Press Release: July 22, 2020
Global passenger security equipment market was valued US$ 45.85 Bn in 2017 and is expected to reach US$ 91.43 Bn by 2026, at a CAGR of 9.01% during a forecast period.Global Passenger Security Equipment Market by GeographyThe objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding passenger security equipment market dynamics, structure by identifying and analyzing the market segments by transport infrastructure, type, and Region and, project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to particular market segment.
The passenger security equipment is used to protect passengers from accidentals injuries, crimes, and other threats. The governments have started investing high on the protection and security products and solutions owing to the growth in safety and security concerns.
Terrorism threats and security standards set by international authorities containing IATA, ICAO, and ACI remain two of the most influential drivers supporting the global passenger security equipment market. The rise in the terror attacks on public transport infrastructures, increasing concerns about safety and security among consumers are driving the growth of the market. Moreover, the growing demand for biometrics technologies for identity verification by governments boosts the growth of the passenger security equipment market. However, the high installation cost of such equipment is expected to hamper the market growth.
People screening systems segment has led the market in 2017 and is estimated to maintain this trend for the forecast period. People screening systems are used to detect concealed weapons, explosives or other contraband without requiring physical contact between the security screener and the person being screened. Airports segment is expected to grow at highest CAGR during the forecast period owing to improvement of airport infrastructure and growing in security threats.
North America is projected to largest market share of the global passenger security equipment marketdue to expenditure on the passenger security equipment by governments. The increasing investment is marked due to illegal and unethical activities at the train stations, airports, bus stands, and seaports apart from the security threats. Growth in terrorist activities in North America, the Canadian government approved a bill to provide security awareness in June 2017.
Some of the key players in the global passenger security equipment market are Honeywell International, Orbocomm, Rapiscan Systems,L-3 Communications, Kapsch, Siemens AG, Rockwell Collins, Safran Group, Raytheon Group, and Smiths Group.