PUBLISHER: The Business Research Company | PRODUCT CODE: 1465854
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465854
Passenger security equipment encompasses a variety of tools and systems designed to ensure the safety and security of passengers across various transportation settings. These devices play a crucial role in instilling public confidence in transportation systems by safeguarding passengers against potential threats such as terrorism, crime, and accidents.
The primary types of passenger security equipment include baggage inspection systems, video surveillance, intrusion detection and prevention systems, people screening systems, biometric solutions, and others. Baggage inspection systems are specifically designed to scan and examine luggage and other items for prohibited or dangerous objects using technologies such as X-rays, thereby ensuring passenger safety and preventing the smuggling of weapons or hazardous materials onto airplanes or other modes of transportation. These systems cater to various investment categories, including new demand and upgrades, and are utilized by a range of end users such as airports, railway stations, seaports, bus stations, and others.
The passenger security equipment research report is one of a series of new reports from The Business Research Company that provides passenger security equipment market statistics, including the passenger security equipment industry's global market size, regional shares, competitors with an passenger security equipment market share, detailed passenger security equipment market segments, market trends and opportunities, and any further data you may need to thrive in the passenger security equipment industry. This passenger security equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The passenger security equipment market size has grown strongly in recent years. It will grow from $65.76 billion in 2023 to $71.66 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth observed during the historic period can be attributed to several factors, including the rise in terror attacks on public transport infrastructure, a growing population utilizing public transportation and aviation services, increasing security threats and terrorist activities worldwide, a rise in global passenger traffic, and increasing global travel and tourism activities.
The passenger security equipment market size is expected to see strong growth in the next few years. It will grow to $96.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of biometric solutions in airports for enhanced identity verification and digital transformation, stringent government regulations and international security standards, the development of new ports and stations, and growing concerns regarding terrorist threats and attacks. Major trends expected in the forecast period include biometric data security concerns, technological advancements in surveillance and screening systems, advancements in sophisticated security equipment, and the integration of blockchain technology for improved security measures.
The increasing occurrences of smuggling and illegal immigration are anticipated to drive the growth of the passenger security equipment market in the future. Smuggling and illegal immigration involve the illicit transportation of goods or individuals across borders, typically violating immigration or customs laws. Economic disparities between countries or regions may prompt individuals to seek better opportunities through unlawful means, such as migrating to more prosperous countries for employment or improved living conditions. Passenger security equipment plays a pivotal role in border security and immigration enforcement efforts by aiding authorities in detecting and deterring smuggling and illegal immigration activities, thereby safeguarding national borders and ensuring public safety. For example, data released by the Information Fusion Centre in August 2022 indicated that the total number of contraband smuggling incidents reached 353 in 2022, marking a 48% increase from the previous year (238 in 2021). Additionally, incidents of illegal human migration surged to 137 in 2022, representing a substantial 179% increase from 49 incidents in 2021. Therefore, the escalating incidences of illegal immigration are propelling the growth of the passenger security equipment market.
Prominent companies in the passenger security equipment market are actively developing innovative technological solutions, such as automated screening lanes, to enhance security efficiency and effectiveness. Automated screening lanes are checkpoint technologies that streamline security while minimizing travelers' time during the screening process. For instance, in March 2021, Vanderlande Industries BV, a Netherlands-based company specializing in material handling and logistics automation, introduced PAX Compact, a new automated screening lane (ASL) tailored for airport security checkpoints with limited space. This solution aims to optimize the screening process by offering configuration flexibility and a smaller footprint, starting at just 10 meters, catering to airports with shorter checkpoints, lower throughput requirements, or staff screening areas.
In March 2023, Tek84 Inc., a US-based company specializing in security product development and manufacturing for screening and surveillance, acquired Integrated Defense and Security Solutions (IDSS) Corp. for an undisclosed sum. This acquisition is poised to expand Tek84's portfolio of high-technology X-ray security scanning solutions, bringing together advanced X-ray scanning technologies to bolster security measures against various threats. The acquisition enables both companies to access advanced security technologies and expertise, marking a significant advancement in the security screening and surveillance industry. IDSS Corp. is a US-based manufacturer of passenger security equipment and a provider of advanced threat detection and scanning solutions for airport passenger security.
Major companies operating in the passenger security equipment market are Siemens AG, Raytheon Technologies Corporation, Lockheed Martin Corporation, Intel Corporation, Honeywell International Inc., WESCO International, Safran Group, Collins Aerospace, Texas Instruments Incorporated, L3Harris Technologies, Leidos Holdings Inc., Motorola Solutions, Adani Group, Microchip Technology Inc., Xilinx Inc., Smiths Detection Group Ltd, FLIR Systems Inc., SITA (Societe Internationale de Telecommunications Aeronautiques), OSI Systems Inc., Axis Communications AB, Kapsch TrafficCom AG, Rapiscan Systems Inc, Bosch Building Technologies, The Infinova Group, Mantra Softech (India) Pvt. Ltd., Genetec Inc., Autoclear LLC, ORBCOMM Inc., Advanced Perimeter Systems Ltd., Cypress Semiconductor Corporation, Nuctech Company Limited
North America was the largest region in the passenger security equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the passenger security equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the passenger security equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The passenger security equipment market consists of sales of metal detectors, x-ray scanners, explosive detection systems, and fire safety and detection systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Passenger Security Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on passenger security equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for passenger security equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The passenger security equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.