According to a new report published by Allied Market Research, titled, “Passenger Security Equipment Market,” The passenger security equipment market was valued at $58.4 billion in 2020, and is estimated to reach $132.2 billion by 2030, growing at a CAGR of 8.6% from 2021 to 2030.
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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.
KEY FINDINGS:
- By transport infrastructure, the airports segment accounted for the largest passenger security equipment market share in 2020.
- By region, Asia-Pacific generated highest revenue in 2020.
- By type, the fire safety and detection system segment generated the highest revenue in 2020.
Region wise, the passenger security equipment market was dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period, owing to growing government spending on advanced passenger security equipment by developing regions in the region such as the China, India and other countries and to provide greater security for its citizens is predicted to fuel market expansion within the region.
The key players profiled in the passenger security equipment market analysis are Autoclear, Axis Communications AB, Bosch Sicherheitssysteme GmbH, Honeywell International Inc., Kapsch TrafficCom AG, L3Harris Technologies, Inc., Rapiscan Systems, SITA, Simens AG, and Smiths Group plc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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