Technology

Security Screening Market worth $13.2 billion by 2029 – Exclusive Report by MarketsandMarkets™

Published

10 months ago

March 4, 2024

CHICAGO, March 4, 2024 /PRNewswire/ — The security screening market is valued at USD 9.4 billion in 2024 and is expected to reach USD 13.2 billion by 2029, growing at a CAGR of 7.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the security screening market include increasing emphasis on modern security solutions to curb radiological attacks, and rising popularity of biometric security systems. Many organizations use biometric technology to control physical and logical access and reduce the risk of data theft. The IT industry is a key player in the growth of the biometrics market. Biometrics are commonly used in IT companies to control access, record employee attendance, and prevent theft or leakage of important information.

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Browse in-depth TOC on “Security Screening Market”

179 – Tables
67 – Figures
275 – Pages

Security Screening Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 9.4 billion

Estimated Value by 2029

$ 13.2 billion

Growth Rate

Poised to grow at a CAGR of 7.1%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Technology, End Use, Application, Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Legal consequences due to false positives in security screening

Key Market Opportunities

Increased requirement for automatic explosive detection in airports

Key Market Drivers

Growing concern about terrorism and illegal immigration

The electromagnetic metal detection segment to grow at the fastest CAGR during the forecast period.

Metal detectors are used extensively in retail stores and malls owing to the high footfall of people in such places. Increasing illegal activities have led authorities to deploy a large number of metal detectors in retail stores and malls, as these establishments are easy targets for criminals. With the increase in passenger traffic at airports, railway stations, and other transit points, there has been a rise in the number of metal detectors used in transportation applications.

People screening segment holds the highest market share in 2023.

People screening has been one of the key uses of security screening systems at different places, such as airports, shopping malls, hotels and resorts, and corporate offices. Once reserved for access to secure areas, people screening has now become commonplace. People screening systems are deployed at airports, government offices, correction facilities, stadiums, movie theaters, and cruise ships. X-ray systems, metal detectors, body scanners, biometric systems, and spectrometry & spectroscopy solutions are commonly used for people screening. Continuous advancements in screening technologies, such as millimeter-wave scanners, full-body scanners, biometric identification systems, and artificial intelligence algorithms, have enhanced the accuracy and efficiency of screening processes. With the growth in international travel and the development of transportation infrastructure, there is a high need for efficient and effective passenger screening processes to ensure the safety and security of passengers at airports, ports, railway stations, and other transit hubs.

Transportation Sector segment to hold the largest share of market during forecast period.

The scope of the transportation sector encompasses crucial transit locations such as airports, seaports, rail stations, and bus stations, where a significant increase in global passenger traffic is anticipated by 2025. To ensure security at these sites, contraband detection systems such as metal detectors and X-ray scanners are extensively utilized. The transportation sector is expected to lead the security screening market during the forecast period. Security screening products such as metal detectors, X-ray screening systems, and biometric systems are installed on a large scale at airports, railway stations, and several other transit points. They help authorities scan passengers and their belongings and prevent illegal activities.

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North America to hold the largest share of the security screening market in 2023.

North America holds the leading position in the security screening market. There is a massive opportunity for the security screening market in the aviation industry. The US, Canada, and Mexico are among the top 5 countries with the most airports. These three countries together have 16,694 airports. This increases the need to secure people and their belongings at airports. The need for personal security in developed countries and regions will always be high due to the high crime rate, smuggling, and threats of terrorism.

The security screening industry in North America is witnessing significant developments amidst rising concerns over illicit fentanyl smuggling and other security threats. Illegal fentanyl smuggling poses a significant challenge at the US–Mexico border, with seizures of the potent drug increasing by 480% at the southern border from fiscal year 2020 to 2023. As seizures of illicit substances, including potent drugs like fentanyl, continue to rise, there is an increasing demand for advanced technologies capable of effectively identifying and intercepting such contraband at ports of entry.

Furthermore, the integration of biometric security solutions plays a pivotal role in augmenting the effectiveness of security screening processes. Biometrics authentication methods, such as fingerprint, iris, and facial recognition technologies, offer high security by accurately verifying the identities of individuals entering or exiting the country.

In 2023, global passenger traffic is projected to reach 94% of the 2019 level, with North America estimated to near its 2019 level by the end of the year, reaching 2.0 billion passengers or 99.8% of the 2019 level. As airports navigate the path to recovery, bolstering security measures remains a priority, especially considering the rising concerns over illicit fentanyl smuggling and other security threats. This underscores the importance of implementing advanced security screening technologies and biometric security solutions to effectively identify and intercept contraband while enhancing identity verification processes at ports of entry.

Key Players

OSI Systems, Inc. (US), Smiths Detection Group Ltd. (UK), Leidos (US), Thales (France), NEC Corporation (Japan), Teledyne Technologies Incorporated. (US), Bruker (US), Analogic Corporation (US), Astrophysics Inc. (US), LINEV Group UK), Nuctech (China), 3DX-RAY (UK), Metrasens (England), Gilardoni S.p.A. (Italy), Westminster Group (England), Garrett Metal Detectors (US), Autoclear (US), Vidisco Ltd. (Israel), Neurotechnology (Lithuania), DERMALOG Identification Systems GmbH (Germany), Daon (US), C.E.I.A. S.p.A. (Italy), Aware Inc. (US), Scanna (UK), and Precise Biometrics (Sweden) are the major players in security screening companies. These players have implemented various strategies to extend their global reach and enhance their market shares.

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Technology

Acer Debuts on Dow Jones Sustainability World Index 2024

Published

56 minutes ago

December 24, 2024

Representing Top 10% of the largest 2,500 Companies in S&P BMI on long-term economic, environmental and social criteria

TAIPEI, Dec. 23, 2024 /PRNewswire/ — Acer Inc. (TWSE: 2353) announced its debut on the Dow Jones Sustainability (DJSI) World Index 2024, which comprises of the global sustainability leaders identified by S&P Global’s Corporate Sustainability Assessment (CSA). The DJSI World Index represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index (BMI) based on long-term economic, environmental and social criteria.

At the same time, Acer was listed on DSJI’s Emerging Markets Index for the 11th consecutive year in 2024, ranking among the top companies in the THQ (Computers & Peripherals and Office Electronics) industry and scoring in the 100th percentile with full marks across various components: Transparency & Reporting, Materiality, and Customer Relationship Management.

Acer’s commitment to making a positive impact on environmental sustainability includes joining the RE100 initiative, setting the goals to source 100% renewable electricity by 2035 and to achieve net zero emissions by 2050. In 2023 the Acer Group sourced 48% renewable electricity worldwide, with 100% renewable electricity sourced in multiple countries. Acer’s efforts have been recognized in growing capacity by global sustainability accolades and indices throughout 2024:

Listed among TIME’s World’s Most Sustainable Companies.Listed in the MSCI ESG Leaders Indexes for the 11th consecutive year, garnering the best rating of “AAA”[1] that represents the top 15% in the category of technology hardware, storage and peripherals industry.Awarded Platinum medal for EcoVadis’ Sustainability Ratings for the third straight year, the highest tier of recognition representing the top 1% of rated companies[2] evaluated on sustainability across global supply chains based on four key themes: environment, labor and human rights, ethics, and sustainable procurement.A constituent of the FTSE4Good Emerging Index for the ninth consecutive year.In the subcategory FTSE4Good TIP Taiwan ESG Index[3] supported by the Taiwan Stock Exchange, which integrates ESG management practices and financial performances of companies, for the seventh year.

Acer continues to research and design climate-conscious solutions that serve both humanity and the planet, providing greener choices for a brighter future. Its eco-conscious offering includes computers and display products built with recycled materials and energy-efficient solutions, lifestyle products such e-bikes and e-scooters, energy storage solutions, along with award-winning packaging designs to contribute to the industry.

[1] MSCI ESG AAA Rating as of November 26, 2021, updated on December 10, 2024

[2] Ecovadis rating, August 2024

[3] First Taiwan domestic benchmark developed using FTSE ESG Ratings and data model, developed in partnership with Taiwan Stock Exchange’s (TWSE) wholly-owned subsidiary, Taiwan Index Plus Corp. (TIP)

About Acer

Founded in 1976, Acer is one of the world’s top ICT companies with a presence in more than 160 countries. As Acer evolves with the industry and changing lifestyles, it is focused on enabling a world where hardware, software and services will fuse with one another, creating ecosystems and opening up new possibilities for consumers and businesses alike. Acer’s 7,700 employees are dedicated to the research, design, marketing, sale, and support of products and solutions that break barriers between people and technology. Please visit www.acer.com for more information.

© 2024 Acer Inc. All rights reserved. Acer and the Acer logo are registered trademarks of Acer Inc. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. All offers subject to change without notice or obligation and may not be available through all sales channels. Prices listed are manufacturer suggested retail prices and may vary by location. Applicable sales tax extra.

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Technology

LG ACHIEVES 13TH CONSECUTIVE YEAR IN DOW JONES SUSTAINABILITY WORLD INDEX

Published

56 minutes ago

December 24, 2024

Only South Korean Company Recognized in Leisure Equipment & Products and Consumer Electronics Category for 13 Years

ENGLEWOOD CLIFFS, N.J., Dec. 23, 2024 /PRNewswire/ — LG Electronics (LG) has once again secured its position in the Dow Jones Sustainability World Index (DJSI World) for the thirteenth consecutive year. The DJSI World ranks the top 10 percent of the largest 2,500 global companies based on their economic, environmental, social, and governance (ESG) practices, serving as a critical benchmark for investors assessing corporate sustainability.

Notably, LG earned the highest overall score in the Leisure Equipment & Products and Consumer Electronics industry category. Furthermore, it remains the only South Korean company to be included in this category for 13 years running.

Additionally, LG has been included in the DJSI Asia Pacific (top 20 percent of the 600 largest companies in the Asia-Pacific region) and DJSI Korea (top 30 percent of the 200 largest companies in Korea) for 15 and 16 consecutive years, respectively.

LG received high evaluations across various ESG areas, including environmental policy and management, human rights management, human resource management, customer relations, supply chain management and product responsibility management.

Under the ESG management vision of Better Life for All, LG is carrying out various activities with the strategy of 3C for the planet (Carbon neutrality, Circularity, and Clean technology) and 3D for people (Decent workplace, Diversity & inclusion, and Design for all).

To achieve its 3C goals for the planet, LG has set ambitious targets, including reaching carbon neutrality in its product manufacturing process by 2030 and transitioning to 100 percent renewable energy by 2050.

Specifically, LG plans to reduce direct greenhouse gas emissions (Scope 1) and indirect greenhouse gas emissions (Scope 2) in the product production stage by 54.6 percent compared to 2017 levels. This will be accomplished through process improvements, the introduction of energy-saving technologies and the use of renewable energy. Notably, LG was the first company in the home appliance industry to obtain UN carbon credits in 2015.

In addition, LG is focused on reducing the unit greenhouse gas emissions of its seven major product groups (TVs, refrigerators, washing machines, dryers, home and system air conditioners, and monitors) by 20 percent compared to 2020 levels during the product use stage (Scope 3). This commitment involves various activities aimed at improving the energy efficiency of individual products, thereby reducing overall carbon emissions.

As a member of the UN Global Compact and the Responsible Business Alliance, LG complies with international human rights and labor standards and is enhancing its human rights management processes to respond to strengthening global ESG-related legislation.

In the ESG evaluation and rating announcement results published by the Korea Corporate Governance Service this year, LG received an overall A grade for four consecutive years. LG also received an A grade for five consecutive years in the ESG evaluation conducted by the global ESG evaluation agency Morgan Stanley Capital International, gaining recognition for its ESG management performance from credible domestic and international institutions.

About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. The company’s commitment to environmental sustainability and its “Life’s Good” marketing theme encompass how LG is dedicated to people’s happiness by exceeding expectations today and tomorrow. For more information, visit www.LG.com.

Media Contacts:

LG Electronics USA

JL Lavina
jl.lavina@lge.com
www.LG.com

Jennifer Tayebi
Jennifer.tayebi@lg-one.com
LGHAUS@lg-one.com

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Technology

CAS and PetroChina Shanghai Advanced Materials Research Institute announce a collaboration to accelerate new materials discovery and innovation

Published

56 minutes ago

December 24, 2024

SHANGHAI and COLUMBUS, Ohio, Dec. 23, 2024 /CNW/ — CAS, a division of the American Chemical Society specializing in scientific knowledge management, and PetroChina Shanghai Advanced Materials Research Institute Co., Ltd, a subsidiary of the world’s third largest oil company, China National Petroleum Corporation (CNPC), are collaborating for use of the CAS SciFinder Discovery Platform™ to accelerate research and discovery of new chemical materials.

PetroChina Shanghai Advanced Materials Research Institute Co., Ltd. was founded in 2021 to address key technological challenges in advanced chemical materials and drive a transformation of CNPC from a traditional refinery and petrochemical product provider to a more advanced and sustainable material provider. Its research focus includes high-performance engineering materials, high-performance polyolefin and elastomers, special catalysts, advanced membranes, fibers and composites, etc.

CAS, the creator of the world’s most comprehensive and authoritative curated scientific information resource, the CAS Content Collection™, which covers over 150 years of discoveries, provides content and knowledge management solutions and services that accelerate innovation. The CAS SciFinder Discovery Platform, an authoritative scientific technology solution, will enable the institute research scientists to discover more relevant information faster, identify and optimize synthetic routes through a full retrosynthetic analysis of known and undisclosed substances, and locate, compare, and understand scientific methods via the CAS Content Collection.

“We’re excited that PetroChina Shanghai Advanced Materials Research Institute will harness the CAS SciFinder Discovery Platform to accelerate their research and discovery initiatives. Combining the capabilities of this industry-leading CAS solution with the Research Institute’s expertise in material research will result in breakthroughs that bring advanced sustainable materials to the marketplace,” said Manuel Guzman, President of CAS.

PetroChina Shanghai Advanced Materials Research Institute, as a newly established innovation hub, aims to grow into a world-leading, multi-capabilities research institute that drives cutting-edge innovations, pilots industrial-scale technologies, provides technical services, and facilitates academic and value chain collaborations.

“We are very pleased to cooperate with CAS, who will be a strong partner in bringing their sophisticated scientific information solutions to facilitate and speed up our approach to advanced sciences and technologies in novel materials. We are looking forward to exploring more innovative ideas through our engagement with CAS,” said Xudong Huang, Vice President of PetroChina Shanghai Advanced Materials Research Institute.

About CAS

CAS connects the world’s scientific knowledge to accelerate breakthroughs that improve lives. We empower global innovators to efficiently navigate today’s complex data landscape and make confident decisions in each phase of the innovation journey. As a specialist in scientific knowledge management, our team builds the largest authoritative collection of human-curated scientific data in the world and provides essential information solutions, services, and expertise. Scientists, patent professionals, and business leaders across industries rely on CAS to help them uncover opportunities, mitigate risks, and unlock shared knowledge so they can get from inspiration to innovation faster. CAS is a division of the American Chemical Society. Connect with us at cas.org.

About PetroChina Shanghai Advanced Materials Research Institute

PetroChina Shanghai Advanced Materials Research Institute, located in the Lingang Shanghai, was established in December 2021. It is a wholly owned subsidiary of China National Petroleum Corporation (CNPC) with innovation functions in fundamental research, product development, industrial-scale piloting, technical service and academic collaborations. The research areas cover a broad spectrum of novel chemical materials for the markets of electronics, medical, transportation and new energy.

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SOURCE CAS