment type, cargo size, and end-user. Equipment types include Narcotics Trace Detectors, Non-Computed Tomography, X-Ray Scanners, Explosive Trace Detectors (ETDs), Radiation Detectors, and other equipment types. Cargo sizes encompass Small Parcels, Break Pallet Cargo, and Oversized Cargo, while end-users span Airports, Railway Stations, Border Control, Logistics and Transportation, Industrial and Manufacturing Facilities, and other end-users.
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Stakeholders across the cargo scanning industry, including manufacturers, suppliers, and service providers, can leverage the comprehensive insights provided in the Global Cargo Scanning Equipment Market Report 2023. The cargo scanning equipment market report offers a detailed analysis of market trends, player strategies, and growth opportunities. Armed with this information, stakeholders can make informed decisions, identify key market segments, and align their strategies with the evolving landscape of the cargo scanning equipment market.
Cargo Scanning Equipment Global Market Report 2023 by The Business Research Company provides insights on the cargo scanning equipment market size, cargo scanning equipment market segments, cargo scanning equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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