According to a new report published by Allied Market Research, titled, Passenger Security Equipment Industry by Transport Infrastructure, and Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the Passenger Security Equipment Industry accounted for $43,398 million in 2016, and is expected to reach $79,042 million by 2023, growing at a CAGR of 8.9% from 2017 to 2023. In 2016, North America dominated the global market, in terms of revenue, accounting for more than 53% share of the global market, followed by Europe.
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The airport Passenger Security Equipment Industry is currently dominating the market followed by railways, due to the rapid increase in the global air passengers. According to the IATA, in 2015, about 3.5 billion air passengers traveled, whereas, in 2016, about 3.7 billion air passengers traveled. Hence, with the exponential increase in global air travelers, the airport authorities are investing in smart security solutions for air passengers and improving operational efficiencies.
The passenger screening systems are anticipated to witness steady growth during the forecast period. The purpose of the people screening systems at the transport infrastructure is to prevent prohibited items such as sharp objects, weapons, and explosives from being carried into the aircraft, train, bus, or cruise ship. However, it is expected the upcoming security technologies such as the use of robots for passenger screening, and video analytics will fuel the market growth in the coming years.
North America is expected to maintain its dominance throughout the forecast period, owing to the presence of key companies and high spending on security equipment by the regional governments. Moreover, LAMEA is anticipated to grow at the highest CAGR during the forecast period, owing to the high-security threats in the region.
The major players, such as Honeywell International, Orbocomm, L-3 Communications, Kapsch, Siemens AG, Rapiscan Systems, Rockwell Collins, Safran Group, Raytheon Group, and Smiths Group, have adopted new technology launch as their key strategy to expand their market foothold.
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