15 May 2023
The global passenger security market is set to gain impetus from the rising investment in various countries in the construction of new airports. In the near future, Asia Pacific is estimated to possess more than 400 airports. Also, the increasing world travellers and air passengers in the developing countries such as Indonesia, India, and China would aid in driving the construction of new international airports. It would increase the need for passenger security.
This information is given by Fortune Business Insights™ in a new report, titled, “Passenger Security Market Forecast, 2020- 2027.” The report further mentions that the passenger security market size was USD 5.85 Billion in 2019 and is projected to reach USD 8.45 Billion by 2027, exhibiting a CAGR of 5.49% during the forecast period.
The report uncovers following points:
Renowned insights into the industry
Important data with in-depth research
Factors exhibiting market growth
A comprehensive study about main regions
COVID-19 impact on the market
Prime developments in the industry
Rising Threats of Bomb Attack, Man Pads, & Hijacks to Spur Growth
In the aviation industry, rising number of suspicious activities and terror threats are creating high demand for robust frontline passenger security systems across the globe. It is anticipated to propel the passenger screening system market growth in the coming years. Numerous countries are already facing vital concerns regarding passengers who often try to carry illegal weapons, liquid explosives, and prohibited drugs. Hence, the provisions for the aviation authorities are enhanced by the international regulatory frameworks to detect and prevent such cases. The major types of threats are hijacks, man pads, and bomb attack. These malicious activities require maximum layers of security. By installing state-of-the-art technology systems, such potential hazards can be restricted.
Airport Segment to Dominate Backed by Rising Passenger Preference for Air Transport
In terms of end user, the market is segregated into port, railways, airport, and others. The airport segment held the maximum passenger screening equipment market share in 2019 and is likely to lead during the forthcoming period. This growth is attributable to the rapid inclination of travellers towards air transport. It is occurring because of the availability of affordable air tickets, as well as rising disposable income of the masses. In 2019, there was a positive development of 4.5% in domestic air travel. It would boost the requirement of passenger security systems.
Fortune Business Insights™ lists out all the companies operating in the global Passenger Security Market. They are as follows:
Smiths Detection Group Ltd. (The UK)
Honeywell International Inc. (The US)
Orbcomm (The US)
L3 Security & Detection System (The US)
Siemens AG (Germany)
Rapiscan Systems (The US)
Axis Communication AB (Sweden)
Bosch Sicherheitssysteme GmbH (Germany)
Autoclear LLC (The US)
Covid-19 Pandemic to Slow Down Growth of Aviation Industry
The outbreak of Covid-19 worldwide is considered to be a significant factor of global crisis. It is impacting the aviation industry negatively. The industry is showcasing a fall in finances owing to the lockdown measure in every country. It has, in turn, declined the number of inbound passenger flights in the Middle East, Asia Pacific, Europe, and North America. The International Air Transport Association (IATA) declared that by the end of 2020, the year-on-year passenger revenue is anticipated to lower by USD 252 billion. This pandemic may hamper the market growth by lowering the demand for these security systems.
Infrastructure Development Initiatives to Boost Growth in Asia Pacific
Geographically, the market is divided into the Middle East, Asia Pacific, Europe, North America, and the rest of the world. Amongst these, North America procured USD 1.96 Billion revenue in 2019. This growth mainly occurred because of the presence of numerous reputed passenger security system manufacturers in the U.S. Asia Pacific, on the other hand, stood in the second position in 2019. The region is experiencing considerable upgradation of commercial airports. Therefore, such initiatives to develop infrastructure would upsurge growth of the market.
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