Rise in demand to minimize the risk of accidents propels global Passenger Security Equipment Market growth. Furthermore, improving passenger satisfaction and safety is also expected to aid in growth of the passenger security equipment industry. However, complex installation and infrastructural requirements hamper the market growth. Conversely, advancements in the field of IoT and cloud technology is expected to offer remunerative opportunities for expansion of the passenger security equipment market during the forecast period.
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The passenger security equipment market size is segmented on the basis of offering, transport infrastructure, type, and region. Based on offering, the market is bifurcated into equipment and services. On the basis of transport infrastructure, the market is divided into airports, train stations, bus stations, and seaports. Depending on type, the market is classified into baggage inspection system, explosive detection system, video surveillance system, intrusion detection & prevention system, fire safety & detection system, people screening system, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the fire safety and detection system segment dominated the overall passenger security equipment market in 2020, and is expected to continue this trend during the forecast period. This is attributed to growth in need for improved passenger safety standards in public places and the rising fear of terrorist threats. However, the people screening system segment is expected to witness highest growth, owing to growing terrorist activity at various airports and other stations and growing government initiatives for improving the security system across various transport stations.
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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 global passenger security equipment market size is dominated by key players such as 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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KEY FINDINGS OF THE STUDY
- 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.
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